2023 Q2 Form 10-Q Financial Statement

#000182912623003422 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $1.112M $977.0K
YoY Change -50.02% -22.21%
Cost Of Revenue $1.905M $1.484M
YoY Change -16.08% -2.18%
Gross Profit -$793.0K -$507.0K
YoY Change 1662.22% 94.25%
Gross Profit Margin -71.31% -51.89%
Selling, General & Admin $8.331M $8.489M
YoY Change 4.71% -19.14%
% of Gross Profit
Research & Development $2.883M $3.141M
YoY Change 9.12% 46.16%
% of Gross Profit
Depreciation & Amortization $800.0K $400.0K
YoY Change 11.42% 0.0%
% of Gross Profit
Operating Expenses $11.21M $11.63M
YoY Change 0.96% -8.04%
Operating Profit -$21.29M -$11.82M
YoY Change 90.88% -9.73%
Interest Expense $167.0K $69.00K
YoY Change -355.56%
% of Operating Profit
Other Income/Expense, Net -$806.0K $173.0K
YoY Change 85.29% -5866.67%
Pretax Income -$21.83M -$11.19M
YoY Change 88.37% 135.47%
Income Tax $4.000K $796.0K
% Of Pretax Income
Net Earnings -$21.83M -$11.99M
YoY Change 95.83% 192.68%
Net Earnings / Revenue -1963.22% -1227.02%
Basic Earnings Per Share -$0.41 -$0.23
Diluted Earnings Per Share -$0.41 -$0.23
COMMON SHARES
Basic Shares Outstanding 52.90M shares 52.26M shares
Diluted Shares Outstanding 53.42M shares 52.00M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.05M $19.55M
YoY Change -78.4% -67.03%
Cash & Equivalents $10.05M $19.55M
Short-Term Investments
Other Short-Term Assets $1.984M $2.020M
YoY Change -32.26% -71.46%
Inventory $15.16M $14.86M
Prepaid Expenses $1.201M $1.719M
Receivables $1.020M $563.0K
Other Receivables $1.826M $1.841M
Total Short-Term Assets $31.47M $39.00M
YoY Change -55.7% -52.8%
LONG-TERM ASSETS
Property, Plant & Equipment $20.51M $20.16M
YoY Change 112.55% 124.92%
Goodwill $5.742M
YoY Change -80.88%
Intangibles $1.909M $5.843M
YoY Change -74.21%
Long-Term Investments
YoY Change
Other Assets $5.113M $5.754M
YoY Change 10.86% 47.65%
Total Long-Term Assets $32.43M $41.85M
YoY Change -51.1% -36.15%
TOTAL ASSETS
Total Short-Term Assets $31.47M $39.00M
Total Long-Term Assets $32.43M $41.85M
Total Assets $63.90M $80.85M
YoY Change -53.48% -45.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.545M $5.397M
YoY Change 38.4% 10.73%
Accrued Expenses $1.003M $1.639M
YoY Change -42.95% -0.97%
Deferred Revenue $951.0K $986.0K
YoY Change 64.33%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.38M $14.91M
YoY Change -2.83% 3.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $744.0K $746.0K
YoY Change -76.36% -75.52%
Total Long-Term Liabilities $10.46M $10.88M
YoY Change 232.51% 256.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.38M $14.91M
Total Long-Term Liabilities $10.46M $10.88M
Total Liabilities $23.84M $25.78M
YoY Change 24.36% 31.38%
SHAREHOLDERS EQUITY
Retained Earnings -$141.6M -$119.8M
YoY Change
Common Stock $6.000K $5.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.06M $55.07M
YoY Change
Total Liabilities & Shareholders Equity $63.90M $80.85M
YoY Change -53.48% -45.44%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$21.83M -$11.99M
YoY Change 95.83% 192.68%
Depreciation, Depletion And Amortization $800.0K $400.0K
YoY Change 11.42% 0.0%
Cash From Operating Activities -$7.451M -$11.45M
YoY Change -25.82% -40.72%
INVESTING ACTIVITIES
Capital Expenditures $1.437M $911.0K
YoY Change -178.48% -194.6%
Acquisitions
YoY Change
Other Investing Activities -$2.102M -$976.0K
YoY Change 648.04% 1976.6%
Cash From Investing Activities -$3.539M -$1.887M
YoY Change 67.57% 86.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.410M
YoY Change
NET CHANGE
Cash From Operating Activities -7.451M -$11.45M
Cash From Investing Activities -3.539M -$1.887M
Cash From Financing Activities 3.410M
Net Change In Cash -7.580M -$13.34M
YoY Change -37.65% -34.38%
FREE CASH FLOW
Cash From Operating Activities -$7.451M -$11.45M
Capital Expenditures $1.437M $911.0K
Free Cash Flow -$8.888M -$12.36M
YoY Change 8.21% -32.64%

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CY2023Q1 adn Payments To Acquire Fixed Assets
PaymentsToAcquireFixedAssets
976000 usd
CY2022Q1 adn Payments To Acquire Fixed Assets
PaymentsToAcquireFixedAssets
50000 usd
CY2022Q1 adn Receipt Of Government Grants
ReceiptOfGovernmentGrants
3000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1887000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1010000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13335000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-20321000 usd
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11000 usd
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-161000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33619000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
79764000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20295000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
59282000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
6000 usd
CY2023Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_804_eus-gaap--BasisOfAccounting_zHX7pupE1eF6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_825_ziKgevxSR0i">Basis of presentation</span></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Overview</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advent Technologies Holdings, Inc. and its subsidiaries (collectively referred to as “Advent” and the “Company”) is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent’s principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advent has its headquarters in Boston, Massachusetts, which includes a research and development and manufacturing facility, a product development facility in Livermore, California, production facilities in Greece, Denmark, and Germany, and sales and warehousing facilities in the Philippines.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 4, 2021 (“Closing Date”), AMCI Acquisition Corp. (“AMCI”), consummated the business combination (the “Business Combination”) pursuant to that certain merger agreement (the “Agreement and Plan of Merger”), dated October 12, 2020, by and among AMCI, AMCI Merger Sub Corp., a Delaware corporation and newly formed wholly-owned subsidiary of AMCI (“Merger Sub”), AMCI Sponsor LLC (the “Sponsor”), solely in the capacity as the representative from and after the effective time of the Business Combination for the stockholders of AMCI, Advent Technologies, Inc., a Delaware corporation (“Legacy Advent”), and Vassilios Gregoriou, solely in his capacity as the representative from and after the effective time for the Legacy Advent stockholders (the “Seller Representative”), as amended by Amendment No. 1 and Amendment No. 2 to the Agreement and Plan of Merger, dated as of October 19, 2020 and December 31, 2020, respectively, by and among AMCI, Merger Sub, Sponsor, Legacy Advent, and Seller Representative. In connection with the closing of the Business Combination (the “Closing”), AMCI acquired <span id="xdx_909_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_c20210204__us-gaap--BusinessAcquisitionAxis__custom--AMCIAcquisitionCorpMember_pdd" title="Acquired percentage">100%</span> of the stock of Legacy Advent (as it existed immediately prior to the Closing) and its subsidiaries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the Closing Date, and in connection with the closing of the Business Combination, AMCI changed its name to Advent Technologies Holdings, Inc. Legacy Advent was deemed the accounting acquirer in the Business Combination based on an analysis of the criteria outlined in Accounting Standards Codification (“ASC”) 805. This determination was primarily based on Legacy Advent’s stockholders prior to the Business Combination having a majority of the voting interests in the combined company, Legacy Advent’s operations comprising the ongoing operations of the combined company, Legacy Advent’s board of directors comprising a majority of the board of directors of the combined company, and Legacy Advent’s senior management comprising the senior management of the combined company. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Advent issuing stock for the net assets of AMCI, accompanied by a recapitalization. The net assets of AMCI are stated at historical cost, with no goodwill or other intangible assets recorded.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While AMCI was the legal acquirer in the Business Combination, because Legacy Advent was deemed the accounting acquirer, the historical financial statements of Legacy Advent became the historical financial statements of the combined company, upon the consummation of the Business Combination. As a result, the consolidated financial statements included in this report reflect (i) the historical operating results of Legacy Advent prior to the Business Combination; (ii) the results of the Company (combined results of AMCI and Legacy Advent) following the closing of the Business Combination; (iii) the assets and liabilities of Legacy Advent at their historical cost; and (iv) Company’s equity structure for all periods presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with guidance applicable to these circumstances, the equity structure has been restated in all comparative periods up to the Closing Date, to reflect the number of shares of the Company’s common stock, $<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_c20210204__us-gaap--BusinessAcquisitionAxis__custom--AMCIAcquisitionCorpMember_pdd" title="Common stock, par value (in dollars per share)">0.0001</span> par value per share, issued to Legacy Advent’s stockholders in connection with the recapitalization transaction. As such, the shares and corresponding capital amounts and earnings per share related to Legacy Advent Preferred Stock (“Preferred Series A” and “Preferred Series Seed”) and Legacy Advent common stock prior to the Business Combination have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination Agreement. Activity within the statement of changes in stockholders’ equity / (deficit) for the issuances of Legacy Advent’s Preferred Stock, were also retroactively converted to Legacy Advent common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 18, 2021, Advent Technologies, Inc. entered into a Membership Interest Purchase Agreement with Bren-Tronics, Inc. (“Bren-Tronics”) and UltraCell, LLC (“UltraCell”), a Delaware limited liability company and a direct wholly owned subsidiary of Bren-Tronics.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UltraCell LLC was renamed to Advent Technologies LLC following its acquisition by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 25, 2021, the Company entered into a Share Purchase Agreement, with F.E.R. fischer Edelstahlrohre GmbH, a limited liability company incorporated under the Laws of Germany (the “Seller”) to acquire all of the issued and outstanding equity interests in SerEnergy A/S, a Danish stock corporation and a wholly-owned subsidiary of the Seller (“SerEnergy”) and fischer eco solutions GmbH, a German limited liability company and a wholly-owned subsidiary of the Seller (“FES”) together with certain outstanding shareholder loan receivables.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SerEnergy and FES were renamed to Advent Technologies A/S and Advent Technologies GmbH, respectively, following their acquisition by the Company on August 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The unaudited condensed consolidated financial statements of the Company have been prepared to reflect the consolidation of the companies listed below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_88B_ecustom--SubsidiariesInConsolidationTableTextBlock_pn3n3_zQSvrCRROmSl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Basis of presentation (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_8B4_zbZ4zG4YCL7d" style="display: none">Basis of presentation</span></td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left"/><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Country of</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Ownership Interest</span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Statements of Operations</span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Company Name</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Incorporation</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Direct</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Indirect</b></span></td> <td style="padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>2023</b></span></td> <td style="padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>2022</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 39%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--NameOfSubsidiary_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesIncMember" title="Company Name">Advent Technologies, Inc.</span></span></td><td style="text-align: center; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_ecustom--SubsidiaryPlaceOfIncorporation_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesIncMember" title="Country of Incorporation">USA</span></span></td><td style="text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_909_ecustom--OwnershipPercentageInSubsdaries_iI_pid_c20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesIncMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zSpPqXDKkAE5" title="Ownership Interest">100%</span></span></td><td style="text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_980_ecustom--OwnershipPercentageInSubsdaries_iI_pid_dp0_c20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesIncMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_zrPARwQIVHb6" style="width: 9%; text-align: center" title="Ownership Interest"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_983_ecustom--StatementsOfOperationsDate_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesIncMember" style="width: 9%; text-align: center" title="Statements of Operations date"><span style="font-family: Times New Roman, Times, Serif">01/01 – 3/31</span></td><td style="text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_98C_ecustom--StatementsOfOperationsDate_c20220101__20220331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesIncMember" style="width: 9%; text-align: center" title="Statements of Operations date"><span style="font-family: Times New Roman, Times, Serif">01/01 – 3/31</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_ecustom--NameOfSubsidiary_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesSAMember" title="Company Name">Advent Technologies S.A.</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_ecustom--SubsidiaryPlaceOfIncorporation_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesSAMember" title="Country of Incorporation">Greece</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_987_ecustom--OwnershipPercentageInSubsdaries_iI_pid_dp0_c20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesSAMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zaINyhI7TmR7" style="text-align: center" title="Ownership Interest"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_ecustom--OwnershipPercentageInSubsdaries_iI_pid_c20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesSAMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_zyr0EXP94KJ4" title="Ownership Interest">100%</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_980_ecustom--StatementsOfOperationsDate_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesSAMember" style="text-align: center" title="Statements of Operations date"><span style="font-family: Times New Roman, Times, Serif">01/01 – 3/31</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_982_ecustom--StatementsOfOperationsDate_c20220101__20220331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesSAMember" style="text-align: center" title="Statements of Operations date"><span style="font-family: Times New Roman, Times, Serif">01/01 – 3/31</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90E_ecustom--NameOfSubsidiary_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesLLCMember" title="Company Name">Advent Technologies LLC</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90D_ecustom--SubsidiaryPlaceOfIncorporation_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesLLCMember" title="Country of Incorporation">USA</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_987_ecustom--OwnershipPercentageInSubsdaries_iI_pid_dp0_c20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesLLCMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zPdCxpVEtNG5" style="text-align: center" title="Ownership Interest"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_ecustom--OwnershipPercentageInSubsdaries_iI_pid_c20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesLLCMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_zVpy8V3O9vGd" title="Ownership Interest">100%</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_980_ecustom--StatementsOfOperationsDate_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesLLCMember" style="text-align: center" title="Statements of Operations date"><span style="font-family: Times New Roman, Times, Serif">01/01 – 3/31</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_989_ecustom--StatementsOfOperationsDate_c20220101__20220331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesLLCMember" style="text-align: center" title="Statements of Operations date"><span style="font-family: Times New Roman, Times, Serif">01/01 – 3/31</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90D_ecustom--NameOfSubsidiary_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesGmbHMember" title="Company Name">Advent Technologies GmbH</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_ecustom--SubsidiaryPlaceOfIncorporation_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesGmbHMember" title="Country of Incorporation">Germany</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_903_ecustom--OwnershipPercentageInSubsdaries_iI_pid_c20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesGmbHMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zP9ui9QrS246" title="Ownership Interest">100%</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_98F_ecustom--OwnershipPercentageInSubsdaries_iI_pid_dp0_c20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesGmbHMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_zTNAiKyJDNL" style="text-align: center" title="Ownership Interest"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_983_ecustom--StatementsOfOperationsDate_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesGmbHMember" style="text-align: center" title="Statements of Operations date"><span style="font-family: Times New Roman, Times, Serif">01/01 – 3/31</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_985_ecustom--StatementsOfOperationsDate_c20220101__20220331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesGmbHMember" style="text-align: center" title="Statements of Operations date"><span style="font-family: Times New Roman, Times, Serif">01/01 – 3/31</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_ecustom--NameOfSubsidiary_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesASMember" title="Company Name">Advent Technologies A/S</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_ecustom--SubsidiaryPlaceOfIncorporation_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesASMember" title="Country of Incorporation">Denmark</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_ecustom--OwnershipPercentageInSubsdaries_iI_pid_c20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesASMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zHU8mJLhnXa3" title="Ownership Interest">100%</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_981_ecustom--OwnershipPercentageInSubsdaries_iI_pid_dp0_c20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesASMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_zgqPBZpi0cBl" style="text-align: center" title="Ownership Interest"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_980_ecustom--StatementsOfOperationsDate_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesASMember" style="text-align: center" title="Statements of Operations date"><span style="font-family: Times New Roman, Times, Serif">01/01 – 3/31</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_982_ecustom--StatementsOfOperationsDate_c20220101__20220331__srt--ConsolidatedEntitiesAxis__custom--AdventTechnologiesASMember" style="text-align: center" title="Statements of Operations date"><span style="font-family: Times New Roman, Times, Serif">01/01 – 3/31</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_ecustom--NameOfSubsidiary_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventGreenEnergyPhilippinesIncMember" title="Company Name">Advent Green Energy Philippines, Inc</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_ecustom--SubsidiaryPlaceOfIncorporation_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventGreenEnergyPhilippinesIncMember" title="Country of Incorporation">Philippines</span></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_98E_ecustom--OwnershipPercentageInSubsdaries_iI_pid_dp0_c20230331__srt--ConsolidatedEntitiesAxis__custom--AdventGreenEnergyPhilippinesIncMember__srt--OwnershipAxis__custom--DirectOwnershipMember_zHpa61QzYUv7" style="text-align: center" title="Ownership Interest"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_98E_ecustom--OwnershipPercentageInSubsdaries_iI_pid_c20230331__srt--ConsolidatedEntitiesAxis__custom--AdventGreenEnergyPhilippinesIncMember__srt--OwnershipAxis__custom--IndirectOwnershipMember_zK71e6J2d022" style="text-align: center" title="Ownership Interest"><span style="font-family: Times New Roman, Times, Serif">100%</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_983_ecustom--StatementsOfOperationsDate_c20230101__20230331__srt--ConsolidatedEntitiesAxis__custom--AdventGreenEnergyPhilippinesIncMember" style="text-align: center" title="Statements of Operations date"><span style="font-family: Times New Roman, Times, Serif">01/01 – 3/31</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td id="xdx_985_ecustom--StatementsOfOperationsDate_c20220101__20220331__srt--ConsolidatedEntitiesAxis__custom--AdventGreenEnergyPhilippinesIncMember" style="text-align: center" title="Statements of Operations date"><span style="font-family: Times New Roman, Times, Serif">01/01 – 3/31</span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unaudited Condensed Consolidated Financial Statements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). The unaudited financial information reflects, in the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the periods indicated. The results reported for the interim period presented are not necessarily indicative of results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022, included in the Annual Report on Form 10-K filed with the SEC on March 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share and per share amounts are presented on a post-conversion basis for all periods presented, unless otherwise specified.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going Concern</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The going concern basis of presentation assumes that the Company will continue in operation one year from the date these unaudited condensed consolidated financial statements are issued and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. As such, the accompanying unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date that the unaudited condensed consolidated financial statements are issued. The Company’s ability to meet its liquidity needs will largely depend on its ability to generate cash in the future. During the three months ended March 31, 2023, the Company used $<span id="xdx_909_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_dm_c20230331__us-gaap--CashAndCashEquivalentsAxis__us-gaap--CashEquivalentsMember_z5H8AdikCvy4" title="Cash">11.4</span> million of cash in operating activities, and the Company’s ability to generate cash in the future is subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond the Company’s control. The transition to profitability is dependent upon the successful development, approval, and commercialization of its products and the achievement of a revenue level adequate to support its cost structure. Based on the Company’s current operating plan, the Company believes that its cash and cash equivalents as of March 31, 2023 of $<span id="xdx_900_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn3n3_dm_c20230331_zd7CRfRkFnqf" title="Cash">19.5</span> million will not be sufficient to fund operations and capital expenditures for the twelve months following the filing of this Quarterly Report on Form 10-Q, and the Company will need to obtain additional funding. In July 2022, the Company received official ratification from the European Commission of the European Union for one of the Important Projects of Common European Interest (“IPCEI”), Green HiPo. This project provides for the availability of funding of €782.1 million over the next six years. As of the issuance date of the unaudited condensed consolidated financial statements, the Company has not received an agreement which provides the terms of the funding. In addition, on April 10, 2023, the Company entered into a purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), which provides that the Company has the right, but not the obligation, to sell to Lincoln Park up to $50 million worth of shares of the Company’s common stock, par value $<span id="xdx_902_eus-gaap--CommonStockParOrStatedValuePerShare_c20230331_pdd" title="Common stock, par value (in dollars per share)">0.0001</span> (the “Common Stock”), from time to time over the 36 month term of the Purchase Agreement. Concurrently with entering into the Purchase Agreement, the Company also entered into a registration rights agreement with Lincoln Park, pursuant to which the Company agreed to register the resale of the shares of the Company’s Common Stock that have been and may be issued to Lincoln Park under the Purchase Agreement pursuant to a registration statement (the “Registration Statement”). The Registration Statement was filed on April 21, 2023 and declared effective on May 2, 2023. Per the terms of the Purchase Agreement, the Company will be unable to sell shares of the Company’s Common Stock to Lincoln Park if the sale price falls below $0.50 per share. Therefore, there is no assurance that the Company will have full access to the facility over the next twelve months. If the Company is unable to obtain sufficient funding, it could be required to delay its development efforts, limit activities and reduce research and development costs, which could adversely affect its business prospects. Because of the uncertainty in securing additional funding and the insufficient amount of cash and cash equivalents as of the financial statement filing date, management has concluded that substantial doubt exists with respect to the Company’s ability to continue as a going concern for one year from the date the unaudited condensed consolidated financial statements are issued.</span></p>
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
19500000 usd
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zF7RkmRETJrd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zPppYdfNTlw6">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to the selection of useful lives for tangible assets, expected future cash flows from long-lived assets to support impairment tests, the carrying value of goodwill, provisions necessary for accounts receivables and inventory write downs, provisions for legal disputes, and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Cash
Cash
800000 usd
CY2022Q4 us-gaap Cash
Cash
800000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19545000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
32869000 usd
CY2023Q1 us-gaap Other Restricted Assets Noncurrent
OtherRestrictedAssetsNoncurrent
750000 usd
CY2022Q4 us-gaap Other Restricted Assets Noncurrent
OtherRestrictedAssetsNoncurrent
750000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20295000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33619000 usd
CY2023Q1 adn Period Of Warranty On Fuel Cells
PeriodOfWarrantyOnFuelCells
P2Y
CY2023Q1 adn Percentage Of Accrue Warranty Reserve
PercentageOfAccrueWarrantyReserve
0.08 pure
CY2023Q1 adn Period Of Warranty Reserve Expected To Be Incurred
PeriodOfWarrantyReserveExpectedToBeIncurred
P12M
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Warranty Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsWarrantyReserves
1048000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Warranty Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsWarrantyReserves
1048000 usd
CY2023Q1 adn Additions
Additions
20000 usd
CY2022Q1 adn Additions
Additions
20000 usd
CY2023Q1 adn Settlements
Settlements
113000 usd
CY2022Q1 adn Settlements
Settlements
36000 usd
CY2023Q1 adn Foreign Exchange Fluctuations
ForeignExchangeFluctuations
17000 usd
CY2022Q1 adn Foreign Exchange Fluctuations
ForeignExchangeFluctuations
-21000 usd
CY2023Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Warranty Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsWarrantyReserves
972000 usd
CY2022Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Warranty Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsWarrantyReserves
1011000 usd
CY2023Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
6041
CY2023Q1 us-gaap Capital Lease Obligations
CapitalLeaseObligations
600000 usd
CY2023Q1 us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
100000 usd
CY2023Q1 us-gaap Interest And Other Income
InterestAndOtherIncome
7000 usd
CY2023Q1 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<p id="xdx_849_eus-gaap--DerivativesMethodsOfAccountingNonhedgingDerivatives_zDXWBUGDDAI3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zUHJvdE4Ml0c">Warrant Liability</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of the Business Combination, the Company assumed a warrant liability (the “Warrant Liability”) related to previously issued <span id="xdx_90F_ecustom--ClassOfWarrantOrRightIssued_c20230101__20230331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_pdd" title="Warrants issued (in shares)">3,940,278</span> warrants, each exercisable to purchase one share of common stock at an exercise price of $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20230331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zH4vqkueflha" title="Exercise price (in dollars per share)">11.50</span> per share, originally sold to AMCI Sponsor LLC (the “Sponsor”) in a private placement consummated in connection with AMCI’s initial public offering (the “Private Placement Warrants”) and the <span id="xdx_90A_ecustom--ClassOfWarrantOrRightIssued_c20230101__20230331__us-gaap--ClassOfWarrantOrRightAxis__custom--WorkingCapitalWarrantsMember_pdd" title="Warrants issued (in shares)">400,000</span> warrants, each exercisable to purchase one share of Common Stock at an exercise price of $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20230331__us-gaap--ClassOfWarrantOrRightAxis__custom--WorkingCapitalWarrantsMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_pdd" title="Exercise price (in dollars per share)">11.50</span> per share, converted from the Sponsor’s non-interest bearing loan to the Company of $<span id="xdx_900_ecustom--NonInterestBearingLoan_pn3n3_dm_c20230101__20230331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_z6CB0QSFQOS" title="Non-interest bearing loan">0.4</span> million in connection with the closing of the Business Combination (the “Working Capital Warrants”) (Note 14). The Private Placement Warrants and the Working Capital Warrants have substantially the same terms as the <span id="xdx_90D_ecustom--ClassOfWarrantOrRightIssued_c20230101__20230331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantMember_pdd" title="Warrants issued (in shares)">22,029,279</span> warrants, each exercisable to purchase one share of Common Stock at an exercise price of $<span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_c20230331__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_pdd" title="Exercise price (in dollars per share)">11.50</span> per share, issued by AMCI in its initial public offering (the “Public Warrants”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables summarize the fair value of the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock_zB3su4RFCP6e" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of Significant Accounting Policies (Details 2)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_8B3_zWguRDuBquZj" style="display: none">Liabilities measured at fair value on recurring basis</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="6" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of<br/> March 31, <br/> 2023</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">(Unaudited)</span></p></td><td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal"><i>(Amounts in thousands)</i></span></td><td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Fair Value</b></span></td><td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Unobservable <br/> Inputs <br/> (Level 3)</b></span></td><td style="padding-bottom: 1pt; vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Assets</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 76%; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Available for sale financial asset</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20230331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsAssetsMember__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zL2HuGL2JoX6" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Assets"><span style="font-family: Times New Roman, Times, Serif">326</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_987_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsAssetsMember__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zcMfoRX5UoV1" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Assets"><span style="font-family: Times New Roman, Times, Serif">326</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20230331__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zzoDNY3vEPBj" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Assets"><span style="font-family: Times New Roman, Times, Serif">326</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_c20230331__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Assets"><span style="font-family: Times New Roman, Times, Serif">326</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Warrant liability</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--LiabilitiesFairValueDisclosure_c20230331__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" style="border-bottom: Black 1pt solid; text-align: right" title="Liabilities"><span style="font-family: Times New Roman, Times, Serif">608</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--LiabilitiesFairValueDisclosure_c20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" style="border-bottom: Black 1pt solid; text-align: right" title="Liabilities"><span style="font-family: Times New Roman, Times, Serif">608</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--LiabilitiesFairValueDisclosure_c20230331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Liabilities"><span style="font-family: Times New Roman, Times, Serif">608</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--LiabilitiesFairValueDisclosure_c20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Liabilities"><span style="font-family: Times New Roman, Times, Serif">608</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="6" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>As of <br/> December 31,<br/> 2022</b></span></td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal"><i>(Amounts in thousands)</i></span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Fair Value</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Unobservable <br/> Inputs<br/> (Level 3)</b></span></td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Assets</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 76%; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Available for sale financial asset</span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--AssetsFairValueDisclosure_c20221231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsAssetsMember__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Assets"><span style="font-family: Times New Roman, Times, Serif">320</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--AssetsFairValueDisclosure_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsAssetsMember__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" style="border-bottom: Black 1pt solid; width: 9%; text-align: right" title="Assets"><span style="font-family: Times New Roman, Times, Serif">320</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--AssetsFairValueDisclosure_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Assets"><span style="font-family: Times New Roman, Times, Serif">320</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--AssetsFairValueDisclosure_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Assets"><span style="font-family: Times New Roman, Times, Serif">320</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Warrant liability</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--LiabilitiesFairValueDisclosure_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" style="border-bottom: Black 1pt solid; text-align: right" title="Liabilities"><span style="font-family: Times New Roman, Times, Serif">998</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--LiabilitiesFairValueDisclosure_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" style="border-bottom: Black 1pt solid; text-align: right" title="Liabilities"><span style="font-family: Times New Roman, Times, Serif">998</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--LiabilitiesFairValueDisclosure_c20221231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Liabilities"><span style="font-family: Times New Roman, Times, Serif">998</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--LiabilitiesFairValueDisclosure_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_pn3n3" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Liabilities"><span style="font-family: Times New Roman, Times, Serif">998</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A6_zO0fVqhyhBT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The carrying amounts of the Company’s remaining financial instruments reflected on the consolidated balance sheets and which consist of cash and cash equivalents, accounts receivables, net, other current assets, trade and other payables, and other current liabilities, approximate their respective fair values due to their short-term nature.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in the fair value of Level 3 assets and liabilities for the three months ended March 31, 2023 and 2022 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_891_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_pn3n3_zsS98NZsrrAh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of Significant Accounting Policies (Details 3)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span id="xdx_8BB_zTdq5r9NHZWk" style="display: none">Change in fair value of warrant liability</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="9" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Available for Sale Financial Asset</b> (Unaudited)</span></td></tr> <tr style="vertical-align: bottom"> <td colspan="9" style="vertical-align: bottom; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal"><i>(Amounts in thousands)</i></span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>For the <br/> Three Months Ended<br/> March 31, <br/> 2023</b></span></td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>For the <br/> Three Months Ended<br/> March 31, <br/> 2022</b></span></td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 76%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Estimated fair value (beginning of period)</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_c20230101__20230331_zvMlyu7M52Qa" style="width: 9%; font-weight: bold; text-align: right" title="Estimated fair value at beginning balance"><span style="font-family: Times New Roman, Times, Serif">320</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_c20220101__20220331_zzh8Ci3YbDz1" style="width: 9%; font-weight: bold; text-align: right" title="Estimated fair value at beginning balance"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0670">-</span></span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Foreign exchange fluctuations</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_ecustom--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetForeignExchangeFluctuations_pn3n3_c20230101__20230331_zOXDplQIZumg" style="text-align: right" title="Foreign exchange fluctuations"><span style="font-family: Times New Roman, Times, Serif">6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_981_ecustom--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetForeignExchangeFluctuations_c20220101__20220331_pn3n3" style="text-align: right" title="Foreign exchange fluctuations"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0674">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in estimated fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_c20230101__20230331_pn3n3" style="border-bottom: Black 1pt solid; text-align: right" title="Change in estimated fair value"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0676">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_c20220101__20220331_pn3n3" style="border-bottom: Black 1pt solid; text-align: right" title="Change in estimated fair value"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0678">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Estimated fair value (end of period)</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_c20230101__20230331_zIrvbCKX1r8b" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Estimated fair value at ending balance"><span style="font-family: Times New Roman, Times, Serif">326</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_c20220101__20220331_zjHeCE51u848" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Estimated fair value at ending balance"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0682">-</span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="9" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Warrant Liability</b> (Unaudited)</span></td></tr> <tr style="vertical-align: bottom"> <td colspan="9" style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal"><i>(Amounts in thousands)</i></span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>For the <br/> Three Months Ended<br/> March 31,<br/> 2023</b></span></td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>For the<br/> Three Months Ended<br/> March 31,<br/> 2022</b></span></td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 76%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Estimated fair value (beginning of period)</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_c20230101__20230331_z59iq39bMkTg" style="width: 9%; font-weight: bold; text-align: right" title="Estimated fair value at beginning balance"><span style="font-family: Times New Roman, Times, Serif">998</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_c20220101__20220331_zW4V83j9nUMl" style="width: 9%; font-weight: bold; text-align: right" title="Estimated fair value at beginning balance"><span style="font-family: Times New Roman, Times, Serif">10,373</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Change in estimated fair value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_980_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_c20230101__20230331_pn3n3" style="border-bottom: Black 1pt solid; text-align: right" title="Change in estimated fair value"><span style="font-family: Times New Roman, Times, Serif">(390</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_c20220101__20220331_pn3n3" style="border-bottom: Black 1pt solid; text-align: right" title="Change in estimated fair value"><span style="font-family: Times New Roman, Times, Serif">(8,376</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Estimated fair value (end of period)</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_989_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_c20230101__20230331_zBQramS7T4c8" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Estimated fair value at ending balance"><span style="font-family: Times New Roman, Times, Serif">608</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_c20220101__20220331_zax1vDYp6yud" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Estimated fair value at ending balance"><span style="font-family: Times New Roman, Times, Serif">1,997</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AD_z7dmaz90jvX2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrant Liability is remeasured to its fair value at each reporting period and upon settlement. The change in fair value is recognized in “Fair value change of warrant liability” on the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The estimated fair value of the Private Placement Warrants and the Working Capital Warrants (each as defined below) is determined using Level 3 inputs by using the Black-Scholes model. The application of the Black-Scholes model requires the use of a number of inputs and significant assumptions including volatility. Significant judgment is required in determining the expected volatility of our common stock. Due to the limited history of trading of our Common Stock, we determined expected volatility based on a peer group of publicly traded companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables provide quantitative information regarding Level 3 fair value measurement inputs as of their measurement date March 31, 2023:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_894_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_pn3n3_zM7VMesNcvob" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of Significant Accounting Policies (Details 4)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8BC_zQL7YE8tECQ6" style="display: none">Fair value measurements input</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Available for Sale Financial Asset</b></span></td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 88%"><span style="font-family: Times New Roman, Times, Serif">Interest Rate</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right; width: 9%"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_909_ecustom--FairValueOfAssetInterestRate_iI_pid_dp_c20230331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsAssetsMember__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputInterestRateMember_zlhgF7sv8EQl" title="Interest Rate">8.00</span></span></td><td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Discount Rate</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate_pid_dp_c20230101__20230331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsAssetsMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember_zOhBMPY7B7Ai" title="Discount Rate">8.00</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Remaining term (in years)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_901_ecustom--FinancialAssetRemainingTermInYears_pid_dtY_c20230101__20230331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsAssetsMember_zVBKTRymuTw2" title="Remaining term (in years)">2.25</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Warrant Liability</span></td></tr> <tr style="vertical-align: bottom"> <td colspan="5" style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 88%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stock price</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--SharePrice_iI_pid_c20230331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zPHhHpOESV33" title="Stock price">1.06</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Exercise price (strike price)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--OptionIndexedToIssuersEquityStrikePrice1_pid_c20230101__20230331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zLRcN6g4Zxwi" title="Exercise price (strike price)">11.50</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Risk-free interest rate</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_c20230101__20230331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zA1yopIE8fGf" title="Risk-free interest rate">3.78</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Volatility</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_c20230101__20230331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zPvSMo9EKOoa" title="Volatility">93.9</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Remaining term (in years)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20230331__us-gaap--FairValueByLiabilityClassAxis__us-gaap--DerivativeFinancialInstrumentsLiabilitiesMember_zEu8bNrIHC29" title="Remaining term (in years)">2.84</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A0_z4Nx6IS7KL98" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company performs routine procedures such as comparing prices obtained from independent source to ensure that appropriate fair values are recorded.</span></p>
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
320000 usd
CY2023Q1 adn Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Foreign Exchange Fluctuations
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetForeignExchangeFluctuations
6000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
326000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
998000 usd
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
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CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
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CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
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CY2023Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
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CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
608000 usd
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1997000 usd
CY2023Q1 adn Outstanding Balances With Related Parties
OutstandingBalancesWithRelatedParties
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CY2022Q4 adn Outstanding Balances With Related Parties
OutstandingBalancesWithRelatedParties
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CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
884000 usd
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AccountsReceivableGrossCurrent
1295000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
321000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
316000 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
563000 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
979000 usd
CY2022Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
7518000 usd
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
922000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
547000 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
6370000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
4787000 usd
CY2023Q1 us-gaap Inventory Gross
InventoryGross
15094000 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
12852000 usd
CY2023Q1 adn Provision For Slow Moving Inventory
ProvisionForSlowMovingInventory
236000 usd
CY2022Q4 adn Provision For Slow Moving Inventory
ProvisionForSlowMovingInventory
232000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
14858000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
12620000 usd
CY2022Q4 adn Change In Provision For Slow Moving Inventory Balance At Beginning
ChangeInProvisionForSlowMovingInventoryBalanceAtBeginning
-232000 usd
CY2021Q4 adn Change In Provision For Slow Moving Inventory Balance At Beginning
ChangeInProvisionForSlowMovingInventoryBalanceAtBeginning
-48000 usd
CY2023Q1 adn Exchange Differences
ExchangeDifferences
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CY2022Q1 adn Exchange Differences
ExchangeDifferences
1000 usd
CY2023Q1 adn Change In Provision For Slow Moving Inventory Balance At Beginning
ChangeInProvisionForSlowMovingInventoryBalanceAtBeginning
-236000 usd
CY2022Q1 adn Change In Provision For Slow Moving Inventory Balance At Beginning
ChangeInProvisionForSlowMovingInventoryBalanceAtBeginning
-47000 usd
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PrepaidInsurance
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CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
263000 usd
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PrepaidResearch
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CY2022Q4 adn Prepaid Research
PrepaidResearch
212000 usd
CY2023Q1 us-gaap Prepaid Rent
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29000 usd
CY2022Q4 us-gaap Prepaid Rent
PrepaidRent
32000 usd
CY2023Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
267000 usd
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OtherPrepaidExpenseCurrent
181000 usd
CY2023Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1719000 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
688000 usd
CY2023Q1 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
833000 usd
CY2022Q4 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
530000 usd
CY2023Q1 adn Withholding Tax
WithholdingTax
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CY2022Q4 adn Withholding Tax
WithholdingTax
839000 usd
CY2023Q1 us-gaap Grants Receivable
GrantsReceivable
303000 usd
CY2022Q4 us-gaap Grants Receivable
GrantsReceivable
265000 usd
CY2023Q1 adn Purchases Under Receipt
PurchasesUnderReceipt
7000 usd
CY2022Q4 adn Purchases Under Receipt
PurchasesUnderReceipt
83000 usd
CY2023Q1 adn Guarantees
Guarantees
38000 usd
CY2022Q4 adn Guarantees
Guarantees
38000 usd
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OtherReceivablesGrossCurrent
687000 usd
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OtherReceivablesGrossCurrent
524000 usd
CY2023Q1 adn Accrued Interest Income
AccruedInterestIncome
134000 usd
CY2022Q4 adn Accrued Interest Income
AccruedInterestIncome
13000 usd
CY2023Q1 us-gaap Other Assets Current
OtherAssetsCurrent
2020000 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
2292000 usd
CY2023Q1 us-gaap Goodwill Gross
GoodwillGross
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GoodwillGross
5700000 usd
CY2023Q1 adn Gross Carrying Amount
GrossCarryingAmount
30030000 usd
CY2023Q1 adn Cumulative Impairments
CumulativeImpairments
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CY2023Q1 adn Net Carrying Amount
NetCarryingAmount
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CY2023Q1 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
406000 usd
CY2023Q1 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
406000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
24336000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-4265000 usd
CY2023Q1 adn Cumulative Impairment
CumulativeImpairment
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FiniteLivedIntangibleAssetsNet
5437000 usd
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IntangibleAssetsGrossExcludingGoodwill
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IntangibleAssetsGrossExcludingGoodwillAccumulatedAmortization
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CumulativeImpairmentOnIntangibleAssets
-14634000 usd
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IntangibleAssetsNetExcludingGoodwill
5843000 usd
CY2022 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
406000 usd
CY2022 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
406000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
24332000 usd
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FiniteLivedIntangibleAssetsAccumulatedAmortization
-4042000 usd
CY2022Q4 adn Cumulative Impairment
CumulativeImpairment
-14634000 usd
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FiniteLivedIntangibleAssetsNet
5656000 usd
CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
24738000 usd
CY2022Q4 adn Intangible Assets Gross Excluding Goodwill Accumulated Amortization
IntangibleAssetsGrossExcludingGoodwillAccumulatedAmortization
-4042000 usd
CY2022Q4 adn Cumulative Impairment On Intangible Assets
CumulativeImpairmentOnIntangibleAssets
-14634000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
6062000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
22900000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
674000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
898000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
898000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
886000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
725000 usd
CY2023Q1 adn Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
1356000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5437000 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
28011000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25255000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7849000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7317000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20162000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17938000 usd
CY2023Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
2500000 usd
CY2022Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
900000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
400000 usd
CY2022Q1 us-gaap Depreciation
Depreciation
400000 usd
CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
1639000 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
1522000 usd
CY2023Q1 adn Other Short Term Payables Current
OtherShortTermPayablesCurrent
2633000 usd
CY2022Q4 adn Other Short Term Payables Current
OtherShortTermPayablesCurrent
2260000 usd
CY2023Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
111000 usd
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
285000 usd
CY2023Q1 us-gaap Accrued Vacation Current
AccruedVacationCurrent
356000 usd
CY2022Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
300000 usd
CY2023Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
243000 usd
CY2022Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
213000 usd
CY2023Q1 adn Other Current Liabilities Social Security Funds
OtherCurrentLiabilitiesSocialSecurityFunds
58000 usd
CY2022Q4 adn Other Current Liabilities Social Security Funds
OtherCurrentLiabilitiesSocialSecurityFunds
88000 usd
CY2023Q1 adn Other Current Liabilities Overtime Provision
OtherCurrentLiabilitiesOvertimeProvision
39000 usd
CY2022Q4 adn Other Current Liabilities Overtime Provision
OtherCurrentLiabilitiesOvertimeProvision
35000 usd
CY2023Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5079000 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4703000 usd
CY2023Q1 adn Accrued Construction Fees Current
AccruedConstructionFeesCurrent
476000 usd
CY2022Q4 adn Accrued Construction Fees Current
AccruedConstructionFeesCurrent
476000 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
690000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
159000 usd
CY2023Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
271000 usd
CY2022Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
142000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
202000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
745000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1639000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1522000 usd
CY2023Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
700000 usd
CY2022Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
800000 usd
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1000000.0 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1000000.0 usd
CY2023Q1 adn Number Of Shares Authorized
NumberOfSharesAuthorized
111000000 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
110000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
110000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
52261643 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
52261643 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
51717720 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
51717720 shares
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
977000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1256000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
977000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1256000 usd
CY2023Q1 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
300000 usd
CY2022Q4 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
100000 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1000000.0 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1000000.0 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
200000 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
800000 usd
CY2022Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
700000 usd
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 integer
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
977000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1256000 usd
CY2023Q1 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
0 usd
CY2022Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
0 usd
CY2022Q4 adn Contractual Obligation Minimum Quantity
ContractualObligationMinimumQuantity
21000 sqm
CY2023Q1 adn Contractual Obligation Minimum Quantity Pieces
ContractualObligationMinimumQuantityPieces
3236 electrodes
CY2023Q1 adn Contractual Obligation Minimum Quantity Pieces
ContractualObligationMinimumQuantityPieces
318400
CY2022Q4 adn Contractual Obligation Quantity Pieces Remainder Of Fiscal Year
ContractualObligationQuantityPiecesRemainderOfFiscalYear
750 electrodes
CY2022Q4 adn Contractual Obligation Quantity Pieces Remainder Of Fiscal Year
ContractualObligationQuantityPiecesRemainderOfFiscalYear
162400
CY2022Q4 adn Contractual Obligation Quantity Remainder Of Fiscal Year
ContractualObligationQuantityRemainderOfFiscalYear
3869 sqm
CY2022Q4 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
3057000 usd
CY2022Q4 adn Contractual Obligation Quantity Pieces Year One
ContractualObligationQuantityPiecesYearOne
108000
CY2022Q4 adn Contractual Obligation Quantity Year One
ContractualObligationQuantityYearOne
6000 sqm
CY2022Q4 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
2635000 usd
CY2022Q4 adn Contractual Obligation Quantity Year Two
ContractualObligationQuantityYearTwo
8000 sqm
CY2022Q4 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
2175000 usd
CY2022Q4 adn Contractual Obligation Quantity Pieces
ContractualObligationQuantityPieces
750 electrodes
CY2022Q4 adn Contractual Obligation Quantity Pieces
ContractualObligationQuantityPieces
270400
CY2022Q4 adn Contractual Obligation Quantity
ContractualObligationQuantity
17869 sqm
CY2022Q4 us-gaap Contractual Obligation
ContractualObligation
7867000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-11988000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-4096000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52003168 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51253591 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52003168 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51253591 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.23
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.23
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08

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0001829126-23-003422-index-headers.html Edgar Link pending
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0001829126-23-003422.txt Edgar Link pending
0001829126-23-003422-xbrl.zip Edgar Link pending
adn-20230331.xsd Edgar Link pending
adventtech_10q.htm Edgar Link pending
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