{"id":496315,"date":"2021-05-20T07:48:10","date_gmt":"2021-05-20T11:48:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/advent-technologies-reports-q1-2021-results\/"},"modified":"2021-05-20T07:48:10","modified_gmt":"2021-05-20T11:48:10","slug":"advent-technologies-reports-q1-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/advent-technologies-reports-q1-2021-results\/","title":{"rendered":"Advent Technologies Reports Q1 2021 Results"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwdoublebottom { border-bottom: double black 2.25pt }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistcircle { list-style-type: circle }\n.bwlistdisc { list-style-type: disc }\n.bwnowrap { white-space: nowrap }\n.bwpadl0 { padding-left: 0px }\n.bwpadl4 { padding-left: 20px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwrowaltcolor0 { background-color: #cceeff }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Advent Technologies Reports Q1 2021 Results<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><i>Q1 Revenue of $1.49 million exceeds total fiscal year 2020 revenue<\/i><\/li>\n<li><i>Net income of $2.91 million and Adjusted Net Loss of $0.99 million excluding one-time acquisition-related charges and net warrant valuation adjustment<\/i><\/li>\n<li><i>Company holds cash reserves of $124.97 million<\/i><\/li>\n<li><i>Strong market interest reflected in high level of commercial activity<\/i><\/li>\n<\/ul>\n<p>BOSTON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nAdvent Technologies Holdings, Inc. (NASDAQ: ADN) (\u201cAdvent\u201d) today announced consolidated financial results for the three months ended March 31, 2021. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP).\n<\/p>\n<p><b><span class=\"bwuline\">Q1 2021 Financial Highlights<\/span><\/b><\/p>\n<p><i>(all comparisons are to Q1 2020 unless otherwise noted)<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nTotal revenue was $1.49 million, a year-over-year increase of $1.39 million, the result of increased demand for our products across the board. Total Revenue for Q1 2021 exceeded the Total Revenue for all of Fiscal Year 2020, due to:<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nIncreased demand for HT-PEM based fuel cell materials;\n<\/li>\n<li>\nIncreased demand for redox flow battery components;\n<\/li>\n<li>\nIncreased shipments of our IoT sensors; and\n<\/li>\n<li>\nAddition of Advent\u2019s UltraCell business solid revenue contribution.\n<\/li>\n<\/ul>\n<\/li>\n<li>\nGross Profit of $1.14 million, a year-over-year increase of $1.11 million primarily due to higher revenues and a favorable business mix.\n<\/li>\n<li>\nOperating costs of $8.14 million, a year-over-year increase of $7.79 million, due to One-Time Transaction Related Expenses as well as increased staffing, and public company costs.\n<\/li>\n<li>\nNet income and adjusted net loss were $2.91 million and ($0.99) million. Adjusted net loss excludes the impact from the change in the fair value of outstanding warrants as well as the one-time transaction-related expenses.\n<\/li>\n<li>\nNet income per share was $0.08.\n<\/li>\n<li>\nCash reserves were $124.97 million on March 31, 2021, an increase of $124.45 million from December 31, 2020 driven by net $140.17 million of cash raised in the quarter from our business combination, including the $65.0 million PIPE, with AMCI that was consummated on February 4, 2021.\n<\/li>\n<\/ul>\n<p>\n\u201cFollowing our successful business combination with AMCI Acquisition Corp. and the subsequent acquisition of UltraCell LLC, we saw strong demand for our products from existing and new customers,\u201d said Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies. \u201cThe substantial increase in revenue in the quarter demonstrates a surge of market interest in high-temperature proton exchange membrane (HT-PEM) based products. We are confident that many of our customers are on a fast growth trajectory, and we are working closely with them to provide MEAs and fuel cell technology systems to serve their needs.\u201d\n<\/p>\n<p><b><span class=\"bwuline\">Q1 2021 Financial Summary <\/span><\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignb bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(in Millions of US dollars, except per share data)<\/i><\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwnowrap\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2021<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2020<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>$ Change<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Revenue, net<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ 1.49\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ 0.10\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ 1.39\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Gross Profit<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ 1.14\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ 0.03\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ 1.11\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Gross Margin (%)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n77%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n34%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Grants Income<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ 0.04\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ 0.23\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (0.19)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Operating Income\/(Loss) <\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (6.96)\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (0.09)\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (6.87)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net Income\/(Loss) <\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ 2.91\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (0.22)\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ 3.13\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net Income\/(Loss) Per Share<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ 0.08\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (0.03)\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ 0.11\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-GAAP Financial Measures <\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Adjusted EBITDA<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (0.90)\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (0.10)\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (0.80)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Adjusted Net Income\/(Loss) &#8211; Excl Warrant Adjustment and One-Time Transaction Related Expenses<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (0.99)\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (0.22)\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (0.77)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Cash Used in Operating Activities<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (12.19)\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (0.34)\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ (11.85)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Cash and Cash Equivalents<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$ 124.97\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p>\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<p>\nFor a more detailed discussion of Advent\u2019s first quarter 2021 results, please see the company\u2019s financial statements and management\u2019s discussion &amp; analysis, which are available at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fir.advent.energy%2Foverview%2Fdefault.aspx&amp;esheet=52432934&amp;newsitemid=20210520005582&amp;lan=en-US&amp;anchor=ir.advent.energy.&amp;index=1&amp;md5=0dededb3da349c660849afe110c41ce8\">ir.advent.energy.<\/a><\/p>\n<p><i>The financial results include non-GAAP financial measures<\/i>. <i>These non-GAAP measures are more fully described and are reconciled from the respective measures determined under GAAP in \u201cPresentation of Non-GAAP Financial Measures\u201d and the attached appendix tables.<\/i><\/p>\n<p><b><span class=\"bwuline\">Q1 2021 Business Updates<\/span><\/b>:\n<\/p>\n<p>\nKey recent product development highlights include:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nScale-up and commercialization of the U.S. Department of Energy (DoE) next-generation MEA technology.\n<\/li>\n<li>\nDevelopment of proprietary fuel cell stack technology for mobility applications, leveraging the know-how of UltraCell lightweight stacks.\n<\/li>\n<li>\nProduction automation of MEA and fuel cell stack production.\n<\/li>\n<li>\nDevelopment of materials for low-capex AEM electrolyzers and redox flow-batteries.\n<\/li>\n<\/ul>\n<p>\nDr. Gregoriou added, \u201cWe continue to find new use cases for our technology and becoming a public company with access to the financial markets has allowed us to accelerate this process. We are seeing strong demand for our products coming from all of our addressable markets.\u201d\n<\/p>\n<p>\nOrder highlights include:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nOrders for MEAs (Membrane Electrode Assemblies, what we label \u201cthe heart of the fuel-cell\u201d), from fuel cell developers in the markets of mobility and stationary applications in Asia.\n<\/li>\n<li>\nOrders for prototype fuel cell stacks from Europe, where we are witnessing a strong increase of major hydrogen projects across the European Union.\n<\/li>\n<li>\nOrders for redox flow battery materials that exceed significantly last year\u2019s activity.\n<\/li>\n<li>\nRevenue from engineering fees in the area of electrochemical sensor development, where we are working closely with IoT companies to commercialize the technology.\n<\/li>\n<li>\nOrders for UltraCell defense-related systems.\n<\/li>\n<\/ul>\n<p>\nDr. Gregoriou continued, \u201cFollowing our business combination on February 4, 2021, our team hit the ground running and the momentum continues. We expect to see both revenues and bookings increase as we move through the rest of 2021. In addition, we secured a new headquarters and technology manufacturing space in the highly competitive Boston market, helping us attract top-level talent in order to execute on our business plan.\u201d\n<\/p>\n<p><b><span class=\"bwuline\">Q1 2021 Operating Highlights<\/span><\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><b><span class=\"bwuline\">Selection of Advent\u2019s Wearable Fuel Cell for the 2021 Validation Program:<\/span><\/b> On March 31,<sup \/>2021, Advent announced that UltraCell\u2019s 50 W Reformed Methanol Wearable Fuel Cell Power System (\u201cHoney Badger\u201d) had been selected by the U.S. Department of Defense\u2019s National Defense Center for Energy and Environment (\u201cNDCEE\u201d) to take part in its demonstration\/validation program for 2021. The NDCEE is a Department of Defense program that addresses high-priority environmental, safety, occupational health, and energy technological challenges that are demonstrated and validated at active installations for military application. UltraCell\u2019s \u201cHoney Badger 50\u201d fuel cell is the only fuel cell that is part of this program that supports the U.S. Army\u2019s goal of having a technology-enabled force by 2028.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b><span class=\"bwuline\">Collaboration with the DOE<\/span>:<\/b> On March 1, 2021, Advent announced that it had entered into a joint development agreement (the \u201cCRADA\u201d) with the United States Department of Energy\u2019s (DOE\u2019s) Los Alamos National Laboratory (LANL), Brookhaven National Laboratory (BNL), and National Renewable Energy Laboratory (NREL). Under this CRADA, along with support from the DOE\u2019s Hydrogen and Fuel Cell Technologies Office (HFTO), Advent\u2019s team of scientists plan to work closely with its LANL, BNL, and NREL counterparts over the coming years to develop breakthrough materials to help strengthen U.S. manufacturing in the fuel cells sector and bring high-temperature proton exchange membrane (HT-PEM) fuel cells to the market.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b><span class=\"bwuline\">Acquisition of UltraCell LLC<\/span>:<\/b> On February 18, 2021, Advent acquired UltraCell LLC, the fuel cell business of Bren-Tronics, Inc. for $4.0 million and a maximum of $2.0 million upon the achievement of certain milestones. Those milestones were met and the additional $2.0 million was paid on April 16, 2021. This transaction was critical because it brings a full stack and systems business to Advent\u2019s product portfolio. UltraCell is a leader in lightweight fuel cells for the portable power market with mature products and cutting-edge technology.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><b><span class=\"bwuline\">New HQ and technology center in Boston, MA<\/span>:<\/b> On February 5, 2021, Advent leased 6,041 square feet of premier office space at 200 Clarendon Street in Boston, MA. This iconic building is in the heart of Boston and provides Advent with ample room to house its executive, technology, and administrative teams. On March 8, 2021, Advent also secured a new eight-year lease for 21,401 square feet in the heart of Boston\u2019s technology and R&amp;D community at Hood Park in Charlestown, MA as its technologies facility to accelerate product development on recent next-generation membrane electrode assembly (MEA) initiatives, including high-temperature polymer electrolyte membrane (HT-PEM) fuel cell technology for the automotive industry.\n<\/li>\n<\/ul>\n<p>\nDr. Gregoriou concluded, \u201cI am confident the future for Advent Technologies has never been brighter. Our fuel-cell technology, allowing the use of multiple fuels, is an ideally suited solution for the defense and off-grid markets. We believe the \u201cAny Fuel. Anywhere\u201d products give us a clear advantage in a market for which very few companies compete and where hydrogen in its compressed gas form required by the low-temperature PEM competitors is not an economical option. In the mobility market, and particularly in the heavy-duty truck and aviation areas, we have strong validation that the high-temperature PEM technology is well-designed for achieving the total cost of ownership goals of our customers. Furthermore, we have recently seen increased interest in large-scale combined heat and power projects, where the heat produced by our PEM products is something that low-temp products cannot provide. Given that our value-add is in the MEA and fuel cell stack technology rather than in the end-system and application area, we plan to can address all these markets with the same MEA technology rather than completely independent efforts, which would prove very expensive. New policy goals across the developed and developing world are only accelerating this trend, and Advent is well positioned to take advantage of these dynamics.\u201d\n<\/p>\n<p><b><span class=\"bwuline\">Conference Call<\/span><\/b><\/p>\n<p>\nThe Company will host a conference call on Thursday, May 20, 2021, at 9:00 AM ET to discuss its results.\n<\/p>\n<p>\nTo access the call please dial (866) 498-0631 from the United States, or (873) 415-0202 from outside the U.S. The conference call I.D. number is 2763459. Participants should dial in 5 to 10 minutes before the scheduled time.\n<\/p>\n<p>\nA replay of the call can also be accessed via phone through June 3, 2021 by dialing (800) 585-8367 from the U.S., or (416) 621-4642 from outside the U.S. The conference I.D. number is 2763459.\n<\/p>\n<p><b><span class=\"bwuline\">About Advent Technologies Holdings, Inc.<\/span><\/b><\/p>\n<p>\nAdvent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles critical components for fuel cells and advanced energy systems in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in the San Francisco Bay Area and Europe. With 120-plus patents (issued and pending) for its fuel cell technology, Advent holds the IP for next-gen high-temperature proton exchange membranes (HT-PEM) that enable various fuels to function at high temperatures under extreme conditions \u2013 offering a flexible \u2018<b>Any Fuel. Anywhere\u2019 <\/b>option for the automotive, maritime, aviation, and power generation sectors. <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.advent.energy&amp;esheet=52432934&amp;newsitemid=20210520005582&amp;lan=en-US&amp;anchor=www.advent.energy&amp;index=2&amp;md5=3105a5e7e45c94a16ba989340d5e4edd\">www.advent.energy<\/a><\/p>\n<p><strong>Important Cautions Regarding Forward-Looking Statements<\/strong><\/p>\n<p>\nThis press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as \u201canticipate,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201ccould,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201cgoal,\u201d \u201cproject,\u201d and other words of similar meaning. These forward-looking statements address various matters including the Company\u2019s plans and expectations with respect to its operating and financial performance for the remainder of 2021, the increased demand for its MEAs and fuel cell technology, the continued development of its next-generation HT-PEM technology alongside the Department of Energy, the advancement of potential breakthrough materials for the HT-PEM market, and the opening of its new manufacturing facility and headquarters in Boston. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company\u2019s ability to realize the benefits from the business combination; the Company\u2019s ability to maintain the listing of the Company\u2019s common stock on Nasdaq; future financial performance; public securities\u2019 potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance our corporate reputation and brand; expectations concerning our relationships and actions with our technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company\u2019s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading &#8220;Risk Factors&#8221; in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2021, as amended on May 19, 2021 as well as the other information we file with the SEC. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov%2F&amp;esheet=52432934&amp;newsitemid=20210520005582&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=3&amp;md5=081885a12cebd945dd21f59d8a893034\">www.sec.gov<\/a>, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.\n<\/p>\n<p><b>Presentation of Non-GAAP Financial Measures<\/b><\/p>\n<p>\nIn addition to the results provided in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d) throughout this press release, the Company has provided non-GAAP financial measures\u2014 Adjusted Net Income \/(Loss),EBITDA and Adjusted EBITDA \u2014which present results on a basis adjusted for certain items. The Company uses these non-GAAP financial measures for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that these non-GAAP financial measures are useful financial metrics to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. These non-GAAP financial measures are not intended to replace, and should not be considered superior to, the presentation of the Company\u2019s financial results in accordance with GAAP. The use of the terms Adjusted Net Income \/ (Loss), EBITDA and Adjusted EBITDA may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. These measures are reconciled from the respective measures under GAAP in the appendix below.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwalignc\" colspan=\"14\" rowspan=\"1\"><b>ADVENT TECHNOLOGIES HOLDINGS, INC.<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwalignc\" colspan=\"14\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>CONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwalignc\" colspan=\"14\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>(Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwsinglebottom bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwsinglebottom\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwsinglebottom\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwnowrap\" colspan=\"3\" rowspan=\"1\"><b>March 31, 2021<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwnowrap\" colspan=\"3\" rowspan=\"1\"><b>December 31, 2020<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>ASSETS<\/b><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Current assets:<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl4\" rowspan=\"1\" colspan=\"1\">Cash and cash equivalents<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n124,974,831\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n515,734\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl4\" rowspan=\"1\" colspan=\"1\">Accounts receivable, net<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,138,454\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n421,059\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl4\" rowspan=\"1\" colspan=\"1\">Due from related parties<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n67,781\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl4\" rowspan=\"1\" colspan=\"1\">Contract assets<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n745,513\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n85,930\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl4\" rowspan=\"1\" colspan=\"1\">Inventories<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n812,744\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n107,939\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl4\" rowspan=\"1\" colspan=\"1\">Prepaid expenses and Other current assets<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,121,554\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n496,745\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Total current assets<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n131,793,096\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,695,188\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Non-Current Assets<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Goodwill and intangibles, net<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,178,771\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Property and equipment, net<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n317,996\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n198,873\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Total Non-Current Assets<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,596,767\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n198,873\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Total assets<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n137,289,863\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,894,061\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>LIABILITIES AND STOCKHOLDERS\u2019 EQUITY\/(DEFICIT)<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Current liabilities:<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl4\" rowspan=\"1\" colspan=\"1\">Trade and other payables<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,462,789\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n881,394\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl4\" rowspan=\"1\" colspan=\"1\">Due to related parties<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,114,659\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl4\" rowspan=\"1\" colspan=\"1\">Deferred income from grants, current<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n306,917\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n158,819\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl4\" rowspan=\"1\" colspan=\"1\">Contract liabilities, current<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n44,185\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n167,761\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl4\" rowspan=\"1\" colspan=\"1\">Other current liabilities<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,956,116\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n904,379\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl4\" rowspan=\"1\" colspan=\"1\">Income tax payable<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n199,653\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n201,780\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Total current liabilities<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,969,660\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,428,792\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Warrant Liability<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23,350,695\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Deferred income from grants, non-current<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n67,848\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n182,273\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Other long-term liabilities<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n193,719\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n76,469\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Total liabilities<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n28,581,922\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,687,534\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Commitments and contingent liabilities<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Stockholders\u2019 equity\/(deficit)<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwrowaltcolor0 bwpadl4\" rowspan=\"1\" colspan=\"1\">Common stock ($0.0001 par value per share;<br \/>Shares authorized: 110,000,000 at March 31, 2021 and December 31, 2020;<br \/>Issued and outstanding: 46,105,947 and 25,033,398<br \/>at March 31, 2021 and December 31, 2020, respectively)<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,611\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,503\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl4\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\">Preferred stock ($0.0001 par value per share;<br \/>Shares authorized: 1,000,000 at March 31, 2021 and<br \/>December 31, 2020;<br \/>nil issued and outstanding at March, 31, 2021<br \/>and December 31, 2020<\/td>\n<td class=\"bwvertalignm bwpadl0\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" style=\"height:36px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Additional Paid in Capital<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n118,568,449\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10,993,762\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Accumulated Other Comprehensive Income<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n130,725\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n111,780\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Accumulated Deficit<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(9,995,844\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(12,901,518\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Total stockholders\u2019 equity\/(deficit)<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n108,707,941\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(1,793,473\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Total liabilities and stockholders\u2019 equity\/(deficit)<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n137,289,863\n<\/p>\n<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,894,061\n<\/p>\n<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0\" colspan=\"12\" rowspan=\"1\"><b>ADVENT TECHNOLOGIES HOLDINGS, INC. <\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0\" colspan=\"12\" rowspan=\"1\"><b>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS <\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0\" colspan=\"12\" rowspan=\"1\"><b>(Unaudited) <\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0\" colspan=\"12\" rowspan=\"1\"><b>(All amounts in USD, except for share data)<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"bwvertalignb bwpadl0\" colspan=\"1\" \/>\n<td rowspan=\"2\" class=\"bwvertalignm bwpadl0\" colspan=\"1\">\u200b<\/td>\n<td rowspan=\"2\" class=\"bwvertalignm bwpadl0\" colspan=\"1\">\u200b<\/td>\n<td rowspan=\"2\" class=\"bwvertalignb bwpadl0\" colspan=\"1\" \/>\n<td rowspan=\"2\" class=\"bwvertalignm bwpadl0\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"6\" class=\"bwalignc bwvertalignm bwpadl0 bwnowrap bwsinglebottom\" rowspan=\"1\"><b>Three months ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2021<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2020<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Revenue, net<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$1,489,292\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$100,266\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Cost of revenues<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(347,342\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b)<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(66,037\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Gross profit\/(loss)<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,141,950\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n34,229\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Income from Grants<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38,453\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n228,764\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Research and development expenses<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(29,082\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b)<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(51,269\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Administrative and selling expenses<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(7,921,858\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b)<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(302,669\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Amortization of intangibles<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(186,760\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">)<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Operating Loss<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(6,957,297\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b)<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(90,945\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Finance costs<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(10,280\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b)<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(2,523\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Change fair value of warrant liability<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9,765,625\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Foreign exchange differences, net<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23,955\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(18,587\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Other income \/ (expense)<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n83,671\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(104,561\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Income \/ (Loss) before income tax<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,905,674\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(216,616\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Income tax expense<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Net income\/(loss)<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$2,905,674\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($216,616\n<\/p>\n<\/td>\n<td class=\"bwalignr bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Other comprehensive income (loss), net of tax effect:<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"3\" class=\"bwalignr bwvertalignm bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Foreign currency translation adjustment<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n18,945\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(49,841\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Total other comprehensive income (loss)<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n18,945\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(49,841\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Comprehensive income\/ (loss)<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$2,924,619\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"2\" class=\"bwalignr bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($266,457\n<\/p>\n<\/td>\n<td class=\"bwalignr bwdoublebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Net income\/(loss) per share, basic<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.08\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(0.03\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Weighted Average shares outstanding, Basic<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n37,769,554\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8,403,184\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Net income\/(loss) per share, diluted<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.07\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(0.03\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Weighted Average shares outstanding, Diluted<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n40,987,346\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8,403,184\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0\" colspan=\"12\" rowspan=\"1\"><b>ADVENT TECHNOLOGIES HOLDINGS, INC.<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0\" colspan=\"12\" rowspan=\"1\"><b>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS <\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0\" colspan=\"12\" rowspan=\"1\"><b>(Unaudited)<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td rowspan=\"2\" class=\"bwvertalignm bwpadl0\" colspan=\"1\">\u200b<\/td>\n<td rowspan=\"2\" class=\"bwvertalignb bwpadl0\" colspan=\"1\" \/>\n<td rowspan=\"2\" class=\"bwvertalignm bwpadl0\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td colspan=\"6\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwnowrap\" rowspan=\"1\"><b>Three months ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2021<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u200b\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u200b\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2020<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Net Cash used in Operating Activities<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($12,196,101\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($341,664\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>Cash Flows from Investing Activities:<\/b><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>\u200b<\/b><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>\u200b<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>\u200b<\/b><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>\u200b<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>\u200b<\/b><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>\u200b<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Purchases of property and equipment<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(77,112\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(34,699\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Acquisition of a subsidiary, net of cash acquired<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(3,975,940\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Net Cash used in Investing Activities<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($4,053,052\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($34,699\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>Cash Flows from Financing Activities:<\/b><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>\u200b<\/b><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>\u200b<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>\u200b<\/b><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>\u200b<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>\u200b<\/b><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>\u200b<\/b><\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Business Combination and PIPE financing, net of issuance costs paid<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n140,693,116\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Proceeds of issuance of preferred stock<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,430,005\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Repayment of Loan<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(487,708\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Net Cash provided by Financing Activities<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$140,693,116\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$942,297\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Net increase (decrease) in cash and cash equivalents<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$124,443,963\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$565,932\n<\/p>\n<\/td>\n<td class=\"bwalignr bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Effect of exchange rate changes on cash and cash equivalents<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15,134\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7,893\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">Cash and cash equivalents at the beginning of the period<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n515,734\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,199,015\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">Cash and cash equivalents at the end of the period<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$124,974,831\n<\/p>\n<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\">\u200b<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$1,772,840\n<\/p>\n<\/td>\n<td class=\"bwalignr bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><b><i>Supplemental Non-GAAP Measures and Reconciliations<\/i><\/b><\/p>\n<p>\nIn addition to providing measures prepared in accordance with GAAP, we present certain supplemental non-GAAP measures. These measures are EBITDA, Adjusted EBITDA and Adjusted Net Income \/ (Loss), which we use to evaluate our operating performance, for business planning purposes and to measure our performance relative to that of our peers. These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore may differ from to similar measures presented by other companies and may not be comparable to other similarly titled measures. We believe these measures are useful in evaluating the operating performance of the Company\u2019s ongoing business. These measures should be considered in addition to, and not as a substitute for net income, operating expense and income, cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. The calculation of these non-GAAP measures has been made on a consistent basis for all periods presented.\n<\/p>\n<p><b><i>EBITDA and Adjusted EBITDA<\/i><\/b><\/p>\n<p>\nThese supplemental non-GAAP measures are provided to assist readers in determining our operating performance. We believe this measure is useful in assessing performance and highlighting trends on an overall basis. We also believe EBITDA and Adjusted EBITDA are frequently used by securities analysts and investors when comparing our results with those of other companies. EBITDA differs from the most comparable GAAP measure, net income \/ (loss), primarily because it does not include income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for transactional gains and losses, asset impairment charges, finance and other income and acquisition costs.\n<\/p>\n<p>\nThe following tables show a reconciliation of net income\/(loss) to EBITDA and Adjusted EBITDA for the three months ended March 31, 2021 and 2020.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignm bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<p class=\"bwcellpmargin\"><i>(in Millions of US dollars)<\/i><\/p>\n<\/td>\n<td colspan=\"6\" class=\"bwvertalignm bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwnowrap\" rowspan=\"1\"><b>Three Months Ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2021<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2020<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>$ Change<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">Net Income\/(Loss)<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$2.91\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($0.22\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$3.13\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">Amortization of intangibles<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$0.19\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$0.00\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$0.19\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">Finance Costs<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$0.01\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$ &#8211;\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$0.01\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">Other Income\/(Expense)<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($0.08\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$0.10\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($0.18\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">Foreign Exchange<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($0.02\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$0.02\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($0.04\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">Income Taxes<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$ &#8211;\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$ &#8211;\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$ &#8211;\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">EBITDA<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$3.00\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($0.10\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$3.10\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">Net Change in Warrant Liability<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($9.77\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$ &#8211;\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($9.77\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">One-Time Transaction Related Expenses <sup>(1)<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$5.87\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$ &#8211;\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$5.87\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">Adjusted EBITDA<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($0.90\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($0.10\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($0.80\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n(1) Bonus awarded after consummation of the business combination effective February 4, 2021.\n<\/p>\n<p><b><i>Adjusted Net Income\/(Loss)<\/i><\/b><\/p>\n<p>\nThis supplemental non-GAAP measure is provided to assist readers in determining our financial performance. We believe this measure is useful in assessing our actual performance by adjusting our results from continuing operations for changes in warrant liability and one-time transaction costs. Adjusted Net Loss differs from the most comparable GAAP measure, net income \/ (loss), primarily because it does not include one-time transaction costs and warrant liability changes. The following table shows a reconciliation of net income\/(loss) for the three months ended March 31, 2021 and 2020.\n<\/p>\n<p><b>Adjusted Net Income\/(Loss)<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignm bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\"><b>(in Millions of US dollars)<\/b><\/td>\n<td colspan=\"6\" class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwnowrap\" rowspan=\"1\"><b>Three Months Ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2021<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2020<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwnowrap\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>$ Change<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">Net Income\/(Loss)<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$2.91\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($0.22\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$3.13\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">One-Time Transaction Related Expenses<sup>(1)<\/sup><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$5.87\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$ &#8211;\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$5.87\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">Net Change in Warrant Liability<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($9.77\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$ &#8211;\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($9.77\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">Adjusted Net Income\/(Loss)<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($0.99\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($0.22\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n($0.77\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n(1) Bonus awarded after consummation of the business combination effective February 4, 2021.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210520005582r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210520005582\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210520005582\/en\/<\/a><\/span><\/p>\n<p>\nAdvent Technologies<br \/>\n<br \/>Elisabeth Maragoula<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:emaragoula@advent.energy\">emaragoula@advent.energy<br \/>\n<\/a><\/p>\n<p>Sloane &amp; Company<br \/>\n<br \/>Joe Germani \/ James Goldfarb<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:jgermani@sloanepr.com\">jgermani@sloanepr.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:jgoldfarb@sloanepr.com\">jgoldfarb@sloanepr.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Massachusetts United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Other Energy Utilities Environment Other Manufacturing Alternative Energy Energy Engineering Manufacturing<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210520005582\/en\/879979\/3\/Advent_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Advent Technologies Reports Q1 2021 Results Q1 Revenue of $1.49 million exceeds total fiscal year 2020 revenue Net income of $2.91 million and Adjusted Net Loss of $0.99 million excluding one-time acquisition-related charges and net warrant valuation adjustment Company holds cash reserves of $124.97 million Strong market interest reflected in high level of commercial activity BOSTON&#8211;(BUSINESS WIRE)&#8211; Advent Technologies Holdings, Inc. (NASDAQ: ADN) (\u201cAdvent\u201d) today announced consolidated financial results for the three months ended March 31, 2021. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Q1 2021 Financial Highlights (all comparisons are to Q1 2020 unless otherwise noted) Total revenue was $1.49 million, a year-over-year increase &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/advent-technologies-reports-q1-2021-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Advent Technologies Reports Q1 2021 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-496315","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Advent Technologies Reports Q1 2021 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/advent-technologies-reports-q1-2021-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Advent Technologies Reports Q1 2021 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Advent Technologies Reports Q1 2021 Results Q1 Revenue of $1.49 million exceeds total fiscal year 2020 revenue Net income of $2.91 million and Adjusted Net Loss of $0.99 million excluding one-time acquisition-related charges and net warrant valuation adjustment Company holds cash reserves of $124.97 million Strong market interest reflected in high level of commercial activity BOSTON&#8211;(BUSINESS WIRE)&#8211; Advent Technologies Holdings, Inc. (NASDAQ: ADN) (\u201cAdvent\u201d) today announced consolidated financial results for the three months ended March 31, 2021. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/advent-technologies-reports-q1-2021-results\/","og_locale":"en_US","og_type":"article","og_title":"Advent Technologies Reports Q1 2021 Results - Market Newsdesk","og_description":"Advent Technologies Reports Q1 2021 Results Q1 Revenue of $1.49 million exceeds total fiscal year 2020 revenue Net income of $2.91 million and Adjusted Net Loss of $0.99 million excluding one-time acquisition-related charges and net warrant valuation adjustment Company holds cash reserves of $124.97 million Strong market interest reflected in high level of commercial activity BOSTON&#8211;(BUSINESS WIRE)&#8211; Advent Technologies Holdings, Inc. (NASDAQ: ADN) (\u201cAdvent\u201d) today announced consolidated financial results for the three months ended March 31, 2021. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Q1 2021 Financial Highlights (all comparisons are to Q1 2020 unless otherwise noted) Total revenue was $1.49 million, a year-over-year increase &hellip; Continue reading \"Advent Technologies Reports Q1 2021 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/advent-technologies-reports-q1-2021-results\/","og_site_name":"Market Newsdesk","article_published_time":"2021-05-20T11:48:10+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210520005582r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"16 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/advent-technologies-reports-q1-2021-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/advent-technologies-reports-q1-2021-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Advent Technologies Reports Q1 2021 Results","datePublished":"2021-05-20T11:48:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/advent-technologies-reports-q1-2021-results\/"},"wordCount":3165,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/advent-technologies-reports-q1-2021-results\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210520005582r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/advent-technologies-reports-q1-2021-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/advent-technologies-reports-q1-2021-results\/","name":"Advent Technologies Reports Q1 2021 Results - 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