<SEC-DOCUMENT>0001140361-21-010318.txt : 20210326
<SEC-HEADER>0001140361-21-010318.hdr.sgml : 20210326
<ACCEPTANCE-DATETIME>20210326171736
ACCESSION NUMBER:		0001140361-21-010318
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20210204
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210326
DATE AS OF CHANGE:		20210326

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADVENT TECHNOLOGIES HOLDINGS, INC.
		CENTRAL INDEX KEY:			0001744494
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				830982969
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38742
		FILM NUMBER:		21778530

	BUSINESS ADDRESS:	
		STREET 1:		200 CLARENDON STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		857-264-7035

	MAIL ADDRESS:	
		STREET 1:		200 CLARENDON STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMCI Acquisition Corp.
		DATE OF NAME CHANGE:	20180622
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>nt10020125x6_8ka.htm
<DESCRIPTION>8-K/A
<TEXT>
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      <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">AMENDMENT NO. 2</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K/A</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">PURSUANT TO SECTION 13 OR 15(d) OF THE</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">SECURITIES EXCHANGE ACT OF 1934</div>
      <div><br>
      </div>
      <div style="text-align: center;">Date of Report (Date of earliest event reported): <font style="font-weight: bold;">February 9, 2021 (February 4, 2021)</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 24pt; font-weight: bold;">A<font style="font-family: 'Times New Roman',Times,serif;">DVENT TECHNOLOGIES HOLDINGS, INC.</font></div>
      <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf6ad56b098be462d8477a20de922fd5a" cellpadding="0" cellspacing="0">

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            <td style="width: 32.01%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">Delaware</div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 32%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">001-38742</div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 32%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">83-0982969</div>
            </td>
          </tr>
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            <td style="width: 32.01%; vertical-align: top;">
              <div style="text-align: center;">(State or other jurisdiction</div>
              <div style="text-align: center;">of incorporation)</div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 32%; vertical-align: top;">
              <div style="text-align: center;">(Commission File Number)</div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 32%; vertical-align: top;">
              <div style="text-align: center;">(IRS Employer Identification No.)</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; font-weight: bold;">200 Clarendon Street</div>
      <div style="text-align: center; font-weight: bold;">Boston, MA 02116</div>
      <div style="text-align: center;">(Address of principal executive offices, including zip code)</div>
      <div><br>
      </div>
      <div style="text-align: center;">Registrant&#8217;s telephone number, including area code: <font style="font-weight: bold;">(857) 264-7035</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zef672fc3ed6f434f89323a4ac9414a55" cellpadding="0" cellspacing="0">

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            <td style="width: 3.85%; vertical-align: top;">
              <div style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
            </td>
            <td style="width: 96.15%; vertical-align: top;">
              <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3.85%; vertical-align: top;">&#160;</td>
            <td style="width: 96.15%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 3.85%; vertical-align: top;">
              <div style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
            </td>
            <td style="width: 96.15%; vertical-align: top;">
              <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3.85%; vertical-align: top;">&#160;</td>
            <td style="width: 96.15%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 3.85%; vertical-align: top;">
              <div style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
            </td>
            <td style="width: 96.15%; vertical-align: top;">
              <div>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3.85%; vertical-align: top;">&#160;</td>
            <td style="width: 96.15%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 3.85%; vertical-align: top;">
              <div style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
            </td>
            <td style="width: 96.15%; vertical-align: top;">
              <div>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
            </td>
          </tr>

      </table>
      <div>Securities registered pursuant to Section 12(b) of the Act:</div>
      <div> <br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb9a5f1ee6e334c5f95d7e5575ea2dbbb" cellpadding="0" cellspacing="0">

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            <td style="width: 42.13%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">Title of each class</div>
            </td>
            <td style="width: 0.33%; vertical-align: bottom;">&#160;</td>
            <td style="width: 25.13%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">Trading Symbol(s)</div>
            </td>
            <td style="width: 0.98%; vertical-align: bottom;">&#160;</td>
            <td style="width: 31.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">Name of each exchange on which registered</div>
            </td>
          </tr>
          <tr>
            <td style="width: 42.13%; vertical-align: top; background-color: #CCEEFF;">
              <div style="text-align: center; font-weight: bold;">Common Stock, par value $0.0001 per share</div>
            </td>
            <td style="width: 0.33%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 25.13%; vertical-align: top; background-color: #CCEEFF;">
              <div style="text-align: center; font-weight: bold;">ADN</div>
            </td>
            <td style="width: 0.98%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 31.44%; vertical-align: top; background-color: #CCEEFF;">
              <div style="text-align: center; font-weight: bold;">The Nasdaq Stock Market LLC</div>
            </td>
          </tr>
          <tr>
            <td style="width: 42.13%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">Warrants to purchase one share of common stock, each at an exercise price of $11.50</div>
            </td>
            <td style="width: 0.33%; vertical-align: top;">&#160;</td>
            <td style="width: 25.13%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">ADNWW</div>
            </td>
            <td style="width: 0.98%; vertical-align: top;">&#160;</td>
            <td style="width: 31.44%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">The Nasdaq Stock Market LLC</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
        (&#167;240.12b-2 of this chapter).</div>
      <div style="text-align: right; text-indent: 36pt;">Emerging growth company <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
        Section 13(a) of the Exchange Act. <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
      <div style="text-align: justify;">
        <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;" align="center"><font style="font-family: 'Segoe UI Symbol', sans-serif;"> </font></div>
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      </div>
      <div style="text-align: center; font-weight: bold;">Introductory Note</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">This Current Report on Form 8-K/A is filed as an amendment no. 2 (this &#8220;<u>Amendment</u>&#8221;) to the Current Report on Form 8-K filed on February 9, 2021, as amended by amendment no. 1 on February 9,
        2021 (the &#8220;Original Form 8-K&#8221;) by Advent Technologies Holdings, Inc. (formerly known as AMCI Acquisition Corp., &#8220;<u>AMCI</u>&#8221;), a Delaware corporation (the &#8220;<u>Company</u>&#8221;) in order to provide additional financial statements and information
        required by Item 9.01 of the Original Form 8-K and to update certain disclosures contained in Item 2.01 of the Original Report in connection with providing such additional financial statements and information.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">As previously reported in the Original Form 8-K, on February 9, 2021, the Company completed the previously announced business combination (the &#8220;<u>Closing</u>&#8221;) contemplated by an Agreement and
        Plan of Merger, dated as of October 12, 2020 (as amended on October 19, 2020 and amended again on December 31, 2020, the &#8220;<u>Merger Agreement</u>&#8221;) by and among the AMCI, AMCI Merger Sub Corp., a newly-formed Delaware corporation and wholly-owned
        subsidiary of AMCI (&#8220;<u>Merger Sub</u>&#8221;), AMCI Sponsor LLC, a Delaware limited liability company (&#8220;<u>Sponsor</u>&#8221;), in its capacity as Purchaser Representative thereunder (the &#8220;<u>Purchaser Representative</u>&#8221;), Advent Technologies Inc., a
        Delaware corporation (&#8220;<u>Advent</u>&#8221;) and Vassilios Gregoriou, in the capacity as the Seller Representative thereunder (the &#8220;<u>Seller Representative</u>&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Pursuant to the terms of the Merger Agreement, Merger Sub merged with and into Advent with Advent continuing as the surviving corporation and as a wholly owned subsidiary of AMCI (the &#8220;<u>Merger</u>&#8221;
        and together with the other transactions contemplated by the Merger Agreement, the &#8220;<u>Business Combination</u>&#8221;). In connection with the Closing, AMCI changed its name to &#8220;Advent Technologies Holdings, Inc.&#8221; Unless the context otherwise requires,
        the &#8220;Company&#8221; refers to the registrant and its subsidiaries, including Advent and its subsidiaries, after the Closing, and &#8220;AMCI&#8221; refers to the registrant prior to the Closing.</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 36pt;">The Original Form 8-K incorporated by reference, among other items, the financial statements of Advent Technologies Inc. as of and for the fiscal years ended December 31, 2019 and 2018, and as of
          and for the nine months ended September 30, 2020 from the Definitive Proxy Statement / Prospectus filed by AMCI with the Securities and Exchange Commission on January 14, 2020 (the &#8220;<u>Proxy Statement</u>&#8221;) and the financial statements of AMCI
          Acquisition Corp. as of and for the fiscal year ended December 31, 2019 and as of December 31, 2018 and for the period from June 18, 2018 (date of inception) through December 31, 2019 from the Proxy Statement.</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Original Form 8-K is amended by this Amendment to provide (i) the audited financial statements of Advent Technologies Inc. as of and for the fiscal years ended December 31, 2020 and December
        31, 2019 and (ii) the unaudited pro forma condensed combined financial information of AMCI and Advent as of and for the year ended December 31, 2020, each of which are included under Item 9.01 hereto, in accordance with the rules and regulations of
        the Securities and Exchange Commission, as well as the additional corresponding information for the relevant fiscal period. This Amendment No. 2 does not amend any other item of the Form 8-K or purport to provide an update or a discussion of any
        developments at the Company subsequent to the filing date of the Form 8-K.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z43d4deeedcd24f08a26df3b5c65fac9b" cellpadding="0" cellspacing="0">

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            <td style="width: 10.77%; vertical-align: top;">
              <div style="font-weight: bold;">Item 2.01</div>
            </td>
            <td style="width: 89.23%; vertical-align: top;">
              <div style="font-weight: bold;">Completion of Acquisition of Assets.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The disclosure set forth in the &#8220;Introductory Note&#8221; above is incorporated herein by reference.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations of Advent Technologies Inc. as of and for the fiscal year ended December 31, 2020 is included in this
        Amendment as Exhibit 99.1 and is incorporated herein by reference<font style="font-style: italic;">.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;">Properties</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-style: normal;">The Company entered into a lease dated March 8, 2021 for 21,401 square feet as a product development and manufacturing center at Hood Park in Charlestown, MA. <font style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 48px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The lease has a term of eight years and five months, with an option to extend for
          five years.</font></div>
      <font style="font-style: normal;"> </font>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z23055a4a9ad64e11b7b09f6a195e468f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 10.77%; vertical-align: top;">
              <div style="font-weight: bold;">Item 9.01</div>
            </td>
            <td style="width: 89.23%; vertical-align: top;">
              <div style="font-weight: bold;">Financial Statements and Exhibits.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a) <font style="font-style: italic;">Financial Statements</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The audited financial statements of Advent Technologies Inc. as of and for the fiscal years ended December 31, 2020 and December 31, 2019 are attached hereto as Exhibit 99.2 and are incorporated by
        reference herein.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b) <font style="font-style: italic;">Pro forma financial information</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The unaudited pro forma condensed combined financial information of AMCI and Advent as of and for the year ended December 31, 2020 is set forth in Exhibit 99.3 and is incorporated herein by
        reference.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">(d) <font style="font-style: italic;">Exhibits</font>:</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zda6e269dd417425185ebd540bf29783f" cellpadding="0" cellspacing="0">

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            <td style="width: 10.67%; vertical-align: top; border-bottom: #000000 2px solid;" nowrap="nowrap">
              <div style="font-weight: bold;">Exhibit No.</div>
            </td>
            <td style="width: 0.28%; vertical-align: top;" nowrap="nowrap">&#160;</td>
            <td style="width: 89.05%; vertical-align: top; border-bottom: #000000 2px solid;" nowrap="nowrap">
              <div style="text-align: center; font-weight: bold;">Description</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10.67%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div><a href="nt10020125x6_ex10-1.htm">10.1</a></div>
            </td>
            <td style="width: 0.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 89.05%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;">Lease Agreement, dated as of March 8, 2021, by and between Advent Technologies, Inc. and Hood Park LLC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10.67%; vertical-align: top;">
              <div><a href="nt10020125x6_ex99-1.htm">99.1</a></div>
            </td>
            <td style="width: 0.28%; vertical-align: top;">&#160;</td>
            <td style="width: 89.05%; vertical-align: top;">
              <div style="text-align: justify;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations of the Company as of and for the fiscal years ended December 31, 2020.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10.67%; vertical-align: top; background-color: #CCEEFF;">
              <div><a href="nt10020125x6_ex99-2.htm">99.2</a></div>
            </td>
            <td style="width: 0.28%; vertical-align: top; background-color: #CCEEFF;">&#160;</td>
            <td style="width: 89.05%; vertical-align: top; background-color: #CCEEFF;">
              <div style="text-align: justify;">Audited financial statements of Advent Technologies Inc. as of and for the years ended December 31, 2020 and December 31, 2019.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10.67%; vertical-align: top;">
              <div><a href="nt10020125x6_ex99-3.htm">99.3</a></div>
            </td>
            <td style="width: 0.28%; vertical-align: top;">&#160;</td>
            <td style="width: 89.05%; vertical-align: top;">
              <div style="text-align: justify;">Unaudited Pro Forma Condensed Combined Financial Information as of December 31, 2020.</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z72904fc8a42344f8b7d4b942cc7a8ded" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="3" style="vertical-align: top;">
              <div style="font-weight: bold;">ADVENT TECHNOLOGIES HOLDINGS, INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="3" style="vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div>By:</div>
            </td>
            <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>/s/ Vassilios Gregoriou</div>
            </td>
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              <div>Dated: March 26, 2021</div>
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<DOCUMENT>
<TYPE>EX-10.1
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<DESCRIPTION>EXHIBIT 10.1
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  <p style="margin: 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>
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        <td colspan="2" style="text-align: center">LEASE</td>
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        <td>&#160;</td>
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        <td style="width: 21%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LANDLORD:</font></td>
        <td style="width: 79%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hood Park LLC, a Massachusetts limited liability company</font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advent Technologies, Inc., a Delaware corporation</font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
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        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
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        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</font></td>
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        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
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        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</font></td>
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        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</font></td>
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        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
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        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 83%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan Showing Location of the Building</font></td>
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        <td style="padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBIT B-1</font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Description of Lot</font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of Hazardous Substances and Materials</font></td>
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      fixtures and equipment serving (exclusively or in common) other parts of the Building. Tenant&#8217;s space includes approximately 21,401 rentable square feet of space located on the first (1st) floor of the Building. The Building is outlined in red upon
      the plan attached as Exhibit A. Tenant&#8217;s space, with such exclusions, is hereinafter referred to collectively as the &#8220;Demised Premises&#8221;. Tenant shall have, as appurtenant to the Demised Premises, the right to use in common with others entitled
      thereto, subject to reasonable rules from time to time made by Landlord of which Tenant is given notice: (i) the common facilities from time to time included in the Building or on the parcel of land on which the Building is located (said parcel being
      more particularly described in Exhibit E and being hereafter referred to as the &#8220;Lot&#8221;), to the extent from time to time designated by Landlord, including without limitation the loading dock located adjacent to the Demised Premises; and (ii) the
      building service fixtures and equipment serving the Demised Premises. The Lot is represented by the area outlined by a bold line upon said Exhibit A. It is understood and agreed that said plan is intended only to show the approximate size of the Lot
      as presently constituted and the approximate size and location of the Building and for no other purpose. Landlord reserves the right from time to time (a) to install, repair, replace, use, maintain and relocate for service to the Demised Premises and
      to other parts of the Building or either, building service fixtures and equipment wherever located in the Building; (b) to alter, relocate or eliminate any other common facility; (c) to designate specific parking areas upon the Lot to be for the
      exclusive use of one or more users thereof; (d) to designate specific traffic routes for trucks and other delivery vehicles; (e) to alter the size of the Building, including, without limitation, converting warehouse space to office or laboratory
      space, office space to warehouse or laboratory space, or laboratory to office or warehouse space; and (f) to increase and/or decrease the size of the Lot by the acquisition of adjacent land and/or the disposition of any portions thereof. No such
      increase or decrease shall be deemed to have occurred until Landlord shall give Tenant notice thereof. Landlord shall make available to Tenant on a non-reserved, first come-first serve basis, at no additional cost to Tenant, one (1) parking space per
      one thousand (1,000) rentable square foot of floor area of the Demised Premises in the parking areas/garage serving the Building.</font></p>
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      TERM AND CONSTRUCTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 201.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To have and to hold for a period (the &#8220;Term&#8221;)
      commencing on the Commencement Date (as defined in Section (A) of Article I above) and, unless sooner terminated as provided herein, ending at the end of the Term; provided that if the Term (calculated as aforesaid) would expire prior to the last day
      of a calendar month, the Term shall be extended so as to expire on the last day of such calendar month. Promptly after the Rent Commencement Date, Landlord and Tenant shall execute a Commencement Date Agreement setting forth the commencement, rent
      commencement and expiration dates and the Term of this Lease.</font>&#160;</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;DELIVERY</font></p>
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      all occupants, personal property, trade fixtures and equipment and shall be accepted by Tenant without any warranty of fitness for use or occupancy, expressed or implied. Landlord shall be responsible for demising the Demised Premises from the
      remaining portion of the Building and for causing the Demised Premises to comply with the Delivery Conditions and shall use good faith and commercially reasonable efforts to cause the Delivery Conditions to be satisfied prior to the Commencement
      Date. Tenant acknowledges that is has inspected the Demised Premises, and it is understood and agreed that Tenant will accept the Demised Premises in their existing physical condition, and, except for the obligation to demise the Demised Premises
      from the remaining portion of the Building and to satisfy the Landlord&#8217;s Delivery Conditions, Landlord shall be under no obligation to make any repairs, alterations or improvements to the Demised Premises prior to or at the commencement of the term
      hereof or at any time thereafter, except as otherwise set forth in this Lease. Notwithstanding the foregoing, in the event Landlord has not satisfied the Delivery Conditions prior to the Commencement Date, the Landlord and Tenant shall cooperate in
      good faith to coordinate the completion of any work required for Landlord to satisfy the Delivery Condition with the performance and completion of the Tenant&#8217;s Work (described below) so that Landlord work and Tenant&#8217;s Work can be completed in an
      efficient and timely manner. In addition, within a reasonable time following the Commencement Date, Landlord shall, at its sole cost and expense, expand and upgrade the existing restrooms in the Building and the common area hallway connecting the
      North and South side of the Building using Building standard materials and finishes.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;TENANT&#8217;S WORK</font></p>
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      construction rules and regulations, and shall equip the Demised Premises with all trade fixtures and personal property suitable or appropriate to the regular and normal operation of the type of business in which Tenant is engaged. Tenant shall
      commence Tenant&#8217;s Work promptly following the later of (i) Landlord&#8217;s delivery of the Demised Premises to Tenant, or (ii) Landlord&#8217;s approval of Tenant&#8217;s plans, budget and completion schedule for the Tenant&#8217;s Work, and shall diligently pursue same to
      completion. In the event of Tenant&#8217;s failure to comply with the provisions of this Article III or Exhibit B-2 of this Lease in any material respect, or to deliver construction drawings and specifications which meet Landlord&#8217;s reasonable approval,
      Landlord may, at Landlord&#8217;s option, exercisable by notice to Tenant, terminate this Lease on the date specified in said notice to Tenant, and upon such termination Landlord shall have all rights provided in the event of Tenant&#8217;s default in Article
      VII of this Lease.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;GENERAL CONSTRUCTION PROVISIONS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      Lease, whether by Landlord or by Tenant, shall be done in a good and workmanlike manner in compliance with all applicable laws and all lawful ordinances, regulations and orders of governmental authorities and insurance rating or inspection bureaus
      having jurisdiction over the Building. Either party may inspect the work or the other at reasonable times and shall promptly give notice of observed defects.</font></p>
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      construction of the initial Tenant&#8217;s Work (the &#8220;Allowance&#8221;) that is completed within the one (1) year anniversary of the Rent Commencement Date. In no event shall Landlord have any obligation to pay any portion of the Allowance for any Tenant&#8217;s Work
      completed after the one (1) year anniversary of the Rent Commencement Date. In addition, in no event shall Landlord have any obligation to pay any portion of the Allowance for any Tenant&#8217;s Work completed prior to the one (1) year anniversary of the
      Rent Commencement Date unless Tenant has submitted a requisition for such payment within fifteen (15) months following the Rent Commencement Date. The Allowance shall be utilized for so-called &#8220;hard&#8221; and &#8220;soft&#8221; costs of Tenant&#8217;s Work, however, no
      more than $625,979.25 ($29.25 per rentable square feet of the Demised Premises) may be used for Tenant&#8217;s architectural fees, cabling, construction management, mechanical, electrical and plumbing documents, office furniture, or legal fees (the &#8220;Soft
      Cost Portion of the Allowance&#8221;). In addition, so long as the Tenant&#8217;s Work has been substantially completed and paid for in full and no Event of Default is then existing, to the extent amounts then remain unused, Tenant may use the Soft Cost Portion
      of the Allowance for Tenant&#8217;s rent obligations under this Lease. As completion of the Tenant&#8217;s Work progresses, Tenant may submit requisitions for payment to Landlord from time to time (but not more frequently than once per month) and Landlord shall
      pay the portion of the Allowance in the amount set forth in the requisition to Tenant within thirty (30) days following receipt of Tenant&#8217;s requisition, together with partial lien waivers, third party paid invoices and other documentation reasonably
      requested by Landlord relating to Tenant&#8217;s Work covered by the requisition. Landlord shall pay the final payment of the Allowance within thirty (30) days following Landlord&#8217;s receipt of all of the following: (1) a detailed statement, including
      requisitions from Tenant&#8217;s general contractor, third party paid invoices and other documentation reasonably requested by Landlord evidencing the total cost of, and payment for, actual work done in connection with the Landlord approved plans for
      Tenant&#8217;s Work (and Landlord shall have the right, upon reasonable advance notice to Tenant, to inspect Tenant&#8217;s books and records relating to such statement in order to verify the amount thereof); (2) final and unconditional lien waivers relating to
      items, services and work performed in connection with all phases or portions of Tenant&#8217;s Work (and, if requested, the statutory period shall have elapsed since Tenant&#8217;s general contractor has properly recorded its Notice of Substantial Completion in
      Suffolk Registry of Deeds in accordance with MGL Ch. 254 and has provided Landlord with satisfactory evidence that all subcontractors and vendors have been provided with a copy of the recorded notice); (3) &#8220;as-built&#8221; plans showing the completion of
      Tenant&#8217;s Work; (4) reasonable evidence that Tenant&#8217;s Work has been completed in accordance with the approved plans and all applicable laws, rules, regulations and ordinances; and (5) a copy of a certificate of occupancy for the Demised Premises
      issued by the appropriate department of the City of Boston. Notwithstanding anything to the contrary contained in this Lease: (i) Landlord&#8217;s obligation to pay the Allowance shall be conditioned upon there being no then existing Event of Default by
      Tenant in its obligations under this Lease beyond any applicable notice and cure periods at the time that Landlord would be required to make such payment; and (ii) Landlord shall have no obligation to advance any funds or pay any amount on account of
      Tenant&#8217;s Work in excess of the Allowance, such payment obligation to be Tenant&#8217;s. It is expressly understood and agreed that except for Tenant&#8217;s movable trade fixtures, all of Tenant&#8217;s Work shall be property of Landlord whether or not the actual cost
      shall exceed the Allowance, unless specifically stated to the contrary at the time Landlord approves any plans therefor. In addition to the Allowance, Landlord hereby agrees to reimburse Tenant up to $0.12 per rentable square foot of the Demised
      Premises for costs and expenses incurred by Tenant to prepare a test fit plan for Tenant&#8217;s Work, such reimbursement to be made within thirty (30) days of Landlord&#8217;s receipt of evidence reasonably satisfactory that Tenant has incurred and paid for
      such costs.</font></p>
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      LANDLORD&#8217;S COVENANTS</font></p>
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      independent contractors, the services listed in Exhibit C; and</font></p>
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      to maintain, repair and replace structural elements of the Building, the roof, exterior walls, utilities, pipes, conduits, drains and all other building systems (including, without limitation, the heating, ventilating and air conditioning systems)
      and the common facilities of the Building and the Lot in good order, condition and repair and in compliance with all laws, including without limitation, Title III of The Americans With Disabilities Act of 1990, as amended from time to time, or any
      applicable local or state law regarding handicapped access as such are enforced by local authorities having applicable, however, Tenant shall be solely responsible for the maintenance, repair and replacement of any specialty or non-office standard
      equipment, including without limitation, any supplemental heating, ventilation and air conditioning equipment, installed by or for Tenant that exclusively serves the Premises (and Landlord shall have no obligation to maintain, repair or replace
      same). Landlord shall provide snow and ice removal from the driveways, sidewalks, driveways, stairs, entrances and loading docks on the Lot.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B) &#160;&#160;&#160;&#160;&#160;INTERRUPTIONS</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Landlord shall not be liable to Tenant for any compensation or reduction of rent by reason of inconvenience or annoyance or for loss of business arising from (a) power
    losses or shortages, or (b) the necessity of Landlord&#8217;s entering the Demised Premises for any of the purposes in this Lease authorized, including without limitation, for repairing or altering the Demised Premises or any portion of the Building or for
    bringing materials into and/or through the Demised Premises in connection with the making of repairs or alterations.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case Landlord is prevented or delayed from making any repairs, alterations or improvements or furnishing any service or performing any other covenant or duty to be
    performed on Landlord&#8217;s part, by reason of any cause reasonably beyond Landlord&#8217;s control, Landlord shall not be liable to Tenant therefor, nor, except as expressly otherwise provided in Article VIII, shall Tenant be entitled to any abatement or
    reduction of rent by reason thereof, nor shall the same give rise to a claim in Tenant&#8217;s favor that such failure constitutes actual or constructive, total or partial, eviction from the Demised Premises. Landlord reserves the right to stop any service
    or utility system when necessary in Landlord&#8217;s opinion by reason of accident or emergency or until necessary repairs have been completed. Except in case of emergency repairs, Landlord will give Tenant reasonable advance notice of any contemplated
    stoppage and, in any event, Landlord will use reasonable efforts to avoid unnecessary inconvenience to Tenant by reason thereof.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ARTICLE V<br>
    RENT</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(A)&#160;&#160;&#160;&#160;&#160;FIXED RENT</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tenant agrees to pay, without any offset or reduction whatever (except as made in accordance with the express provisions of this Lease), fixed monthly rent equal to
    1/12th of the Fixed Rent, such rent to be paid, commencing on the Rent Commencement Date, in equal installments in advance on the first day of each calendar month included in the Term; and for any portion of a calendar month at the beginning or end of
    the Term, a portion of such fixed monthly rent, prorated on a per diem basis. All payments of Fixed and additional rent shall be made in lawful money of the United States and shall be made to Hood Park LLC and sent to Landlord&#8217;s Managing Agent at
    Managing Agent&#8217;s Address set forth in Section (A) of Article I above, or to such other person and/or at such other address as Landlord may from time to time designate. Notwithstanding any provision of this Lease to the contrary, Tenant shall remit the
    first (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) monthly installment of Fixed Rent contemporaneously with the execution and delivery of this Lease to Landlord.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any payment of rent or any other payment payable hereunder by Tenant to Landlord shall not be paid when due, the same shall bear interest from the date when the
    same was payable until the date paid at the lesser of (a) fifteen percent (15%) per annum, or (b) the highest lawful rate of interest which Landlord may charge to Tenant without violating any applicable law. Such interest shall constitute additional
    rent payable hereunder.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(B)&#160;&#160;&#160;&#160;&#160;ADDITIONAL RENT - TAXES</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&#160;&#160;&#160;&#160;&#160;For the purposes of this Section, &#8220;Tax Year&#8221; shall mean the twelve-month period in use in the City of Boston for the purpose of imposing ad
    valorem taxes upon real property. In the event that said City changes the period of its tax year, &#8220;Tax Year&#8221; shall mean a twelve-month period commencing on the first day of such new tax year, and each twelve-month period commencing on an anniversary of
    such date during the Term of this Lease. For purposes of this Section the &#8220;Property&#8221; shall mean the Lot and all improvements thereon from time to time, including the Building; and the &#8220;Factor&#8221; shall mean a fraction the numerator of which is the
    Rentable Floor Area of Tenant&#8217;s Space and the denominator of which is the Total Rentable Floor Area of the Building. For purposes of this Section the &#8220;Building&#8217;s Share of Real Estate Taxes&#8221; shall mean the sum of (i) the real estate taxes upon the
    Building plus (ii) the product of the real estate taxes upon the Lot and a fraction the numerator of which is the Total Rentable Floor Area of the Building, and the denominator of which is the number of square feet of rentable floor area contained
    within all buildings located upon the Lot provided, however, that for purposes of this subsection (ii), (x) if any portion of the Lot shall be separately assessed, the real estate taxes toward which Tenant shall be obligated to contribute shall include
    only those taxes on those portions of the Lot jointly assessed with the portion of the Lot on which the Building is located; and the denominator of said fraction shall be the number of square feet of rentable floor area of tenant spaces contained
    within all buildings located upon those portions of the Lot which are jointly assessed with the portion of the Lot on which the Building is located; and (y) the denominator shall not include any portion of the parking garage located on the third (3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>) through seventh (7<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) floors of the building located at 100 Hood Park Drive (the &#8220;Parking
    Garage&#8221;). For purposes of clarification, Landlord and Tenant hereby acknowledge and agree that the Parking Garage is intended to be a common area cost of the Lot and not a cost specifically attributable to any particular building. Landlord reserves the
    right to equitably adjust the calculation of the Factor and the Building&#8217;s Share of Real Estate Taxes with respect to Taxes as reasonably determined by Landlord.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&#160;&#160;&#160;&#160;&#160;Commencing on the Rent Commencement Date, Tenant shall pay to Landlord, as additional rent, an amount equal to the Building&#8217;s Share of Real
    Estate Taxes imposed with respect to the Property for the Tax Year in question multiplied by the Factor, such amount to be apportioned on a per diem basis for any fraction of a Tax Year contained within the Term.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)&#160;&#160;&#160;&#160;&#160;If Landlord shall receive any tax refund or rebate or sum in lieu thereof with respect to any Tax Year, then out of any balance remaining
    thereof, after deducting Landlord&#8217;s expenses incurred in obtaining such refund, rebate or other sum, Landlord shall pay to Tenant, provided that Tenant is not then in default in the performance of any of its obligations hereunder, an amount equal to
    the Building&#8217;s Share of such balance multiplied by the Factor; but in no event shall Landlord pay to Tenant out of such refund, rebate or other sum for any Tax Year more than the amount paid by Tenant to Landlord pursuant to this Section (B) for such
    Tax Year.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(4)&#160;&#160;&#160;&#160;&#160;Any betterment assessment, so-called &#8220;rent tax&#8221; or any other tax levied or imposed by any governmental authority in addition to, in lieu of
    or as a substitute for real estate taxes shall nevertheless be deemed to be real estate taxes for the purpose of this Section 4.2. Furthermore, to the extent that any equipment installed as part of the Property (e.g. heating or air conditioning
    equipment) shall be classified as personal property for purposes of taxation, any personal property taxes thereon shall be deemed to be real estate taxes for purposes of this Section (B).</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(5)&#160;&#160;&#160;&#160;&#160;In the event of any taking by eminent domain under circumstances whereby this Lease shall not terminate, each of the Building&#8217;s Share of
    Real Estate Taxes and the Factor shall be adjusted in order to reflect any change in rentable floor area.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(C)&#160;&#160;&#160;&#160;&#160;ADDITIONAL RENT - OPERATING COSTS</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&#160;&#160;&#160;&#160;&#160;For the purposes of this Section, the following terms shall have the following respective meanings:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Operating Year: Each successive fiscal year (as adopted by Landlord) in which any part of the Term of this lease shall fall.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8220;Operating Expenses&#8221; shall mean all costs or expenses incurred for the management, operation, cleaning, maintenance, repair and upkeep of the
    Property, including, without limitation, all costs of maintaining and repairing the Property (including snow removal, landscaping and grounds maintenance parking lot operation and maintenance, garage operation and maintenance, security, operation and
    repair of ventilating and air-conditioning equipment, elevators, lighting and any other Building equipment or systems) and of all repairs and replacements (other than repairs or replacements for which Landlord has received full reimbursement from
    contractors, other tenants of the Building or from others) necessary to keep the Property in good working order, repair, appearance and condition; all costs, including material and equipment costs for cleaning and janitorial services to the Building
    (including window cleaning of the Building); all costs of any reasonable insurance carried by Landlord relating to the Property; all costs related to provision of heat (including oil, electric, steam and/or gas), air-conditioning, and water (including
    sewer charges) and other utilities to the Common Areas; payments under all service contracts relating to the foregoing; all compensation, fringe benefits, payroll taxes and workmen&#8217;s compensation insurance premiums related thereto with respect to any
    employees of Landlord or its affiliates engaged in security and maintenance of the Property; all costs and expenses incurred for providing amenities and or services to tenants and occupants of the Property, including without limitation, shuttle
    services; attorneys&#8217; fees and disbursements (exclusive of any such fees and disbursements incurred in tax abatement proceedings or the preparation of leases) and auditing and other professional fees and expenses; and a management fee at market rates
    customarily paid with respect to buildings similar to the Building.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">There shall not be included in such Operating Expenses brokerage fees (including rental fees) related to the operation of the Building; interest and
    depreciation charges incurred on the Property; or expenditures made by Tenant with respect to (i) cleaning, maintenance and upkeep of the Premises; and (ii) the provision of electricity to the Premises provided Landlord bills same separately to Tenant.</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If Landlord shall replace any capital items or make any capital expenditures reasonably necessary to maintain the structural integrity of the
    Premises or the Building or of the utility systems servicing the Premises, or which result in reducing Operating Expenses (collectively called &#8220;capital expenditures&#8221;) the total amount of which is not properly included in Operating Expenses for the
    calendar year in which they were made, there shall nevertheless be included in Operating Expenses for each calendar year in which and after such capital expenditure is made the annual charge-off of such capital expenditure. Annual charge-off shall be
    determined by (i) dividing the original cost of the capital expenditure by the number of years of useful life thereof (the useful life shall be reasonably determined by Landlord in accordance with generally accepted accounting principles and practices
    in effect at the time of acquisition of the capital item); and (ii) adding to such quotient an interest factor computed on the unamortized balance of such capital expenditure based upon an interest rate reasonably determined by Landlord as being the
    interest rate then being charged for long term mortgages by institutional lenders on like properties within the locality in which the Building is located.) Provided, further, that if Landlord reasonably concludes on the basis of engineering estimates
    that a particular capital expenditure will effect savings in Operating Expenses and that such annual projected savings will exceed the annual charge-off of capital expenditure computed as aforesaid, then and in such events, the annual charge-off shall
    be shall be determined by dividing the amount of such capital expenditure by the number of years over which the projected amount of such savings shall fully amortize the cost of such capital item or the amount of such capital expenditure; and by adding
    the interest factor, as aforesaid. In the event the Building is not at least ninety-five percent (95%) occupied during any year of the Term, Operating Expenses may be &#8220;grossed up&#8221; by increasing the variable components of Operating Expenses to the
    amount which Landlord projects would have been incurred had the Building been ninety-five percent (95%) occupied during such year, such amount to be annualized for any partial year. Landlord agrees that property taxes shall be based on annual
    assessments and shall not be &#8220;grossed up.&#8221;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The foregoing are intended to describe only the extent of potential cost and expenses and impose no obligation on Landlord to incur same.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Factor: As defined in Section (B) above.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Building&#8217;s Share of Operating Expenses: One hundred percent (100%) of the Operating Expenses with respect to the Building plus the product of the
    Operating Expenses with respect to the Lot and a fraction the numerator of which is the Total Rentable Floor Area of the Building and the denominator of which is the rentable floor area contained within all of the buildings located upon the Lot, as
    reasonably determined by Landlord (which denominator shall not include any portion of the Parking Garage). Notwithstanding the foregoing, Landlord and Tenant hereby acknowledge and agree that Operating Expenses attributable to the Parking Garage shall
    be included as Operating Expenses of the Lot and not attributable to any particular building. Landlord reserves the right to equitably adjust the calculation of the Factor and the Building&#8217;s Share of Operating Expenses with respect to Operating
    Expenses as reasonably determined by Landlord.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&#160;&#160;&#160;&#160;&#160;Commencing on the Rent Commencement Date, Tenant shall pay to Landlord, as additional rent, an amount equal to the Building&#8217;s Share of
    Operating Expenses for the Operating Year in question multiplied by the Factor, such amount to be apportioned on a per diem basis for any fraction of an Operating Year contained within the Term</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)&#160;&#160;&#160;&#160;&#160;In the event of any taking by eminent domain under circumstances whereby this lease shall not terminate, each of the Building&#8217;s Share of
    Operating Expenses and the Factor shall be appropriately adjusted to reflect any change in rentable floor area.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(D)&#160;&#160;&#160;&#160;&#160;MONTHLY PAYMENTS</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman,Times,serif; margin: 0pt 0px; text-align: left; text-indent: 0.5in;">Payment on account of the additional rent described in Sections (B) and (C) above shall be paid, as part of Tenant&#8217;s total rent, monthly, and at the
    times and in the fashion herein provided for the payment of Fixed Rent. Promptly after the end of the first Tax Year and Operating Year, as the case may be, and promptly after the end of each Tax Year and Operating Year thereafter, Landlord shall make
    a determination of Tenant&#8217;s share of real estate taxes and Operating Expenses; and if the aforesaid payments theretofore made for such period by Tenant exceed Tenant&#8217;s share, such overpayment shall be credited against the payments thereafter to be made
    by Tenant pursuant to this Section (D); and if Tenant&#8217;s share is greater than such payments theretofore made on account for such period, Tenant shall make a suitable payment to Landlord. The monthly payment on account of said additional rent shall be
    replaced after Landlord&#8217;s determination of Tenant&#8217;s share for the preceding Tax Year and Operating Year, as the case may be, by a payment which is one-twelfth (1/12th) of Tenant&#8217;s actual share thereof for the immediately preceding Tax Year or Operating
    Year, as the case may be, with adjustments as appropriate where such period is less than a full twelve-month period. Appropriate adjustments shall be made in said monthly payment if the real estate taxes upon the Property for the current Tax Year shall
    be known prior to the end of said Tax Year and/or if real estate taxes shall be payable to the taxing authority in installments, all to the end that as each payment of real estate taxes shall become payable Landlord shall have received from Tenant
    payments sufficient in amount to pay Tenant&#8217;s share of the Building&#8217;s Share of Real Estate Taxes then payable by Landlord.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(E)&#160;&#160;&#160;&#160;&#160;ADDITIONAL RENT - ELECTRICITY, GAS, WATER &amp; SEWER</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1)&#160;&#160;&#160;&#160;&#160;Tenant shall pay for all electricity consumed within the Demised Premises (including, without limitation, plugs and lights, VAV/reheat boxes, and any
    supplemental heating or cooling units). If the Demised Premises shall have utility meters measuring only the amount of the utilities consumed in the Demised Premises, commencing upon the delivery of the Demised Premises to Tenant, Tenant shall pay to
    the utility companies furnishing such utilities, promptly upon the receipt of bills therefor, the cost of such utilities consumed in the Demised Premises. If the Demised Premises shall not have a utility meter for a utility provided to the Demised
    Premises, then Tenant shall pay to Landlord upon demand from time to time, as additional rent, the cost of such utility consumed in the Demised Premises, as said cost shall be determined by check meter. Tenant shall pay to Landlord, from time to time
    as and when bills are rendered, the cost of all water (including sewer charges) and gas consumed by Tenant within the Demised Premises, which consumption amounts shall be measured by a separate meter or, in the case of water, a checkmeter installed by
    Landlord, at Landlord&#8217;s expense. If Tenant uses gas within the Demised Premises and a meter is not provided by the utility, a checkmeter will be installed by Tenant, at Tenant&#8217;s expense.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2)&#160;&#160;&#160;&#160;&#160;Tenant&#8217;s use of electricity in the Demised Premises shall not at any time exceed the capacity of any of the electrical conductors or equipment in or otherwise
    serving the Demised Premises.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VI<br>
    TENANT&#8217;S COVENANTS</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">TENANT&#8217;S COVENANTS DURING THE TERM.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tenant covenants during the Term and such other time as Tenant occupies any part of the Demised Premises:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1)&#160;&#160;&#160;&#160;&#160;To pay when due (a) all Fixed Rent and additional rent, (b) all taxes which may be imposed on Tenant&#8217;s personal property in the Demised Premises (including,
    without limitation, Tenant&#8217;s fixtures and equipment) regardless to whomever assessed, and (c) all charges by any public utility for telephone and other utility services rendered to the Demised Premises;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2)&#160;&#160;&#160;&#160;&#160;Except as otherwise provided in Article VIII and Section 4(A)(2), to keep the Demised Premises in good order, repair and condition, reasonable wear only
    excepted; to replace all light bulbs as necessary; maintain and replace all interior glass; keep all utilities, pipes, conduits, drains and other installations used in connection with the Demised Premises, including , without limitation, the heating,
    ventilating and air conditioning systems which serve only the Demised Premises in good order, condition and repair; and at the expiration or termination of this Lease peaceably to yield up the Demised Premises and all changes and additions therein in
    such order, repair and condition, first removing all goods and effects of Tenant and those claiming under Tenant and any items the removal of which is required by any agreement between Landlord and Tenant (or specified therein to be removed at Tenant&#8217;s
    election and which Tenant elects to remove), and repairing all damage caused by such removal and restoring the Demised Premises and leaving them clean and neat. Notwithstanding anything to the contrary contained herein, Tenant shall forthwith remove
    from the Demised Premises (repairing any damage caused by such removal) any installations, alterations, additions or improvements made or installed by or for Tenant or as part of Tenant&#8217;s Work, so long as Landlord has indicated to Tenant in writing at
    the time of Landlord&#8217;s approval of such installations, alterations, additions or improvements, which indication Landlord may make in its sole discretion, that such installations, alterations, additions or improvements may be required to be removed at
    the expiration or early termination of the Term, and which Landlord requests Tenant to remove within thirty (30) days after the expiration or termination of the term of this Lease, such removal to include returning the previously modified portions of
    the Demised Premises to their condition prior to the making of such installations, alterations, additions or improvements, provided however, in all events all so-called &#8220;specialty improvements&#8221; (file room systems, large cold rooms and animal
    facilities, etc.), low-voltage cabling/wiring, and computer/telecommunications equipment shall be removed by Tenant and damage caused by such removal shall be repaired by Tenant. Tenant&#8217;s obligations hereunder shall survive the expiration or
    termination of the term of this Lease. For purposes of this Section (2) the word &#8220;repairs&#8221; includes the making of replacements when necessary. Tenant shall, at its sole costs and expense, keep the Demised Premises clean and free of refuse, and provide
    all janitorial and cleaning services to the Demised Premises on a nightly basis (except weekends and holidays) of a quality consistent with other tenants in the business park in which the Demised Premises is located and shall be solely responsible for
    removing from the Property (and until such removal from the Property Tenant shall store within the Demised Premises) any trash, refuse or debris generated by Tenant&#8217;s use of the Demised Premises, other than typical office trash or cardboard which shall
    be deposited in appropriate receptacles maintained by Landlord on the Property;</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3)&#160;&#160;&#160;&#160;&#160;Continuously from the Commencement Date, to use and occupy the Demised Premises only for the Permitted Use; and not to injure or deface the Demised Premises,
    Building, or Lot; and not to permit in the Demised Premises any auction sale, nuisance, or the emission from the Demised Premises of any objectionable noise or odor; nor any use thereof which is improper, offensive, contrary to law or ordinances, or
    liable to invalidate or increase the premiums for any insurance on the Building (or any portion thereof) or its contents, or liable to render necessary any alteration or addition to the Building;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(4)&#160;&#160;&#160;&#160;&#160;To comply with the rules and regulations set forth in Exhibit D and all other reasonable rules and regulations hereafter made by Landlord (but only after
    copies thereof have been delivered to Tenant) for the care and use of the Building and Lot and their facilities and approaches, it being expressly understood, however, that Landlord shall not be liable to Tenant for the failure of other tenants of the
    Building to conform to such rules and regulations;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(5)&#160;&#160;&#160;&#160;&#160;To keep the Demised Premises equipped with all safety appliances required by law or ordinance or any other regulation of any public authority and/or any
    insurance inspection or rating bureau having jurisdiction, and to procure all licenses and permits required because of any use made by Tenant and, if requested by Landlord, to do any work required because of such use, it being understood that the
    foregoing provisions shall not be construed to broaden in any way the Permitted Use;</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(6)&#160;&#160;&#160;&#160;&#160;Not without the prior written consent of Landlord to assign, hypothecate, pledge or otherwise encumber this Lease, to make any sublease or to permit occupancy
    of the Demised Premises or any part thereof by anyone other than Tenant, voluntarily or by operation of law, and as additional rent, to reimburse Landlord promptly upon demand for reasonable legal and other expenses incurred by Landlord in connection
    with any request by Tenant for consent to assignment or subletting, which shall not be unreasonably withheld or delayed. Without intending to limit Landlord&#8217;s discretion in granting or withholding such consent, it is agreed that if Tenant requests
    Landlord&#8217;s consent to assign this Lease or sublet more than thirty percent (30%) of the Demised Premises, Landlord shall have the option, exercisable by written notice to Tenant given within thirty (30)days after receipt of such request, to terminate
    this Lease as of a date specified in such notice which shall be not less than thirty or more than sixty days after the date of such notice. If Landlord shall so terminate this Lease, rent shall be apportioned as of the date of termination, and Landlord
    may lease the Demised Premises or any portion thereof to any person or entity (including without limitation, Tenant&#8217;s proposed assignee or subtenant, as the case may be) without any liability whatsoever to Tenant by reason thereof. If Landlord shall
    consent to any assignment of this Lease by Tenant or a subletting of the whole of the Demised Premises by Tenant, which shall not be unreasonably withheld or delayed, at a rent which exceeds the rent payable hereunder by Tenant, or if Landlord shall
    consent to a subletting of a portion of the Demised Premises by Tenant at a rent in excess of the subleased portion&#8217;s prorata share of the rent payable hereunder by Tenant, then Tenant shall pay to Landlord, as additional rent forthwith upon Tenant&#8217;s
    receipt of each installment fifty percent (50%) of any such excess rent, after Tenant deducts all reasonable expenses related to the sublease. Each request by Tenant for permission to assign this Lease or to sublet the whole or any part of the Demised
    Premises shall be accompanied by a warranty by Tenant as to the amount of rent to be paid to Tenant by the proposed assignee or sublessee. For purposes of this Section (6), the term &#8220;rent&#8221; shall mean all fixed rent, additional rent or other payments
    and/or consideration payable by one party to another for the use and occupancy of premises. Tenant agrees, however, that neither it nor anyone claiming under it shall enter into any sublease, license, concession or other agreement for use, occupancy or
    utilization of space in the Demised Premises which provides for rental or other payment for such use, occupancy or utilization based, in whole or in part, on the net income or profits derived by any person or entity from the space leased, used,
    occupied or utilized (other than an amount based on a fixed percentage or percentages of receipts or sales), and Tenant agrees that any such purported sublease, license, concession or other agreement shall be absolutely void and ineffective as a
    conveyance of any right or interest in the possession, use, occupancy, or utilization of any part of the Demised Premises. Tenant further agrees that any sublease, license, concession or agreement for use, occupancy or utilization of space in the
    Demised Premises entered into by it or by anyone claiming under it shall contain the provisions set forth in the immediately preceding sentence. Tenant further agrees that if a sublease is entered into, neither the rent payable thereunder nor the
    amount thereof passed on to any person or entity shall have deducted therefrom any expenses or costs related in any way to the subleasing of such space. If and whenever Tenant shall not be a so-called &#8220;publicly held&#8221; company, it is understood and
    agreed that the transfer of fifty percent (50%) or more of the stock in Tenant of any class (whether at one time or at intervals) shall constitute an &#8220;assignment&#8221; of Tenant&#8217;s interest in this Lease. If there shall be any assignment or subletting by
    Tenant pursuant to the provisions of this paragraph, Tenant shall remain primarily liable for the performance and observance of the covenants and agreements herein contained on the part of Tenant to be performed and observed, such liability to be (in
    the case of any assignment) joint and several with that of such assignee. It is expressly understood and agreed that no assignment of Tenant&#8217;s interest in this Lease shall be effective until such time as Tenant shall deliver to Landlord an agreement
    from the assignee, which agreement shall be reasonably satisfactory to Landlord in form and substance and shall provide that the assignee agrees with Landlord to be primarily liable for the performance and observance of the covenants and agreements
    herein contained on the part of Tenant to be performed and observed, such liability to be joint and several with that of Tenant. Notwithstanding the foregoing, Landlord&#8217;s prior written consent shall not be required in the event of an assignment (a) in
    connection with the sale of all or substantially all of the assets or equity (whether stock, membership interests, partnership interests, or otherwise) of Tenant, or (b) to an affiliate, subsidiary, or parent of Tenant, or a corporation, partnership or
    other legal entity wholly owned by Tenant, so long as such transferee has a tangible net worth equal to or greater than the greater of (i) the tangible net worth of Tenant as of the date of this Lease, or (ii) the tangible net worth of Tenant as of the
    date immediately prior to such assignment;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(7)&#160;&#160;&#160;&#160;&#160;To defend Landlord, with counsel acceptable to Landlord, save Landlord harmless from, and indemnify Landlord against any liability for injury, loss, accident
    or damage to any person or property and from any claims, actions, proceedings and expenses and costs in connection therewith (including, without implied limitation, reasonable counsel&#8217;s fees): (i) arising from the omission, fault, willful act,
    negligence or other misconduct of Tenant or anyone claiming under Tenant, or from any use made or thing done or occurring upon or about the Demised Premises but not due to the omission, fault, willful act, negligence or other misconduct of Landlord, or
    (ii) resulting from the failure of Tenant to perform and discharge its covenants and obligations under this Lease;</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(8)&#160;&#160;&#160;&#160;&#160;To maintain Commercial General Liability insurance covering all operations by or on behalf of Tenant for bodily injury or death and property damage, using an
    ISO CG 00 01 form or its equivalent including but not limited to Broad Form Property Damage, Bodily Injury, Premises and Operations, Personal and Advertising Injury, Independent Contractors Liability and Contractual coverage for this Lease. This
    coverage shall provide a minimum $1,000,000 combined single limit for bodily injury and property damage per occurrence; $1,000,000 personal and advertising injury; $300,000 damages to Premises rented to or temporarily occupied by you; $1,000,000
    products/completed operations aggregate; with a general aggregate limit of $2,000,000 applying on a per location basis and a deductible of not more than $50,000 unless approved by Landlord; Workers&#8217; Compensation as required under applicable law and
    Employers&#8217; Liability Insurance with a minimum limit of $1,000,000 each accident, bodily injury by accident, $1,000,000 each employee, bodily injury by disease, $1,000,000 policy limit, bodily injury by disease, or lower limits if such lower limits
    satisfy the Umbrella/Excess Liability underlying limit requirements covering all employees of Tenant; Automobile Liability Insurance with a minimum limit of $1,000,000 combined bodily injury and property damage per accident, to include coverage for all
    owned, non-owned, and hired vehicles; Umbrella/Excess Liability coverage in an amount of not less than $10,000,000 per occurrence and $10,000,000 annual aggregate. that applies on a follow form basis in excess of the Commercial General Liability,
    Employers&#8217; Liability, and Automobile Liability coverages required by this Lease; Pollution Liability Insurance with limits not less than $3,000,000 per occurrence and $3,000,000 in the aggregate covering loss arising out of third party bodily injury
    and property damage claims, cleanup costs, and coverage appropriate to the types of substances and materials used by Tenant in the Demised Premises. All such amounts, from time to time during the Term, may increase to amounts as are customarily carried
    in the area in which the Demised Premises are located upon property similar in type and use to the Demised Premises. Such insurance shall name Landlord, Landlord&#8217;s Managing Agent, and Landlord&#8217;s Mortgagee as additional insureds. Such insurance shall be
    primary and noncontributory as to any other insurance available to the additional insureds. Tenant shall deliver to Landlord the policies of such insurance, or certificates thereof, at least fifteen (15) days prior to the Commencement Date, and each
    renewal policy or certificate thereof, at least fifteen (15) days prior to the expiration of the policy it renews. Each such policy shall be written by an insurer authorized to do business in the Commonwealth of Massachusetts having a minimum A.M. Best
    rating of A-, VII or better and shall provide that the same shall not be modified or terminated without at least thirty (30) days&#8217; prior written notice to each named insured and Landlord;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(9)&#160;&#160;&#160;&#160;&#160;To keep all employees working in the Demised Premises covered by workmen&#8217;s compensation insurance in amounts required by law, and to furnish Landlord with
    certificates thereof;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(10)&#160;&#160;&#160;&#160;&#160;To permit Landlord and its agents entry: to examine the Demised Premises at reasonable times and, if Landlord shall so elect, to make repairs, alterations and
    replacements; to remove, at Tenant&#8217;s expense, any changes, additions, signs, curtains, blinds, shades, awnings, aerials, flagpoles, or the like not consented to in writing; and to show the Demised Premises to prospective tenants during the twelve
    months preceding the expiration of the Term and to prospective purchasers and mortgagees at all reasonable times;</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(11)&#160;&#160;&#160;&#160;&#160;Not to place a load upon any part of the floor of the Demised Premises exceeding that for which said floor was designed or in violation of what is allowed by
    law; and not to move any safe, vault or other heavy equipment in, about or out of the Demised Premises except in such manner and at such times as Landlord shall approve in writing in each instance. Tenant&#8217;s business machines and mechanical equipment
    which cause vibration or noise that may be transmitted to the Building structure or to any other space in the Building shall be placed and maintained by Tenant in settings of cork, rubber, spring, or other types of vibration eliminators sufficient to
    confine such vibration or noise to the Demised Premises;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(12)&#160;&#160;&#160;&#160;&#160;All the furnishings, fixtures, equipment, effects and property of every kind, nature and description of Tenant and of all persons claiming by, through or
    under Tenant which, during the continuance of this Lease or any occupancy of the Demised Premises by Tenant or anyone claiming under Tenant, may be on the Demised Premises or elsewhere in the Building or on the Lot shall be at the sole risk and hazard
    of Tenant, and if the whole or any part thereof shall be destroyed or damaged by fire, water or otherwise, or by the leakage or bursting of water pipes, steam pipes, or other pipes, by theft, or from any other cause, no part of said loss or damage is
    to be charged to or to be borne by Landlord;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(13)&#160;&#160;&#160;&#160;&#160;To pay promptly when due the entire cost of any work done on the Demised Premises by Tenant and those claiming under Tenant; not to cause or permit any liens
    for labor or materials performed or furnished in connection therewith to attach to the Demised Premises; and immediately to discharge any such liens which may so attach;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(14)&#160;&#160;&#160;&#160;&#160;Not to make any alterations, improvements, changes or additions to the Demised Premises without Landlord&#8217;s prior written consent, provided however, Tenant may
    perform such upgrades, improvements and alterations to the Demised Premises which are cosmetic in nature and cost less than $50,000.00 to complete (&#8220;Non-Structural Alterations&#8221;), without obtaining Landlord&#8217;s consent so long as (i) such Non-Structural
    Alterations do not require the issuance of a building permit, (ii) such Non-Structural Alterations are not visible from the exterior of the Premises, (iii) such Non-Structural Alterations do not affect the structural elements, mechanical, electrical,
    plumbing, HVAC and/or fire and life safety systems or equipment in the Building, and (iv) Tenant provides Landlord with written notice thereof no less than ten (10) days prior to commencing such Non-Structural Alterations.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(15)&#160;&#160;&#160;&#160;&#160;To pay to Landlord (i) for the first thirty (30) days of such holdover, one and one-half (1.5) times the total of the Fixed Rent and additional rent then
    applicable for each month or portion thereof that Tenant shall retain possession of the Demised Premises or any part thereof after the termination of this Lease, and (ii) after such first thirty (30) days of such holdover, twice the total of the Fixed
    Rent and additional rent then applicable for each month or portion thereof that Tenant shall retain possession of the demised premises or any part thereof after the termination of this Lease, whether by lapse of time or otherwise, and also to pay all
    damages sustained by Landlord on account thereof; however, the provisions of this subsection shall not operate as a waiver by Landlord of any right of re-entry provided in this Lease or as a matter of law;</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(16)&#160;&#160;&#160;&#160;&#160;To insure the contents, equipment, and improvements of Tenant and those claiming under Tenant, under policies covering at least fire and the standard extended
    coverage risks, in amounts equal to the replacement cost thereof, the terms of which policies shall provide that such insurance shall not be canceled without at least twenty (20) days&#8217; prior written notice to Landlord. Copies of such insurance policy
    or policies, or certificates thereof, shall be delivered to Landlord at least fifteen (15) days prior to the Commencement Date and each renewal policy or certificate thereof, at least fifteen (15) days prior to the expiration of the policy it renews;
    and</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(17)&#160;&#160;&#160;&#160;&#160;To pay Landlord&#8217;s expenses, including reasonable attorney&#8217;s fees, incurred in enforcing any obligation of Tenant in this Lease.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VII<br>
    DEFAULT</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(A)&#160;&#160;&#160;&#160;&#160;EVENTS OF DEFAULT</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1)&#160;&#160;&#160;&#160;&#160;If Tenant shall default in the payment of Fixed Rent, additional rent or other payments required of Tenant, and if Tenant shall fail to cure said default
    within seven (7) days after receipt of notice of said default from Landlord, or (2) if Tenant shall default in the performance or observance of any other agreement or condition on its part to be performed or observed and if Tenant shall fail to cure
    said default within fifteen days after receipt of notice of said default from Landlord (but if longer than fifteen days shall be reasonably required to cure said default, then if Tenant shall fail to commence the curing of such default within fifteen
    days after receipt of said notice and diligently prosecute the curing thereof to completion), or (3) if any person shall levy upon, or take this leasehold interest or any part thereof upon execution, attachment or other process of law, or (4) if Tenant
    shall make an assignment of its property for the benefit of creditors, or (5) if Tenant shall be declared bankrupt or insolvent according to law, or (6) if any bankruptcy or insolvency proceedings shall be commenced by or against Tenant, or (7) if a
    receiver, trustee or assignee shall be appointed for the whole or any part of Tenant&#8217;s property, then in any of said cases, Landlord lawfully may immediately, or at any time thereafter, and without any further notice or demand, enter into and upon the
    Demised Premises or any part thereof in the name of the whole, and hold the Demised Premises as if this Lease had not been made, and expel Tenant and those claiming under it and remove its or their property without being taken or deemed to be guilty of
    any manner of trespass (or Landlord may send written notice to Tenant of the termination of this Lease), and upon entry as aforesaid (or in the event that Landlord shall send Tenant notice of termination as above provided, on the fifth day next
    following the date of the sending of the notice), the term of this Lease shall terminate. Notwithstanding the provisions of clauses (1) and (2) of the immediately preceding sentence, if Landlord shall have rightfully given Tenant notice of default
    pursuant to either or both of said clauses twice during any twelve-month period, and if Tenant shall thereafter default in the payment of Fixed Rent, additional rent or other payments and/or the performance or observance of any other agreement or
    condition required of Tenant, then Landlord may exercise the right of termination provided for it in said immediately preceding sentence without first giving Tenant notice of such default and the opportunity to cure the same within the time provided in
    said clause (1) and/or clause (2), as the case may be. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event
    Landlord terminates this Lease as provided in this Article.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(B)&#160;&#160;&#160;&#160;&#160;OBLIGATIONS THEREAFTER</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case of any such termination, Tenant will indemnify Landlord each month against all loss of Fixed Rent and additional rent and against all obligations which
    Landlord may incur by reason of any such termination between the time of termination and the expiration of the Term; or at the election of Landlord, exercised at the time of termination or at any time thereafter, Tenant will indemnify Landlord each
    month until the exercise of the election against all loss of Fixed Rent and additional rent and against all obligations which Landlord may incur by reason of such termination during the period between the time of the termination and the exercise of the
    election, and upon the exercise of the election Tenant will pay to Landlord as damages such amount as at the time of the exercise of the election represents the amount by which the rental value of the Demised Premises for the period from the exercise
    of the election until the expiration of the Term shall be less than the amount of rent and other payments provided herein to be paid by Tenant to Landlord during said period. It is understood and agreed that at the time of the termination or at any
    time thereafter Landlord may rent the Demised Premises, and for a term which may expire before or after the expiration of the Term, without releasing Tenant from any liability whatsoever, that Tenant shall be liable for any expenses incurred by
    Landlord in connection with obtaining possession of the Demised Premises, with removing from the Demised Premises property of Tenant and persons claiming under it (including warehouse charges), with putting the Demised Premises into good condition for
    reletting, and with any reletting, including, but without limitation, reasonable attorneys&#8217; fees and brokers fees, and that any monies collected from any reletting shall be applied first to the foregoing expenses and then to the payment of Fixed Rent,
    additional rent and all other payments due from Tenant to Landlord.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VIII<br>
    CASUALTY AND TAKING</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(A)&#160;&#160;&#160;&#160;&#160;CASUALTY AND TAKING</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case during the Term all or any substantial part of the Demised Premises, the Building, or Lot or any one or more of them, are damaged by fire or any other casualty
    or by action of public or other authority or are taken by eminent domain, this Lease shall terminate at Landlord&#8217;s election, which may be made notwithstanding Landlord&#8217;s entire interest may have been divested, by notice given to Tenant within thirty
    days after the occurrence of the event giving rise to the election to terminate. Said notice shall, in the case of damage as aforesaid, specify the effective date of termination which shall be not less than thirty nor more than sixty days after the
    date of notice of such termination. In the case of any such taking by eminent domain, the effective date of the termination shall be the day on which the taking authority shall take possession of the taken property. Fixed Rent and additional rent shall
    be apportioned and adjusted as of the effective date of any such termination. If in any such case the Demised Premises are rendered unfit for use and occupation and this Lease is not so terminated, Landlord shall use due diligence to put the Demised
    Premises, or, in the case of a taking, what may remain thereof (excluding any items which Tenant may be required or permitted to remove from the Demised Premises at the expiration of the Term) into proper condition for use and occupation, but Landlord
    shall not be required to spend more than the net proceeds of insurance or award of damages it receives therefor, and a just proportion of the Fixed Rent and additional rent according to the nature and extent of the injury to the Demised Premises shall
    be abated until the Demised Premises or such remainder shall have been put by Landlord in such condition; and in case of a taking which permanently reduces the area of the Demised Premises, a just proportion of the Fixed Rent shall be abated for the
    remainder of the Term.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(B)&#160;&#160;&#160;&#160;&#160;RESERVATION OF AWARD</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Landlord reserves to itself any and all rights to receive awards made for damage to the Demised Premises, Building or Lot and the leasehold hereby created, or any one
    or more of them, accruing by reason of any exercise of the right of eminent domain or by reason of anything done in pursuance of public or other authority. Tenant hereby releases and assigns to Landlord all of Tenant&#8217;s rights to such awards, and
    covenants to deliver such further assignments and assurances thereof as Landlord may from time to time request, hereby irrevocably designating and appointing Landlord as its attorney-in-fact to execute and deliver in Tenant&#8217;s name and behalf all such
    further assignments thereof. It is agreed and understood, however, that Landlord does not reserve to itself, and Tenant does not assign to Landlord, any damages payable for (i) movable equipment installed by Tenant or anybody claiming under Tenant at
    its own expense or (ii) relocation expenses, but in each case only if and to the extent that such damages are recoverable by Tenant from such authority in a separate action and without reducing Landlord&#8217;s award of damages.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE IX<br>
    MORTGAGEE</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(A)&#160;&#160;&#160;&#160;&#160;SUBORDINATION TO MORTGAGES</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is agreed that the rights and interest of Tenant under this Lease shall be: (i) subject and subordinate to the lien of any present or future first mortgage and to
    any and all advances to be made thereunder, and to the interest thereon, upon the Demised Premises or any property of which the Demised Premises are a part, if the holder of such mortgage shall elect, by notice to Tenant, to subject and subordinate the
    rights and interest of Tenant under this Lease to the lien of its mortgage; or (ii) prior to the lien of any present or future first mortgage, if the holder of such mortgage shall elect, by notice to Tenant, to give the rights and interest of Tenant
    under this Lease priority to the lien of its mortgage. It is understood and agreed that the holder of such mortgage may also elect, by notice to Tenant, to make some provisions hereof subject and subordinate to the lien of its mortgage while granting
    other provisions hereof priority to the lien of its mortgage. In the event of any of such elections, and upon notification by the holder of such mortgage to that effect, the rights and interest of Tenant under this Lease shall be deemed to be
    subordinate to, or to have priority over, as the case may be, the lien of said mortgage, irrespective of the time of execution or time of recording of any such mortgage. Tenant agrees that it will, upon request of Landlord, execute, acknowledge and
    deliver any and all instruments deemed by Landlord necessary or desirable to evidence or to give notice of such subordination or priority. Tenant also agrees that if it shall fail at any time to execute, acknowledge and deliver any such instrument
    requested by Landlord, Landlord may, in addition to any other remedies available to it, execute, acknowledge and deliver such instrument as the attorney-in-fact of Tenant and in Tenant&#8217;s name; and Tenant does hereby make, constitute and irrevocably
    appoint Landlord as its attorney-in-fact and in its name, place and stead so to do. The word &#8220;mortgage&#8221; as used herein includes mortgages, deeds of trust or other similar instruments and modifications, consolidations, extensions, renewals, replacements
    and substitutes thereof. Whether the lien of any mortgage upon the Demised Premises or any property of which the Demised Premises are a part shall be superior or subordinate to this Lease and the lien hereof, Tenant agrees that it will, upon request,
    attorn to the holder of such mortgage or anyone claiming under such holder and their respective successors and assigns in the event of foreclosure of or similar action taken under such mortgage. Tenant further agrees that it shall not subordinate its
    interest in this Lease to the lien of any junior mortgage, security agreement or lease affecting the Demised Premises, unless the holder of the first mortgage upon the Demised Premises or property which includes the Demised Premises shall consent
    thereto.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(B)&#160;&#160;&#160;&#160;&#160;LIMITATION ON MORTGAGEE&#8217;S LIABILITY</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon entry and taking possession of the mortgaged premises for any purpose, the holder of a mortgage shall have all rights of Landlord, and during the period of such
    possession Landlord, not such mortgage holder, shall have the duty to perform all of Landlord&#8217;s obligations hereunder. No such holder shall be liable, either as a mortgagee or as holder of a collateral assignment of this Lease, to perform, or be liable
    in damages for failure to perform, any of the obligations of Landlord unless and until such holder shall succeed to Landlord&#8217;s interest herein through foreclosure of its mortgage or the taking of a deed in lieu of foreclosure, and thereafter such
    mortgage holder shall not be liable for the performance of any of Landlord&#8217;s obligations hereunder, except for the performance of those obligations which arise during the period of time that such mortgage holder holds Landlord&#8217;s right, title and
    interest in this Lease, such liability to be limited to the same extent as Landlord&#8217;s liability is limited pursuant to Section 10(E) hereof.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(C)&#160;&#160;&#160;&#160;&#160;NO RELEASE OR TERMINATION</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No act or failure to act on the part of Landlord which would entitle Tenant under the terms of this Lease, or by law, to be relieved of any of Tenant&#8217;s obligations
    hereunder or to terminate this Lease, shall result in a release or termination of such obligations or a termination of this Lease unless (i) Tenant shall have first given written notice of Landlord&#8217;s act or failure to act to Landlord&#8217;s mortgagees of
    record, if any, specifying the act or failure to act on the part of Landlord which could or would be the basis of Tenant&#8217;s rights and (ii) such mortgagees, after receipt of such notice, have failed or refused to correct or cure the condition complained
    of within a reasonable time thereafter, but nothing contained in this Section (C) shall be deemed to impose any obligation on any such mortgagee to correct or cure any such condition. &#8220;Reasonable time&#8221; as used above means and includes a reasonable time
    to obtain possession of the mortgaged premises, if the mortgagee elects to do so, and a reasonable time to correct or cure the condition. Finally, Tenant agrees that so long as any present or future mortgage shall remain in effect Tenant shall not
    alter, modify, amend, change, surrender or cancel this Lease nor pay the rent due hereunder in advance for more than thirty (30) days, except as may be required herein, without the prior written consent of the holder thereof, and Tenant will not seek
    to be made an adverse or defendant party in any action or proceeding brought to enforce or foreclose such mortgage.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE X<br>
    GENERAL PROVISIONS</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(A)&#160;&#160;&#160;&#160;&#160;CAPTIONS</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The captions of the Articles are for convenience and are not to be considered in construing this Lease.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(B)&#160;&#160;&#160;&#160;&#160;SHORT FORM LEASE</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon request of either party both parties shall execute and deliver a short form of this Lease in form appropriate for recording, and if this Lease is terminated before the Term expires,
    an instrument in such form acknowledging the date of termination. No such short form lease shall contain any indication of the amount of the rentals payable hereunder by Tenant.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(C)&#160;&#160;&#160;&#160;&#160;INTENTIONALLY DELETED</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(D)&#160;&#160;&#160;&#160;&#160;NOTICES</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All notices and other communications authorized or required hereunder shall be in writing and shall be given by mailing the same by certified or registered mail,
    return receipt requested, postage prepaid, by mailing the same by Express Mail or by having the same delivered by a commercial delivery service such as Federal Express, UPS, Purolator Courier and the like. If given to Tenant the same shall be directed
    to Tenant at Tenant&#8217;s Address or to such other person or at such other address as Tenant may hereafter designate by notice to Landlord; and if given to Landlord the same shall be directed to Landlord at Landlord&#8217;s Address, or to such other person or at
    such other address as Landlord may hereafter designate by notice to Tenant. In the event the notice directed as above provided shall not be received upon attempted delivery thereof to the proper address and shall be returned by the Postal Service or
    delivery service to the sender because of a refusal of receipt, the absence of a person to receive, or otherwise, the time of the giving of such notice shall be the first business day on which delivery was so attempted.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After receiving notice from Landlord or from any person, firm or other entity that such person, firm or other entity holds a mortgage which includes the Demised
    Premises as part of the mortgaged premises, no notice from Tenant to Landlord shall be effective unless and until a copy of the same is given by certified or registered mail to such holder, and the curing of any of Landlord&#8217;s defaults by such holder
    shall be treated as performance by Landlord, it being understood and agreed that such holder shall be afforded a reasonable period of time after the receipt of such notice in which to effect such cure.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(E)&#160;&#160;&#160;&#160;&#160;SUCCESSORS AND ASSIGNS</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations of this Lease shall run with the land, and this Lease shall be binding upon and inure to the benefit of the parties hereto and their respective heirs,
    legal representatives, successors and assigns, except that the Landlord named herein and each successive owner of Landlord&#8217;s interest in this Lease shall be liable only for the obligations of Landlord accruing during the period of its ownership.
    Whenever Landlord&#8217;s interest in this Lease is owned by a trustee or trustees, the obligations of Landlord shall be binding upon Landlord&#8217;s trust estate, but not upon any trustee, beneficiary or shareholder of the trust individually. Without limiting
    the generality of the foregoing, and whether or not Landlord&#8217;s interest in this Lease is owned by a trustee or trustees, Tenant specifically agrees to look solely to Landlord&#8217;s interest in the Building and Lot for recovery of any judgment from
    Landlord, it being specifically agreed that neither Landlord, any trustee, beneficiary or shareholder of any trust estate for which Landlord acts nor any person or entity claiming by, through or under Landlord shall ever otherwise be personally liable
    for any such judgment.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(F)&#160;&#160;&#160;&#160;&#160;NO SURRENDER</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The delivery of keys to any employee of Landlord or to Landlord&#8217;s agent or any employee thereof shall not operate as a termination of this Lease or a surrender of the
    Demised Premises.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(G)&#160;&#160;&#160;&#160;&#160;WAIVERS AND REMEDIES</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The failure of Landlord or of Tenant to seek redress for violation of, or to insist upon the strict performance of any covenant or condition of this Lease, or, with
    respect to such failure of Landlord, any of the rules and regulations referred to in Section 6(4), whether heretofore or hereafter adopted by Landlord, shall not be deemed a waiver of such violation nor prevent a subsequent act, which would have
    originally constituted a violation, from having all the force and effect of an original violation, nor shall the failure of Landlord to enforce any of said rules and regulations against any other tenant in the Building be deemed a waiver of any such
    rules or regulations as far as Tenant is concerned. The receipt by Landlord of Fixed Rent or additional rent with knowledge of the breach of any covenant of this Lease shall not be deemed a waiver of such breach by Landlord unless such waiver be in
    writing signed by Landlord. No consent or waiver express or implied, by Landlord or Tenant to or of any breach of any agreement or duty shall be construed as a waiver or consent to or of any other breach of the same or any other agreement or duty. No
    acceptance by Landlord of a lesser sum than the Fixed Rent and additional rent then due shall be deemed to be other than on account of the earliest installment of such rent due, nor shall any endorsement or statement on any check or any letter
    accompanying any check or payment as rent be deemed as accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord&#8217;s right to recover the balance of such installment or pursue any other remedy available to it.
    The specific remedies to which Landlord may resort under the terms of this Lease are cumulative and are not intended to be exclusive of any other remedies or means of redress to which it may be lawfully entitled in case of any breach or threatened
    breach by Tenant of any provisions of this Lease. In addition to the other remedies provided in this Lease, Landlord shall be entitled to the restraint by injunction of the violation or attempted or threatened violation of any of the covenants,
    conditions or provisions of this Lease or to a decree compelling specific performance of any such covenants, conditions or provisions. If any term of this Lease, or the application thereof to any person or circumstances shall be held, to any extent, to
    be invalid or unenforceable, the remainder of this Lease, or the application of such term to persons or circumstances other than those as to which it has been held invalid or unenforceable, shall not be affected thereby, and each term of this Lease
    shall be valid and enforceable to the fullest extent permitted by law. If any interest to be paid by Tenant hereunder shall exceed the highest lawful rate which Landlord may recover from Tenant, such interest shall be reduced to such highest lawful
    rate of interest.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(H)&#160;&#160;&#160;&#160;&#160;SELF-HELP</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If Tenant shall at any time default in the performance of any obligation under this Lease, Landlord shall have the right, but shall not be obligated, to enter upon the
    Demised Premises and to perform such obligation, notwithstanding the fact that no specific provision for such performance by Landlord is made in this Lease with respect to such default. In performing such obligation, Landlord may make any payment of
    money or perform any other act. All sums so paid by Landlord (together with interest, from the time paid by Landlord until the time Tenant repays the same to Landlord, at the rate of interest per annum as set forth in Section (A) of Article V above,
    shall be deemed to be additional rent and shall be payable to Landlord immediately on demand. Landlord may exercise the foregoing right without waiving any other of its rights or releasing Tenant from any of its obligations under this Lease.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(I)&#160;&#160;&#160;&#160;&#160;ESTOPPEL CERTIFICATE</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tenant agrees from time to time after the Commencement Date, upon not less than five days&#8217; prior written request by Landlord, to execute, acknowledge and deliver to
    Landlord a statement in writing certifying that this Lease is unmodified and in full force and effect; that Landlord has completed Landlord&#8217;s Work; that Tenant has no defenses, offsets or counterclaims against its obligations to pay the Fixed Rent and
    additional rent and to perform its other covenants under this Lease; that there are no uncured defaults of Landlord or Tenant under this Lease (or, if there have been any modifications, that this Lease is in full force and effect as modified and
    stating the modifications, and, if there are any defenses, offsets, counterclaims, or defaults, setting them forth in reasonable detail); and the dates to which the Fixed Rent, additional rent and other charges have been paid. Any such statement
    delivered pursuant to this Section (I) may be relied upon by any prospective purchaser or mortgagee of premises which include the Demised Premises or any prospective assignee of any such mortgagee.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(J)&#160;&#160;&#160;&#160;&#160;WAIVER OF SUBROGATION</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1)&#160;&#160;&#160;&#160;&#160;Tenant hereby releases Landlord to the extent of Tenant&#8217;s insurance coverage, from any and all liability for any loss or damage caused by fire or any of the
    extended coverage casualties or any other casualty insured against, even if such fire or other casualty shall be brought about by the fault or negligence of Landlord or its agents. Tenant agrees that such insurance coverage maintained by Tenant under
    this Lease shall be endorsed to show that the insurer waives all rights of subrogation against the Landlord and their respective officers and employees for injuries arising from the Demised Premises or operations of Tenant.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2)&#160;&#160;&#160;&#160;&#160;Landlord hereby releases Tenant, to the extent of the Landlord&#8217;s insurance coverage, from any and all liability for any loss or damage caused by fire or any of
    the extended coverage casualties or any other casualty insured against, even if such fire or other casualty shall be brought about by the fault or negligence of Tenant or its agents. Landlord agrees that such insurance coverage maintained by Landlord
    under this Lease shall be endorsed to show that the insurer waives all rights of subrogation against the Tenant and their respective officers and employees for injuries arising from the Building or operations of Landlord.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(K)&#160;&#160;&#160;&#160;&#160;BROKERS</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tenant hereby represents and warrants to Landlord that it has dealt with no broker in connection with this Lease other than Newmark Knight Frank, as broker for
    Landlord, and Avison Young, as broker for Tenant (the &#8220;Listed Broker/s&#8221;), and there are no other brokerage commissions or other finders&#8217; fees payable in connection herewith. Tenant hereby agrees to hold Landlord harmless from, and indemnified against,
    all loss or damage (including without limitation, the cost of defending the same) arising from any claim by any broker other than the &#8220;Listed Broker/s, claiming to have dealt with Tenant.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(L)&#160;&#160;&#160;&#160;&#160;LANDLORD&#8217;S DEFAULTS</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Landlord shall not be deemed to have committed a breach of any obligation to make repairs or alterations or perform any other act unless: (1) it shall have made such
    repairs or alterations or performed such other act negligently; or (2) it shall have received notice from Tenant designating the particular repairs or alterations needed or the other act of which there has been failure of performance and shall have
    failed to make such repairs or alterations or performed such other act within a reasonable time after the receipt of such notice; and in the latter event Landlord&#8217;s liability shall be limited to the cost of making such repairs or alterations or
    performing such other act.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(M)&#160;&#160;&#160;&#160;&#160;EFFECTIVENESS OF LEASE</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The submission of this Lease for examination does not constitute a reservation of, or option for, the Demised Premises, and this Lease becomes effective as a lease
    only upon execution and unconditional delivery thereof by both Landlord and Tenant.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(N)&#160;&#160;&#160;&#160;&#160;HAZARDOUS MATERIALS</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Tenant shall not (either with or without negligence) cause or permit the escape, the disposal or release of any Hazardous Materials on or under the Building, the Lot
    or the Demised Premises. Tenant shall not allow the storage or use of Hazardous Materials in any manner not sanctioned by the applicable permits, or by law or by the highest standards prevailing in the industry for the storage and use of such Hazardous
    Materials. Tenant shall not cause any Hazardous Materials to be brought into the Building, Lot or Demised Premises except such substances or materials used in the ordinary course of Tenant&#8217;s business and listed on Exhibit F attached hereto (which
    Hazardous Materials shall be used, stored and disposed of in accordance with a program to be mutually agreed upon by Landlord and Tenant) or as otherwise approved by Landlord in writing, which approval shall not be unreasonably withheld, provided such
    use complies with the permitted allocated quantities of specified classes of chemicals permitted in the Building. Any Hazardous Materials used by Tenant shall at all times be brought to, kept at or used in so-called &#8216;control areas&#8217; (the number and size
    of which shall be identified in the plans for Tenant&#8217;s Work which are subject to Landlord&#8217;s approval pursuant to this Lease) and in accordance with all applicable laws and ordinances, any permit or approval issued by any applicable governmental agency
    or authority and prudent environmental practice and (with respect to so-called &#8220;biohazard&#8221; materials) good scientific practice. In the event Tenant intends on using any biologically or chemically active or other Hazardous Materials, or materials that
    require a specialized permit, Tenant shall first obtain Landlord&#8217;s prior consent, which shall not be unreasonably withheld, conditioned or delayed. Within five (5) days of Landlord&#8217;s request, Tenant shall provide Landlord with a list of all
    biologically or chemically active or other Hazardous Materials, including quantities, used by Tenant in the Demised Premises or otherwise in the Building. Tenant shall obtain and maintain all proper permits required by applicable law or ordinance for
    the storage and use of any Hazardous Materials stored or used by Tenant, and Tenant shall furnish evidence of same upon request and shall comply with all governmental reporting requirements with respect to such Hazardous Materials used by Tenant in its
    business operations, and shall deliver to Landlord copies of such reports. &#8220;Hazardous Material&#8221; means (a) any hazardous, flammable, explosive or toxic materials, radioactive materials, asbestos in any form that is or could become friable, or
    polychlorinated biphenyls (PCBs); or (b) any chemical, material or substance defined, classified or regulated as toxic or hazardous or as a pollutant, contaminant or waste under any applicable environmental laws, including without limitation, those
    hazardous substances and materials described in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. Section 9601 et seq., the Resource Conservation and Recovery Act, as amended, 42 U.S.C. Section 6901
    et seq., any applicable state or local laws and the regulations adopted under these acts. If any lender or governmental agency shall ever require testing to ascertain whether or not there has been any release of Hazardous Materials on or under the
    Demised Premises, then the reasonable costs thereof shall be paid by Landlord, unless such release was caused solely by Tenant or persons acting under Tenant, whereupon the reasonable costs of such testing shall be reimbursed by Tenant to Landlord as
    additional rent promptly upon demand by Landlord. In the event Tenant (or persons acting under Tenant) is the cause of such release of Hazardous Materials with other parties, Tenant shall be responsible for a portion of the cost of such testing in
    proportion to its responsibility for such release in relation to the responsibility of such other parties. In addition, Tenant shall execute affidavits, representations and the like from time to time at Landlord&#8217;s request concerning Tenant&#8217;s best
    knowledge and belief regarding the presence of Hazardous Materials on the Demised Premises. Tenant shall indemnify Landlord in the manner elsewhere provided in this lease from any release of Hazardous Materials caused by Tenant on the Demised Premises,
    or elsewhere on the Lot if caused by Tenant or persons acting under Tenant. The within covenants shall survive the expiration or earlier termination of the term of this Lease.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">29</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0px; text-align: left; text-indent: 0.5in;"><font style="font-family: Times New Roman,Times,serif; font-size: 10pt;">The following paragraph of this Lease
      shall be applicable only if the Tenant uses Hazardous Materials of the type that would warrant such compliance either due to applicable law or good scientific practice:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0px; text-align: left; text-indent: 0.5in;"><font style="font-family: Times New Roman,Times,serif; font-size: 10pt;">Prior to the expiration of this Lease
      (or within thirty (30) days after any earlier termination), Tenant shall clean and otherwise decommission all interior surfaces (including floors, walls, ceilings, and counters), piping, supply lines, waste lines and plumbing in and/or exclusively
      serving the Demised Premises, and all exhaust or other ductwork in and/or exclusively serving the Demised Premises, in each case which has carried or released or been exposed to any Hazardous Materials, and shall otherwise clean the Demised Premises
      so as to permit the report hereinafter called for by this Section (N) to be issued. Prior to the expiration of this Lease (or within thirty (30) days after any earlier termination), Tenant, at Tenant&#8217;s expense, shall obtain for Landlord a report
      addressed to Landlord and Landlord&#8217;s designees (and, at Tenant&#8217;s election, Tenant) by a reputable licensed environmental engineer that is designated by Tenant and acceptable to Landlord in Landlord&#8217;s reasonable discretion, which report shall be based
      on the environmental engineer&#8217;s inspection of the Demised Premises and shall show: that the Hazardous Materials, to the extent, if any, existing prior to such decommissioning, have been removed as necessary so that the interior surfaces of the
      Demised Premises (including floors, walls, ceilings, and counters), piping, supply lines, waste lines and plumbing, and all such exhaust or other ductwork in and/or exclusively serving the Demised Premises, may be reused by a subsequent tenant or
      disposed of in compliance with applicable environmental laws without taking any special precautions for hazardous substances and materials, without incurring special costs or undertaking special procedures for demolition, disposal, investigation,
      assessment, cleaning or removal of hazardous substances and materials and without incurring regulatory compliance requirements or giving notice in connection with hazardous substances and materials; and that the Demised Premises may be reoccupied for
      office or laboratory use, demolished or renovated without taking any special precautions for hazardous substances and materials, without incurring special costs or undertaking special procedures for disposal, investigation, assessment, cleaning or
      removal of hazardous substances and materials and without incurring regulatory requirements or giving notice in connection with hazardous substances and materials. Further, for purposes of this Section: &#8220;special costs&#8221; or &#8220;special procedures&#8221; shall
      mean costs or procedures, as the case may be, that would not be incurred but for the nature of the Hazardous Materials as Hazardous Materials instead of non-hazardous materials. The report shall include reasonable detail concerning the clean-up
      location, the test run and the analytical results. If Tenant fails to perform its obligations under this Section, without limiting any other right or remedy, Landlord may, on five (5) business days&#8217; prior written notice to Tenant perform such
      obligations at Tenant&#8217;s expense, and Tenant shall promptly reimburse Landlord upon demand for all costs and expenses reasonably incurred. Tenant&#8217;s obligations under this Section shall survive the expiration or earlier termination of this Lease.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0px; text-align: left; text-indent: 36pt;"><font style="font-family: Times New Roman,Times,serif; font-size: 10pt;">In any case where either party hereto
      is required to do any act (other than make a payment of money), delays caused by or resulting from Act of God, war, civil commotion, fire or other casualty, labor difficulties, shortages of labor, materials or equipment, government regulations,
      declared state of emergency or public health emergency, pandemic (specifically including COVID-19), government mandated quarantine or travel ban, or other causes beyond such party&#8217;s reasonable control (other than such party&#8217;s financial condition)
      shall not be counted in determining the time during which such act shall be completed, whether such time be designated by a fixed date, a fixed time or &#8220;a reasonable time&#8221;. In any case where work is to be paid for out of insurance proceeds or
      condemnation awards, due allowance shall be made, both to the party required to perform such work and to the party required to make such payment, for delays in the collection of such proceeds and awards. Notwithstanding any term or condition of this
      Lease to the contrary, the provisions of this Section O shall never be construed as allowing an extension of time with respect to Tenant's obligation to pay Fixed Rent or additional rent when and as due under this Lease or giving Tenant a basis to
      claim that this Lease or Tenant&#8217;s obligations thereunder, including without limitation, Tenant&#8217;s obligation to pay Fixed Rent and additional rent, are unenforceable.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; text-indent: 8.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XI</font>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; text-indent: 8.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITY DEPOSIT</font></p>
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  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0px; text-align: left; text-indent: 0.5in;"><font style="font-family: Times New Roman,Times,serif; font-size: 10pt;">Together with Tenant&#8217;s execution of
      this Lease, Tenant shall deliver to Landlord a clean, irrevocable letter of credit (&#8220;Letter of Credit&#8221;) issued by a commercial bank acceptable to Landlord with offices for banking purposes in Boston, Massachusetts (the &#8220;Issuing Bank&#8221;), which Letter
      of Credit shall (i) name Landlord as beneficiary thereof, (ii) have a term of not less than one (1) year, (iii) be in the amount of $750,000.00 and (iv) otherwise be in form and content satisfactory to Landlord in its sole discretion. The Letter of
      Credit shall provide that: (a) Landlord may draw (on one or more occasions) an amount up to the face amount of the Letter of Credit upon presentation of only a demand for payment in the amount to be drawn, together with a certification of Landlord
      that it is entitled to draw on the Letter of Credit pursuant to the provisions of this Lease; (b) the Letter of Credit shall be deemed to be automatically renewed, without amendment, for consecutive periods of one year each, and shall have a final
      expiration date of not earlier than thirty (30) days after the expiration date of this Lease, unless the Issuing Bank sends written notice (hereinafter called the &#8220;Non-Renewal Notice&#8221;) to Landlord, both by Federal Express or similar courier
      acceptable to Landlord, and by certified or registered mail, return receipt requested, not less than thirty (30) days next preceding the then expiration date of the Letter of Credit, that it elects not to have such Letter of Credit renewed; and (c)
      Landlord, after receipt of the Non-Renewal Notice, within thirty (30) days prior to the expiration date of any Letter of Credit then held by Landlord, shall have the right, exercisable by a demand for payment draft only, to draw upon the Letter of
      Credit and receive the proceeds thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0px; text-align: left; text-indent: 0.5in;"><font style="font-family: Times New Roman,Times,serif; font-size: 10pt;">In the event of any default by Tenant
      in the performance or observance of any of the terms and agreements in this Lease contained on the part of Tenant to be performed or observed (provided that the delivery of a default notice to Tenant shall not be required for purposes of this Article
      XI and to draw on the Letter of Credit if Landlord is prohibited from delivering the same under applicable law, including, without limitation, all applicable bankruptcy or insolvency laws), or Tenant files a voluntary petition under any Federal or
      state bankruptcy or insolvency code, law or proceeding, or any obligations of Tenant remain unperformed or unsatisfied as of the expiration or earlier termination of this Lease, including, without limitation, the payment of any rent, Landlord may
      draw upon, use, apply or retain the whole or any part of the Letter of Credit to the extent required for the payment of any rent or for any sum which Landlord may expend or may be required to expend by reason of the foregoing, including, without
      limitation, any damages or deficiency in the re-letting of the Demised Premises, whether accruing before or after summary proceedings or other re-entry by Landlord. In the case of every such draw down, use, application or retention, Tenant shall, on
      demand, increase the available balance of the Letter of Credit by the amount so drawn, used, applied or retained to its former amount, and Tenant&#8217;s failure to do so shall be a default of this Lease. The application of the Letter of Credit hereunder
      shall not be deemed a limitation on Landlord&#8217;s damages or a payment of liquidated damages or a payment of the monthly rent due for the last month of the term of this Lease.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">31</font>&#160;</div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0px; text-align: left; text-indent: 0.5in;"><font style="font-family: Times New Roman,Times,serif; font-size: 10pt;">In the event of a transfer of the
      Demised Premises or Landlord&#8217;s interest therein, Landlord shall have the right, without cost or expense to Landlord, to transfer the Letter of Credit to the vendee or lessee, and provided that Tenant shall be notified of the name and address of the
      successor to Landlord, shall thereupon be released by Tenant from all liability for the return of such Letter of Credit, and such successor to Landlord shall be liable for return of the same. It is agreed that the provisions hereof shall apply to
      every transfer or assignment made of the Letter of Credit to a new landlord. Tenant shall execute such documents as may be reasonably necessary to accomplish such transfer or assignment of the Letter of Credit and shall pay any transfer fees of the
      Issuing Bank.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0px; text-align: left; text-indent: 0.5in;"><font style="font-family: Times New Roman,Times,serif; font-size: 10pt;">Tenant covenants that it will not
      assign or encumber, or attempt to assign or encumber, the Letter of Credit or any proceeds thereof, and that neither Landlord nor its successors or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted
      encumbrance. If the Landlord determines, in its sole discretion, that the financial condition of the Issuing Bank has so declined as to cause concern that the Issuing Bank may not honor a draw on its Letter of Credit, Tenant shall promptly, and in
      any event, within ten (10) business days of Landlord&#8217;s written demand therefor, obtain a replacement Letter of Credit complying with the terms hereof from another commercial bank acceptable to Landlord with offices for banking purposes in Boston,
      Massachusetts.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0px; text-indent: 0.5in; text-align: left;"><font style="font-family: Times New Roman,Times,serif; font-size: 10pt;">Notwithstanding the foregoing, so
      long as no Event of Default then exists and an Event of Default with respect to a monetary obligation of Tenant has not previously occurred, upon the written request of Tenant at any time on or after the applicable Date of Reduction of Letter of
      Credit set forth in the table below, the Letter of Credit shall be reduced by the Amount of Reduction to Letter of Credit applicable to such date to the Remaining Amount of Letter of Credit applicable to such date as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" align="CENTER" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 42%; padding: 2pt 5pt; text-indent: 0; border: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Reduction of Letter of Credit</font></td>
        <td style="width: 28%; padding: 2pt 5pt; text-indent: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-top: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount of Reduction to
            Letter of Credit</font></td>
        <td style="width: 30%; padding: 2pt 5pt; text-indent: 0; border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-top: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remaining Amount of
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      </tr>
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        <td style="padding: 2pt 5pt; text-indent: 0px; border-bottom: 1pt solid Black; border-left: 1pt solid Black; border-right: 1pt solid Black; background-color: rgb(204, 238, 255);"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The last day of the Forty- Eighth (48<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) full calendar month following the Rent Commencement Date</font></td>
        <td style="padding: 2pt 5pt; text-indent: 0px; border-bottom: 1pt solid Black; border-right: 1pt solid Black; background-color: rgb(204, 238, 255);"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$375,000.00</font></td>
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      </tr>
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        <td style="padding: 2pt 5pt; text-indent: 0px; border-bottom: 1pt solid Black; border-left: 1pt solid Black; border-right: 1pt solid Black; background-color: rgb(255, 255, 255);"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The last day of the Seventy-Second (72<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) full calendar month following the Rent Commencement Date</font></td>
        <td style="padding: 2pt 5pt; text-indent: 0px; border-bottom: 1pt solid Black; border-right: 1pt solid Black; background-color: rgb(255, 255, 255);"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$125,000.00</font></td>
        <td style="padding: 2pt 5pt; text-indent: 0px; border-bottom: 1pt solid Black; border-right: 1pt solid Black; background-color: rgb(255, 255, 255);"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$250,000.00</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">32</font>&#160;</div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0px; text-align: left; text-indent: 0.5in;"><font style="font-family: Times New Roman,Times,serif; font-size: 10pt;">Landlord and Tenant hereby
      acknowledge and agree that the reductions of the Letter of Credit set forth above may be implemented by either an amendment to the original Letter of Credit or by substitution of a reduced letter of credit, provided however, Landlord shall have no
      obligation to return the Letter of Credit then held by Landlord until such time as Tenant has delivered the Reduced Letter of Credit meeting the criteria set forth in the first paragraph of this Article XI (other than the amount).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; text-indent: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XII</font></p>
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  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0px; text-align: left; text-indent: 0.5in;"><font style="font-family: Times New Roman,Times,serif; font-size: 10pt;">In the event that any holder or
      prospective holder of any mortgage which includes the Demised Premises as part of the mortgaged premises, shall request any modification of any of the provisions of this Lease, other than a provision directly related to the rents payable hereunder,
      the duration of the term hereof, or the size, use or location of the Demised Premises, Tenant agrees that Tenant will enter into an amendment of this Lease containing each such modification so requested.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; text-indent: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIII</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A) OPTION TERM</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0px; text-align: left; text-indent: 0.5in;"><font style="font-family: Times New Roman,Times,serif; font-size: 10pt;">Tenant shall have the right, at its
      election, to extend the Initial Term of this Lease for one (1) additional period of five (5) years commencing upon the expiration of the Initial Term, provided that Landlord shall receive written notice from Tenant of the exercise of its election not
      less than twelve (12) months and not more than eighteen (18) months prior to the expiration of the Initial Term and provided further that no Event of Default shall then be existing. The term &#8220;Initial Term&#8221; means the period of approximately eight (8)
      years and five (5) months referred to in Section (A) of Article III above. Prior to the exercise by Tenant of said election to extend the Initial Term, the terms &#8220;Term&#8221; or &#8220;Term of this Lease&#8221; or any equivalent expressions shall mean the Initial
      Term; after the exercise by Tenant of the aforesaid election, the expressions &#8220;Term&#8221;, &#8220;Term of this Lease&#8221; or any equivalent terms shall mean the Initial Term as extended. Except as expressly otherwise provided in this Lease, all the agreements and
      conditions in this Lease contained shall apply to the additional period to which the Initial Term shall be extended as aforesaid, however, notwithstanding the foregoing, Tenant shall have no further right to extend the Initial Term beyond the five
      (5) year period described in this Article XIII. If Landlord shall receive notice of the exercise of the election in the manner and within the time provided </font>aforesaid, the Term shall be extended upon the receipt of the notice without the
    requirement of any action on the part of Landlord.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">33</font>&#160;</div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 36pt; text-align: justify;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B) OPTION RENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0px; text-align: left; text-indent: 0.5in;"><font style="font-family: Times New Roman,Times,serif; font-size: 10pt;">During the additional period for
      which the Initial Term of this Lease may be extended as set forth in Section (A) of this Article XIII above, the Fixed Rent payable hereunder shall be adjus) the &#8220;fair market rent&#8221;, as mutually determined by Landlord and Tenant through the process of
      negotiation. Notwithstanding anything to the contrary contained herein, however, if for any reason whatsoever Landlord and Tenant shall not agree in writing upon the &#8220;fair market rent&#8221; for said additional period at least six (6) months prior to the
      expiration of the Initial Term, then the fair market rent for premises of the size and nature of the Demised Premises shall be determined by licensed real estate appraisers having at least five (5) years&#8217; experience in the appraisal of commercial
      real estate in Boston, Massachusetts, one such appraiser to be designated by each of Landlord and Tenant. If either party shall fail to designate its appraiser by giving notice of the name of such appraiser to the other party within fifteen (15) days
      after receiving notice of the name of the other party&#8217;s appraiser, then the appraiser chosen by the other party shall determine the fair market rent and his determination shall be final and conclusive. If the appraisers designated by Landlord and
      Tenant shall disagree as to the fair market rent, but if the difference between their estimates of fair market rent shall be five percent (5%) or less of the greater of the estimates, then the average of their estimates shall be the fair market rent
      for purposes hereof. If the appraisers designated by Landlord and Tenant shall disagree as to the amount of fair market rent, and if their estimates of fair market rent shall vary by more than five percent (5%) of the greater of said estimates, then
      they shall jointly select a third appraiser meeting the qualifications set forth above, and such third appraiser&#8217;s estimate of fair market rent shall be the fair market rent for purposes hereof if it is not greater than the greater of the other two
      estimates and not less than the lesser of the other two estimates. If said third appraiser&#8217;s estimate is greater than the greater of the other two estimates, then the greater of the other two estimates shall be the fair market rent for purposes
      hereof; and if the estimate of the third appraiser shall be less than the lesser of the other two estimates, then the lesser of the other two estimates shall be the fair market rent for purposes hereof. Each of Landlord and Tenant shall pay for the
      services of its appraiser, and if a third appraiser shall be chosen, then each of Landlord and Tenant shall pay for one-half of the services of the third appraiser.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">34</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      and cold water for drinking, lavatory and toilet purposes. Landlord shall provide to the Building elevators for the use of all tenants and the general public. Programming of elevators (including, but not limited to, service elevators) shall be as
      Landlord from time to time determines. Landlord shall cause the common lobbies, corridors, stairways and lavatories within the Building to be kept reasonably neat and clean and lighted to the extent required by the business operations conducted
      within the Building. Landlord shall also cause the common areas of the Building to be heated and air conditioned during the heating and air conditioning seasons in a manner consistent with applicable law and customary practice in Boston,
      Massachusetts. Landlord shall also provide central heating, ventilating and air conditioning (&#8220;HVAC&#8221;) service to the office space portion of the Demised Premises which shall include air conditioning in the cooling season, and tempered air during the
      heating season, all during normal business hours which are 8:00 am - 6:00 pm Monday through Friday and 8:00 am to 1:00 pm on Saturday, excluding holidays. Tenant agrees to pay an hourly surcharge for HVAC service requested outside normal business
      hours. Subject to the provisions of Section (O) of Article X, Landlord agrees that throughout the Term, Tenant shall have access to the Demised Premises, twenty four (24) hours a day, seven (7) days a week and fifty two (52) weeks a year.</font></p>
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      same without any liability, and may charge the expense incurred in such removal to Tenant, as additional rent.</font></p>
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      quality, type, design and color, and attached in the manner, approved by Landlord.</font></p>
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      purposes other than those for which they were designed and constructed, and no sweepings, rubbish, rags, acids, chemicals, process water, cooling water or like substances shall be deposited therein. Said plumbing fixtures and the plumbing system of
      the Building shall be used only for the discharge of so-called sanitary waste. All damage resulting from any misuse of said fixtures and/or plumbing system by Tenant or anyone claiming under Tenant shall be borne by Tenant.</font></p>
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      parking lot, or to temporarily require Tenant to use certain areas of the parking lot, as may be necessary during snow removal or landscaping operations. Tenant shall cooperate with Landlord in such instances and shall direct its employees, students,
      guests and other invitees to do the same.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      or other means of personal transportation is not allowed in any common areas located within interior/indoor portions of buildings at Hood Park, however, Tenant (and its employees) may use such items in the Demised Premises or on outdoor portions of
      common areas of Hood Park and Tenant may store such items in the Demised Premises or in other locations designated by Landlord. Notwithstanding the foregoing, Landlord reserves the right to prohibit hoverboards from any indoor areas within Hood Park.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Being shown as Lot B on a plan entitled "Plan of Land in Boston, Mass.", dated June 7, 1982 by Dana F. Perkins
      and Assoc., Inc., Civil Engineers and surveyors, recorded with Suffolk County Registry of Deeds, Book 9971, Page 454.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included within the bounds of said Lot B is registered land shown on Land Court Plan No. 12912A, dated April 20,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is appurtenant to said Lot s all rights and easements as may exist of record, insofar as the same are now
      in force and applicable to be exercised in common with all others lawfully entitled thereto, including, without limitation, those rights and easements set forth or referred to in the following deeds: Deed from <b>Boston </b>and Maine Railroad to
      H.P. Hood &amp; Bone, Xne., dated July 21, 1960, recorded with Suffolk County Registry of Deeds, Book 7493, Page 233; Deed from David Massif, et al, Trustees of Massif Realty Trust to H.P. Hood &amp; Sons, Inc. dated December 19, 1963, recorded with
      Suffolk County Registry of Deeds, Book 7810, Page 107;. Deed from Boston and Maine Corporation to B.P. Hood &amp; Sons, Inc., dated September 9, 1969, recorded with Suffolk County Registry of Deeds, Book 8310, Page 483; Deed from Whiting Milk
      Company, Inc. to H.P. Hood, Inc., dated May 31, 1973, recorded with Suffolk County Registry of Deeds, Book '8631, Page 705; Deed from Boston and Maine Railroad to H.P. Hood &amp; Sons, Inc., dated June 16, 1943, recorded with Suffolk County Registry
      of Deeds, Book 6040, Page 584; Deed from Boston and Maine Railroad to H.P. hood 4 Sons, Inc., dated December 20, 1949, recorded with Suffolk County Registry of Deeds, Book 6572, Page 369 and. Deed from Boston and Maine Railroad to H.P. Hood 4 Sons,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S 23 degrees 50' 38" E by said'Rutherford Avenue, 1143.99 feet to a point at land of David Massif; thence turning
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S 47 degrees 49' 22" W by said land of Massif and by land of W.W.F. Paper Corp., 716.04 feet to a point at land
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBIT F</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIST OF HAZARDOUS SUBSTANCES AND MATERIALS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current Chemical Inventory (assume 3-5x scaleup)</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="vertical-align: top; width: 48%; border: 1pt solid Black; padding: 1pt 5.4pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</font></td>
        <td style="vertical-align: bottom; width: 13%; border-top: 1pt solid Black; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phase</font></td>
        <td style="vertical-align: bottom; width: 12%; border-top: 1pt solid Black; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quantity</font></td>
        <td style="vertical-align: top; width: 12%; border-top: 1pt solid Black; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unit</font></td>
        <td style="vertical-align: top; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1pt 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAS</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phosphoric acid,
            85%</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5L</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7664-38-2</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cyclopentanone,
            99%</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1kg</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120-92-3</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cyclopentanone,
            99%</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10kg</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120-92-3</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Isopropyl
            alcohol, 99%</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4L</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67-63-0</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Methyl alcohol,
            99%</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18L</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67-51-1</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pluronic L101</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">300g</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pluronic 25R4</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">300g</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BYK 381</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">300g</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BYK 3441</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100g</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFKA 4580</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">400g</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFKA 4585</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80g</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tergitol TMN6,
            90%</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1qt</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60828-78-6</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Surfynol 355</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8oz</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEGO GLIDE 496</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4floz</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Polyox WSR301</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8oz</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25322-68-3</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Glycerol, 99%</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500mL</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56-81-5</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Polytetrafluoroethylene</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100g</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9002-84-0</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tetraethylammonium




            bicarbonate,</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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      <tr>
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        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
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        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17351-61-0</font></td>
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      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soltex Carbon,
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        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
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      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Platinum on
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      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Platinum-alloy
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        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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      <tr>
        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding: 1pt 5.4pt; width: 48%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99%</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: center; width: 13%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solid</font></td>
        <td style="vertical-align: bottom; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; text-align: right; width: 12%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
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      <tr>
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        <td style="vertical-align: top; border-right: 1pt solid Black; border-bottom: 1pt solid Black; padding: 1pt 5.4pt; width: 15%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7487-88-9</font></td>
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      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 70%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 30%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL TANKS SIZE 300 (260ft3 per tank)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>nt10020125x6_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: right; font-weight: bold;">
      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Exhibit 99.1</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">ITEM 2. MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic;">The following discussion and analysis should be read in conjunction with the financial statements and related notes included elsewhere in the Current Report on
      Form 8-K as well as our Annual Report on Form 10-K. This discussion contains &#8220;forward-looking statements&#8221; reflecting Advent&#8217;s current expectations, estimates and assumptions concerning events and financial trends may affect its future operating
      results or financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors. Factors that could cause or contribute to such differences include, but
      are not limited to, economic and competitive conditions, regulatory changes and other uncertainties, as well as those factors included in our Prospectus and Annual Report on Form 10-K, all of which are difficult to predict. In light of these risks,
      uncertainties and assumptions, the forward-looking events discussed may not occur. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from
      those projected in these forward-looking statements. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that we consider immaterial or which are unknown. It is not possible
      to predict or identify all such risks. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities
      laws.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic;">For the purposes of this &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; the &#8220;Company&#8221; and &#8220;Advent&#8221;
      refers to Advent Technologies, Inc. and its subsidiaries prior to consummation of the transactions contemplated by an Agreement and Plan of Merger, dated as of October 12, 2020, (as amended on October 19, 2020 and amended again on December 31, 2020,
      the &#8220;<u>Merger Agreement</u>&#8221;), as contemplated by the Merger Agreement are collectively referred to herein as the &#8220;Business Combination&#8221;.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Our Business</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Advent 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. Advent&#8217;s core product offering is the Membrane Electrode Assembly (MEA) at the center of the fuel cell. The Advent MEA, which derives its key benefits from the properties of
      Advent&#8217;s engineered membrane technology, enables a more robust, longer-lasting and ultimately lower-cost fuel cell product.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">To date, Advent&#8217;s principal operations have been developing and manufacturing MEAs, and designing 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. Advent has its headquarters in Boston, Massachusetts in the U.S., a product development function in Boston, Massachusetts in the U.S., and a MEA assembly and production facility
      in Patras, Greece.&#160; The majority of Advent&#8217;s current revenues derive predominantly from the sale of MEAs, but also from the sale of membranes and electrodes for specific applications in the iron flow battery and cellphone markets respectively. Whilst
      MEA sales and associated revenues are expected to provide the majority of Advent&#8217;s future income, both of these markets remain commercially viable and have the potential to generate material future revenues based on Advent&#8217;s existing customers.
      Advent has also secured grant funding for a range of projects from research agencies and other organizations in the U.S. and Greece and expects to continue to be eligible for grant funding based on its product development activities over the
      foreseeable future.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Advent plans to scale up both its U.S. and Greece operations in order to handle substantial increases in MEA production volumes, and enable it to execute a range of product development programs that
      are designed to increase Advent&#8217;s overall product suite, improve the performance of its core MEA product and optimize its production operations to improve unit production costs.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">To date, Advent has financed its operations through internal cashflows, grant income and private placements of equity and convertible notes. In the year ended December 31, 2020, Advent generated
      revenue from product sales of approximately $0.9 million and incurred a net loss of approximately $3.1 million. The total Revenue, net and Income from grants for the year ended December 31, 2020, was approximately $1.1 million. During the year ended
      December 31, 2020, Advent received proceeds from equity issuance of approximately $1.4 million and expended approximately $1.4 million in operating cashflow, resulting in a period end cash balance of approximately $0.5 million as of December 31,
      2020.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; font-weight: bold;">Business Combination and Public Company Costs</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">On October 12, 2020, Advent Technologies, Inc. entered into the Merger Agreement with Advent Technologies Holdings, Inc. (formerly known as &#8220;<u>AMCI</u>&#8221;), a Delaware corporation,
      AMCI Merger Sub Corp., a newly-formed Delaware corporation and wholly-owned subsidiary of AMCI (&#8220;<u>Merger Sub</u>&#8221;), AMCI Sponsor LLC, a Delaware limited liability company (&#8220;<u>Sponsor</u>&#8221;), in its capacity as Purchaser Representative (the &#8220;<u>Purchaser


        Representative</u>&#8221;) and Vassilios Gregoriou, in the capacity as Seller Representative (the &#8220;<u>Seller Representative</u>&#8221;), pursuant to which, effective February 4, 2021, Merger Sub merged with and into Advent Technologies Inc., with Advent
      Technologies Inc. surviving the Merger as a wholly-owned subsidiary of AMCI. Advent Technologies Inc. is deemed the accounting predecessor and the combined entity is the successor registrant with the SEC, meaning that Advent Technologies Inc.&#8217;s
      financial statements for previous periods will be disclosed in the registrant&#8217;s current and future periodic reports filed with the SEC.</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">While the legal acquirer in the Merger Agreement is AMCI, for financial accounting and reporting purposes under GAAP, we have determined that Advent is the accounting acquirer and
        the Business Combination will be accounted for as a &#8220;reverse recapitalization.&#8221; A reverse recapitalization does not result in a new basis of accounting, and the financial statements of the combined entity represent the continuation of the financial
        statements of Advent in many respects. Under this method of accounting, AMCI is treated as the acquired entity whereby Advent is deemed to have issued common stock for the net assets and equity of AMCI, consisting mainly of cash, accompanied by a
        simultaneous equity recapitalization of AMCI (the &#8220;<u>Recapitalization</u>&#8221;).</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Upon consummation of the Business Combination, the most significant change in Advent&#8217;s future reported financial position and results is expected to be an estimated increase in cash
        of approximately $134.1 million. Total direct and incremental transaction costs of AMCI and Advent, along with liabilities of AMCI to paid off at the Closing, are estimated at approximately $24.6 million, will be treated as a reduction of the cash
        proceeds.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">As a consequence of the Business Combination, Advent became the successor to an SEC-registered and Nasdaq-listed company which will require Advent to hire additional personnel and
        implement procedures and processes to address public company regulatory requirements and customary practices. Advent expects to incur additional annual expenses as a public company for, among other things, directors&#8217; and officers&#8217; liability
        insurance, director fees and additional internal and external accounting, legal and administrative resources, including increased audit and legal fees.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Additionally, Advent anticipates that its revenue, capital and operating expenditures will increase significantly in connection with its ongoing activities following the Business
        Combination, as Advent expects to:</div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd4ce37ea9e8842e5835da993a743d36f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Expand U.S.-based operations to increase capacity for MEA testing, development projects and associated research and development activities;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td rowspan="1" style="width: 89.7%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Expand Greece-based production facilities to increase and automate MEA assembly and production;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Develop improved MEA and other products for both existing and new markets, such as ultra-light MEAs designed for aviation applications, to remain at the forefront of the fast-developing hydrogen
              economy;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td rowspan="1" style="width: 50.28%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Increase business development and marketing activities;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Increase headcount in management and head office functions in order to appropriately manage Advent&#8217;s increased operations;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td rowspan="1" style="width: 64.84%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Improve its operational, financial and management information systems;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td rowspan="1" style="width: 67.69%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Obtain, maintain, expand, and protect its intellectual property portfolio; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td rowspan="1" style="width: 26.47%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;">Operate as a public company.</div>
          </td>
        </tr>

    </table>
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    </div>
    <div style="text-align: justify; font-weight: bold;">Recent Developments</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On January 30, 2020, the World Health Organization declared the COVID-19 outbreak a &#8220;Public Health Emergency of International Concern&#8221; and on March 11, 2020, declared it to be a pandemic. Actions
      taken around the world to help mitigate the spread of COVID-19 include restrictions on travel, quarantines in certain areas and forced closures for certain types of public places and businesses. COVID-19 and actions taken to mitigate its spread have
      had and are expected to continue to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which Advent operates. On March 27, 2020, the CARES Act was enacted to, among other provisions,
      provide emergency assistance for individuals, families and businesses affected by COVID-19.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 35.9pt; margin-left: 0.1pt;">During the twelve-month period ended December 31, 2020 and subsequently, Advent experienced the impact of COVID-19 in a number of ways. Advent&#8217;s research and development
      activities in Boston have been limited by the restrictions imposed on laboratory work in the U.S., with laboratories being run at approximately 25% occupancy, with the result that certain business development activities have moved more slowly, for
      example as a result of customers not being able to receive sample products in a timely fashion. However, the Company&#8217;s key toll manufacturing service providers have remained fully operational, being designated as critical businesses, enabling the
      Company to continue to provide materials to two of its primary existing customers.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In Patras, Greece, approximately half of the Company&#8217;s workforce have worked from home during the temporary lockdowns imposed by the Greek authorities, although these have largely been in support
      functions. MEA assembly and production has not been affected as the Company&#8217;s operational staff have been able to continue working whilst observing social distancing requirements, and this is expected to continue for the foreseeable future. Some
      business development activities have been affected, with some customers placing orders more slowly than before, due to the impact of COVID-19 on the customers&#8217; own operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As the COVID-19 pandemic continues to evolve, the extent of the impact to Advent&#8217;s businesses, operating results, cash flows, liquidity and financial condition will be primarily driven by the
      severity and duration of the COVID-19 pandemic, the pandemic&#8217;s impact on the U.S. and global economies and the timing, scope and effectiveness of federal, state and local governmental responses to the pandemic. Those primary drivers are beyond
      Advent&#8217;s knowledge and control and, as a result, at this time, Advent is unable to predict the cumulative impact, both in terms of severity and duration, that the COVID-19 pandemic will have on Advent&#8217;s business, operating results, cash flows and
      financial condition, but it could be material if the current circumstances continue to exist for a prolonged period of time. Although Advent has made its best estimates based upon current information, actual results could materially differ from the
      estimates and assumptions developed by management. Accordingly, it is reasonably possible that the estimates made in the financial statements have been, or will be, materially and adversely impacted in the near term as a result of these conditions,
      and if so, Advent may be subject to future impairment losses related to long-lived assets as well as changes to valuations of such assets.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On March 26, 2020, the Company&#8217;s Board of Directors and shareholders approved the 2018-2020 Stock Grant Plan (the &#8220;<u>2018-2020 Plan</u>&#8221;) to reward certain employees and directors of the Company.
      The maximum aggregate number of shares that may be issued under this plan is 1,280,199 common shares. The Company entered into separate Restricted Stock Award Agreements with each participant according to which awards for 1,280,199 shares of common
      stock were granted with purchase price $0.01 per share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As of September 9, 2020, the Company&#8217;s Board of Directors and shareholders approved the 2020-2023 Stock Grant Plan (the &#8220;<u>2020-2023 Plan</u>&#8221; and together with the &#8220;2018-2020 Plan&#8221;, the &#8220;<u>Stock
        Grant Programs</u>&#8221;) to reward certain employees and directors of the Company. The maximum aggregate number of shares that may be issued under this plan is 893,503 common shares. The Company entered into separate Restricted Stock Award Agreements
      with each participant according to which awards for 893,503 shares of common stock were granted with purchase price $0.01 per share.</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt;">Pursuant to the Stock Grant Programs, Mr. Gregoriou was granted 512,080 shares on March 26, 2020 and 297,834 shares on September 9, 2020, and each of Messrs. De Castro and Kaskavelis was granted
      256,040 shares on March 26, 2020 and 178,701 shares on September 9, 2020. In general, under the Stock Grant Programs, if the employee ceased to be employed with Advent for any reason prior to December 31, 2020, Advent had a limited repurchase period
      to repurchase the granted shares at a price of $0.01 per share. This limited repurchase right lapsed on December 31, 2020.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">There were no shares forfeited during the twelve-month periods ended December 31, 2020 and 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">During the twelve-month period ended December 31, 2020, the Company also entered into private placement agreements with certain investors pursuant to which the Company issued 529,532 Series A
      Preferred Shares for net proceeds of $1.4 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Comparability of Financial Information</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Advent&#8217;s results of operations and statements of assets and liabilities may not be comparable between periods as a result of the Business Combination.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Key Factors Affecting Our Results</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Advent believes that its performance and future success depend on several factors that present significant opportunities for Advent but also pose risks and challenges, including those discussed
      below.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Increased Customer Demand</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Based on conversations with existing customers and incoming inquiries from new customers, Advent anticipates substantial increased demand for its MEAs from a wide range of customers as it scales up
      its production facilities and testing capabilities, and as the awareness of its MEA capabilities becomes widely-known in the industry. Advent expects both its existing customers to increase order volume, and to generate substantial new orders from
      major organizations, with some of whom it is already in discussions regarding prospective commercial partnerships and joint development agreements. As of December 31, 2020, Advent was still generating a low level of revenues compared to its future
      projections and has not made any commercial sales to these major organizations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Successful development of the Advanced MEA product</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Advent&#8217;s future success depends in large part on the increasing integration of the hydrogen fuel cell into the energy transition globally over the next decade. In order to become cost-competitive
      with existing renewable power generation and energy storage technology and achieve widespread adoption, fuel cells will need to achieve substantial improvement in the cost/kw performance ratio delivered to prospective fuel cell customers,
      predominantly OEMs, System Integrators and major energy companies. Advent expects to play an important enabling role in the adoption of hydrogen fuel cells, as its MEA technology is the critical determining factor in the cost/kw performance ratio of
      the fuel cells. In partnership with the Los Alamos National Laboratory, Advent is currently developing its next generation MEA technology (&#8220;<u>Advanced MEA</u>&#8221;) which is anticipated to deliver as much as three times the power output of its current
      MEA product. Whilst Advent is already projecting being able to pass through substantial cost benefits to its customers through economies of scale as it increases MEA production, the successful development of the Advanced MEA will be an important
      factor in delivering the required improvement in cost/kw performance to Advent&#8217;s customers.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Basis of Presentation</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Advent&#8217;s consolidated financial statements have been prepared in accordance with U.S. GAAP.&#160; The Company has determined that it operates in one reportable segment.&#160; See Note 2 in the accompanying
      audited financial statements for more information.</div>
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    <div style="text-align: justify; font-weight: bold;">Components of Results of Operations</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Revenue, net</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Revenues consist of sales of goods (MEAs, membranes, fuel cell stacks and electrodes). Advent expects revenues to increase materially and be weighted towards MEA sales over time, in line with the
      projected increase in MEA production in response to customer demand.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Cost of Revenues</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Cost of revenues consists of consumables, raw materials, processing costs and direct labor costs associated with the assembly and manufacture of MEAs, membranes, fuel cell stacks and electrodes.
      Advent expects cost of revenues to increase substantially in line with MEA production.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Income from Grants</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Income from grants consists of cash subsidies received from research agencies and other national and international organizations in support of Advent&#8217;s research and development activities. Advent
      expects to continue to be eligible for grant income and remains in discussion with a number of prospective grantors in relation to a number of product development activities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Research and Development Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">Research and development expenses consist of costs associated with Advent&#8217;s research and development activities, such as laboratory costs and sample material costs. Advent expects its research and
      development activities to increase substantially as it invests in improved technology and products.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Administrative and Selling Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">Administrative and selling expenses consist of travel expenses, indirect labor costs, fees paid to consultants, third parties and service providers, taxes and duties, legal and audit fees,
      depreciation, business development salaries and limited marketing activities. Advent expects administrative and selling expenses to increase in line with MEA production and revenue as the business scales up, and as a result of operating as a public
      company, including compliance with the rules and regulations of the SEC, legal, audit, additional insurance expenses, investor relations activities and other administrative and professional services. Depreciation is also expected to increase as the
      Company invests in fixed assets in support of the scale-up of the business.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Other Operating Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">Other operating expenses consist of additional<font style="font-style: italic;"> de minimis </font>incidental operating expenses incurred by the business. These expenses are expected to remain at a
      <font style="font-style: italic;">de minimis </font>level in future.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Finance Costs</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">Finance costs consist mainly of bank fees and interest on convertible promissory notes. Finance costs are not anticipated to increase materially as Advent is not intending to take on substantial
      borrowings at the corporate level in the near future.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Finance Costs &#8211; Related Parties</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">Finance costs &#8211; related parties consist of interest costs associated with convertible promissory notes issued to certain related parties of Advent. This cost category is not expected to be continued
      in the future as Advent expects to have other sources of funding.</div>
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    <div style="text-align: justify; font-style: italic; font-weight: bold;">Foreign exchange differences, net</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">Foreign exchange differences, net consists of foreign exchange gains and interest on deposits. As the Company scales up, its foreign exchange exposure is likely to increase given its revenues are
      denominated in both euros and dollars, and a substantial proportion of the Company&#8217;s costs are denominated in euros.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Income Tax Expense</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">Income tax expense relates to the current income tax charge for the Company&#8217;s operations in Greece. This category is expected to increase in future as the Company generates sales and profits from its
      operations in both Greece and the U.S.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Results of Operations</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Comparison of the Year Ended December 31, 2020 to Year Ended December 31, 2019</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The following table sets forth a summary of our consolidated results of operations for the years indicated, and the changes between periods.</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z507886a686884d48b885a8dc638db316" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Years ended December 31,</div>
          </td>
          <td style="width: 0.8%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 0.8%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2020</div>
          </td>
          <td style="width: 0.8%; vertical-align: bottom; text-align: center; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.8%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$ change</div>
          </td>
          <td style="width: 0.8%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">% change</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          <td colspan="6" style="vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(dollar amounts in thousands)</div>
          </td>
          <td style="vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;">&#160;</td>
          <td style="width: 0.8%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.8%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.8%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; font-weight: bold;">Revenue, net</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">883</div>
          </td>
          <td style="width: 0.8%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">620</div>
          </td>
          <td style="width: 0.8%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">309.4</div>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(3,074)</div>
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          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(174)</div>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(6)</div>
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          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(72)</div>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">66</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">35</div>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(100.0)</div>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(26)</div>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(316.7)</div>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1</div>
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          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: justify;">%</div>
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        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-align: justify;">Other expenses</div>
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          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(2)</div>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(14)</div>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(700.0)</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: justify;">%</div>
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            <div style="text-align: justify; font-weight: bold;">Loss before tax</div>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(3,122)</div>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(2,852)</div>
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          <td style="width: 50%; vertical-align: middle;">
            <div style="text-align: justify;">Income tax expense</div>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">-</div>
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          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(88)</div>
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          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">88</div>
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          <td style="width: 11%; vertical-align: bottom;">
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          <td style="width: 0.8%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
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          <td style="width: 0.8%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(2,764)</div>
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          <td style="width: 0.8%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
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          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.8%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.8%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.8%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Net foreign currency translation</div>
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          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(7)</div>
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          <td style="width: 0.8%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(10)</div>
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          <td style="width: 0.8%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">3</div>
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          <td style="width: 0.8%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(30.0)</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: justify;">%</div>
          </td>
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        <tr>
          <td style="width: 50%; vertical-align: middle;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.8%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.8%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.8%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255);">
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          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(3,129)</div>
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          <td style="width: 0.8%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(368)</div>
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          <td style="width: 0.8%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(2,761)</div>
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          <td style="width: 0.8%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">750.3</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
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        <tr>
          <td style="width: 50%; vertical-align: middle;">
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          </td>
          <td style="width: 11%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 0.8%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 0.8%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 0.8%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Revenue, net</div>
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    <div style="text-align: justify; text-indent: 36pt;">Our total revenue from product sales increased by approximately $0.3 million or 42.4% from approximately $0.6 million in the year ended December 31, 2019 to approximately $0.9 million in the year
      ended December 31, 2020. The increase in revenue was related to increased demand from customers for Advent&#8217;s MEAs and other products, as a result of Advent&#8217;s customers increasing their own testing and usage of Advent&#8217;s products.</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Cost of Revenue</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Cost of revenues increased by approximately $0.1 million or 29.5% from approximately $0.4 million in the year ended December 31, 2019 to approximately $0.5 million in the year ended December 31,
      2020. The increase in cost of revenues was directly related to the increased revenues across the two years and the requirement for increased production of MEAs and other products to satisfy customer demand. Gross margins were higher for the year
      ended December 31, 2020, reflecting a more mature mix of revenues leading to more normalized pricing arrangements.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Income from Grants</div>
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    <div style="text-align: justify; text-indent: 36pt;">Income from grants decreased by approximately $0.4 million or 65.6% from approximately $0.6 million in the year ended December 31, 2019 to approximately $0.2 million in the year ended December 31,
      2020. The decrease in income from grants was related to Advent&#8217;s decreased level of participation due to COVID-19.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Research and Development Expenses</div>
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    <div style="text-align: justify; text-indent: 36pt;">Research and development expenses remained substantially similar to the prior year, decreasing from approximately $0.13 million in the year ended December 31, 2019 to approximately $0.1 million in
      the year ended December 31, 2020 due to decreased activity in Advent&#8217;s research and development function as the business continues to look to develop and improve its product suite in order to respond to anticipated future customer demand.</div>
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    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Administrative and Selling Expenses</div>
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    <div style="text-align: justify; text-indent: 36pt;">Administrative and selling expenses were approximately $3.5 million in the year ended December 31, 2020, and $0.9 million in the year ended December 31, 2019. The increase was primarily due to
      professional and consulting service providers in connection with the merger agreement with AMCI, share-based payments on both grant plans and payroll costs due to professional and consulting service providers in connection with the merger agreement
      with AMCI.</div>
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    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Finance Costs</div>
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    <div style="text-align: justify; text-indent: 36pt;">Finance Costs decreased from approximately $0.07 million in the year ended December 31, 2019 to approximately $0.01 million in the year ended December 31, 2020. This decrease was primarily due to
      finance costs related to the bond and equity conversions during the year ended December 31, 2019.<br>
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    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;">Finance Costs &#8211; Related Parties</div>
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    <div style="text-align: justify; text-indent: 36pt;">Finance costs &#8211; related parties decreased from approximately $0.03 million in the year ended December 31, 2019 to $0.00 million in the year ended December 31, 2020, as a result of the conversion of
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    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Liquidity and Capital Resources</div>
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    <div style="text-align: justify; text-indent: 36pt;">As of the date of this Amendment to the Current Report on Form 8-K, Advent&#8217;s existing cash resources and projected cash inflows are sufficient to support planned operations for the next 12 months
      after the date hereof.&#160; <font style="color: #000000;">This is based on projected income during the financial year 2021, during which Advent is expecting to deliver a substantial uplift in revenue compared to previous years, as described in the
        section entitled &#8220;</font><font style="font-style: italic; color: #000000;">Customer Backlog</font><font style="color: #000000;">.&#8221; This anticipated revenue uplift is based both on a take-or-pay contract worth approximately $3 million in the
        calendar year ended December 31, 2021, and ongoing discussions with existing customers regarding expected increased order levels for the same period. These orders are capable of being met in large part from within Advent&#8217;s existing fixed cost
        structure, and Advent expects to achieve a healthy gross profit margin on these sales. Advent also anticipates substantial grant income being received for the coming year.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The following table provides a summary of cash flow data (in thousands):</div>
    <div><br>
    </div>
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          <td style="width: 50%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 0.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Years ended December 31,</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 0.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2020</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: center; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$ change</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">% change</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.83%; vertical-align: bottom;">&#160;</td>
          <td colspan="6" style="vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(dollar amounts in thousands)</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle;">&#160;</td>
          <td style="width: 0.83%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; font-weight: bold;">Net Loss</div>
          </td>
          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(3,122)</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(358)</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(2,764)</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(772.1)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: justify;">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle;">
            <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt; font-weight: bold;">Adjustments to reconcile net loss to net cash flows provided by operating activities:</div>
          </td>
          <td style="width: 0.83%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 10pt;">Depreciation of property, plant and equipment</div>
          </td>
          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">23</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">17</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">6</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">35.3</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: justify;">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle;">
            <div style="text-align: justify; text-indent: 10pt;">Non cash interest and service cost</div>
          </td>
          <td style="width: 0.83%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">2</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">3</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(1)</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(33.3)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: justify;">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 10pt;">Income tax expense</div>
          </td>
          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">0</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(100.0)</div>
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          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
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          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
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          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">
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          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
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          <td style="width: 0.83%; vertical-align: bottom;">&#160;</td>
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          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(191)</div>
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          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
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          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;">
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          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">
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          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" nowrap="nowrap">
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          <td style="width: 50%; vertical-align: middle;">
            <div style="text-align: justify; font-weight: bold;">Net cash used in operating activities</div>
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          <td style="width: 0.83%; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(1,426)</div>
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          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom;">
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          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
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          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">517.3</div>
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          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: justify; font-weight: bold;">%</div>
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          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
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          <td style="width: 0.83%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
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          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(123)</div>
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(35)</div>
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(88)</div>
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: justify;">%</div>
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        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle;">
            <div style="text-align: justify; font-weight: bold;">Net cash used in investing activities</div>
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          <td style="width: 0.83%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(123)</div>
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          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(35)</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(88)</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">251.4</div>
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          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: justify; font-weight: bold;">%</div>
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        </tr>
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          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 50%; vertical-align: middle;">
            <div style="text-align: justify; font-weight: bold;">Cash flows from financing activities:</div>
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          <td style="width: 0.83%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
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          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255);">
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          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,430</div>
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,349</div>
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">81</div>
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">6</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
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          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Repurchase of common stock - cancellation of shares</div>
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          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(69)</div>
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">0</div>
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(69)</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">100.0</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: justify;">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255);">
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          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(500)</div>
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">0</div>
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(500)</div>
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">100.0</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: justify;">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; padding-bottom: 2px;">
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          <td style="width: 0.83%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">22</div>
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          <td style="width: 0.84%; vertical-align: bottom; padding-bottom: 2px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td style="width: 0.84%; vertical-align: bottom; padding-bottom: 2px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">20</div>
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          <td style="width: 0.84%; vertical-align: bottom; padding-bottom: 2px; text-align: right;" nowrap="nowrap">&#160;</td>
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            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,000.0</div>
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          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">
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        <tr>
          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; font-weight: bold;">Net cash flows from financing activities</div>
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          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">883</div>
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          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,351</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(468)</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(34.6)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: justify; font-weight: bold;">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle;">&#160;</td>
          <td style="width: 0.83%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Net increase (decrease) in cash and cash equivalents</div>
          </td>
          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(665)</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,085</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(1,750)</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(161.3)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: justify;">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle;">
            <div style="text-align: justify;">Net foreign exchange difference</div>
          </td>
          <td style="width: 0.83%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(18)</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(32)</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">14</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(43.8)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: justify;">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-align: justify;">Cash and cash equivalents at 1 January</div>
          </td>
          <td style="width: 0.83%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,199</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">147</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,052</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">715.7</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: justify;">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; padding-bottom: 4px;">
            <div style="text-align: justify; font-weight: bold;">Cash and cash equivalents at 31 December</div>
          </td>
          <td style="width: 0.83%; vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">516</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; padding-bottom: 4px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11.46%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,200</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; padding-bottom: 4px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 10.52%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(684)</div>
          </td>
          <td style="width: 0.84%; vertical-align: bottom; padding-bottom: 4px; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(57.0)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 4px;" nowrap="nowrap">
            <div style="text-align: justify; font-weight: bold;">%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Cash flows from Operating Activities</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Advent&#8217;s cash flows from operating activities reflect the income statement position adjusted for working capital movements in current assets and liabilities. As Advent grows, it expects that
      operating cash flows will be affected by increased working capital needs to support growth in personnel-related expenditures and fluctuations in accounts payable and other current assets and liabilities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Net cash used from operating activities was approximately $(1.4) million for the year ended December 31, 2020, reflecting a negative working capital position during the year, combined with the net
      loss of approximately $3.1 million. Net cash used in operating activities was approximately $0.2 million for the year ended December 31, 2019, compared to a net loss of approximately $0.3 million, primarily as a result of an increase in short-term
      creditors&#8217; liabilities during the period, mainly comprising deferred income, amounts due to related parties and other current liabilities.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Cash Flows from Investing Activities</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Advent has expended minimal cashflows in investing activities during the years ended December 31, 2020 and December 31, 2019. Advent expects to invest substantially in fixed assets, plant and
      equipment in the near future as it executes its product development programs.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Cash Flows from Financing Activities</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In the year ended December 31, 2020, Advent raised net proceeds of approximately $1.4 million from the issuance of preference shares via private placement to certain investors. Advent expects to
      increase its cash flow from financing activities as a result of the new proceeds from the Business Combination.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Contract Assets and Contract Liabilities</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">A contract asset results when goods or services have been transferred to the customer, but payment is contingent upon a future event, other than the passage of time. As at December 31, 2020, Advent
      recognized contract assets of $0.09 million in the consolidated balance sheet.&#160; As at December 31, 2019, Advent recognized contract assets of $0.05 million in the consolidated balance sheet.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Advent recognizes contract liabilities when we receive customer payments in advance of the performance obligations being satisfied on our contracts. As at December 31, 2020, Advent recognized
      contract liabilities of $0.17 million in the unaudited consolidated balance sheet. As at December 31, 2019, we recognized contract liabilities of $0.04 million in the consolidated balance sheet.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Contract Costs</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">Customer contracts are less than one year and Advent has elected the practical expedient in ASC 340-40-25-4 to expense any contract costs as incurred. During the years ended December
      31, 2020 and 2019, no contract costs were recognized in the consolidated statements of operations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Off-Balance Sheet Commitments and Arrangements</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Since the date of our incorporation, Advent has not engaged in any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Critical Accounting Policies and Estimates</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Advent&#8217;s financial statements have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires Advent to make estimates and assumptions that affect the reported
      amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the balance sheet date, as well as the reported expenses incurred during the reporting period. Management bases its estimates on historical experience and
      on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates, and such differences could be
      material to Advent&#8217;s financial statements.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">While Advent&#8217;s significant accounting policies are described in the notes to Advent&#8217;s financial statements (see Note 2 in the financial statements), Advent believes that the following accounting
      policies require a greater degree of judgment and complexity. Accordingly, these are the policies Advent believes are the most critical to aid in fully understanding and evaluating Advent&#8217;s financial condition and results of operations.</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold; text-align: justify;">Revenue Recognition from January 1, 2019</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), as amended, which requires an entity to recognize the amount of revenue to which it
      expects to be entitled for the transfer of promised goods or services to customers. We adopted ASU No. 2014-09 on January 1, 2019, using the modified retrospective approach to all contracts not completed at the date of initial application. The prior
      period comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">In accordance with ASC 606, revenue is recognized when control of the promised goods or services are transferred to a customer in an amount that reflects the consideration that the
      Company expects to receive in exchange for those services. We apply the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its arrangements:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a6cc79559b04960acd035ad79bcf307" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 31.5pt; vertical-align: top; align: right; color: #000000;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">identify the contract with a customer,</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0c471c12bcf540bba0b6548a3a3bf2b5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 31.5pt; vertical-align: top; align: right; color: #000000;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">identify the performance obligations in the contract,</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z98d07399dd8a4ec190a35bb6a2ac8807" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 31.5pt; vertical-align: top; align: right; color: #000000;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">determine the transaction price,</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7fdcc2718bde4bffa5ad5f534064e4e3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 31.5pt; vertical-align: top; align: right; color: #000000;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">allocate the transaction price to performance obligations in the contract, and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4da4e69d56004042988606486ce2ac87" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 31.5pt; vertical-align: top; align: right; color: #000000;">&#9679;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000;">recognize revenue as the performance obligation is satisfied.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">With significant and recurring customers, we negotiate written master agreements as framework agreements (general terms and conditions of trading), following individually purchase
      orders. For customers with no master agreements, the approved purchase orders form the contract. Effectively, contracts under the revenue standard have been assessed to be the purchase orders agreed with customers.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">We have assessed that each product sold is a single performance obligation because the promised goods are distinct on their own and within the context of contract. In cases where the
      agreement includes customization services for the contracted products, we are providing integrated services; therefore, the goods are not separately identifiable, but are inputs to produce and deliver a combined output and form a single performance
      obligation within the context of the contract. Furthermore, we assessed whether it acts as a principal or agent in each of its revenue arrangements and has concluded that in all sales transactions it acts as a principal. Additionally, we, taking into
      consideration the guidance and indicative factors provided by ASC 606, concluded that it provides assurance type warranties (warranty period is up to 45 days) as it does not provide a service to the customer beyond fixing defects that existed at the
      time of sale. We, based on historical performance, current circumstances, and projections of trends, estimated that no allowance for returns as per warranty policy should be recognized, at the time of sale, accounted for under ASC 460, Guarantees.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">Under ASC 606, we estimate the transaction price, including variable consideration, at the commencement of the contract and recognizes revenue over the contract term, rather than when
      fees become fixed or determinable. In other words, where contracts with customers include variable consideration (i.e. volume rebates), we estimate at contract inception the variable consideration and adjust the transaction price only to the extent
      that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Furthermore, no material rights or significant
      financing components have been identified in our contracts. Payment terms generally include advance payment requirements. The time between a customer&#8217;s payment and the receipt of funds is less than one year. Payment terms are in the majority fixed
      and do not include variable considerations, except from volume rebates.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">Revenue from satisfaction of performance obligations is recognized based on identified transaction price. The transaction price reflects the amount to which we have rights under the
      present contract. It is allocated to the distinct performance obligations based on standalone selling prices of the services promised in the contract. In cases of more than one performance obligation, we allocate transaction price to the distinct
      performance obligations in proportion to their observable stand-alone selling prices and recognizes revenue as those performance obligations are satisfied.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">In the majority of cases of product sales, revenue is recognized at a point in time when customer obtains control of the respective goods that is, when the products are shipped from
      our facilities as control passes to the customer in accordance with agreed contracts and the stated shipping terms. In cases where the contract includes customization services, which one performance obligation is identified, revenue is recognized
      over time as our performance does not create an asset with alternative use and we have an enforceable right to payment for performance completed to date. We use the input method (i.e. cost-to cost method) to measure progress towards complete
      satisfaction of the performance obligation.</div>
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        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Income from grants and related deferred income</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Grants include cash subsidies received from various institutions and organizations. Grants are recognized as other income. Such amounts are recognized in the consolidated statements of operations
      when all conditions attached to the grants are fulfilled.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Condition to the grants would not be fulfilled unless related costs have been characterized as eligible by the grantors, are actually incurred and there is certainty that costs are allowable. These
      grants are recognized as deferred income when received and recorded in income when the eligible and allowable related costs and expenses are incurred. Under all grant programs, a coordinator is specified. The coordinator, among other, receives the
      funding from the grantor and proceeds to its distribution to the parties agreed in the process specified in the program. We assessed whether it acts as a principal or agent in its role as a coordinator for specific grants and has concluded that in
      all related transactions it acts as an agent.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Convertible Promissory Notes</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">We evaluate terms in Convertible Promissory Notes and embedded features under ASC 470-20 Debt with Conversion and Other Options, ASC 480, Distinguishing liabilities from equity and
      ASC 815, Derivatives and embedded derivatives.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">We follow the provisions of ASC 470-50, Modifications and Extinguishments, to account for all modifications or extinguishments of debt instruments, except debt that is extinguished
      through a troubled debt restructuring. Under ASC 470-50, modifications or exchanges are considered extinguishments with gains or losses recognized in current earnings if the terms of the new debt and original instrument are substantially different.
      If the original and new debt instruments are substantially different, the original debt is derecognized and the new debt should be initially recorded at fair value, with the difference recognized as an extinguishment gain or loss or additional paid
      in capital if the restructuring is in essence a capital transaction, as per ASC 470-50-40-2.</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Share based payments</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">The Company recognizes cost for common shares vested and non-vested, under stock options and stock awards granted to its employees and directors for their services, (i) immediately
        at the grant date if no vesting conditions are present, or (ii) using the accelerated method over the requisite service period based on the grant-date fair value of the awards. The Company accounts for forfeitures as they occur.</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Liability for Staff Leaving Indemnity</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Under Greek labor law, employees are entitled to staff leaving indemnity in the event of dismissal or retirement with the amount of payment varying in relation to the employee&#8217;s
        compensation, length of service and manner of termination (dismissed or retired). Employees who resign or are dismissed with cause are not entitled to staff leaving indemnity. Staff retirement obligations are calculated at the present value of the
        future retirement benefits deemed to have accrued at year-end, based on the employees earning retirement benefit rights accumulated throughout the working period in accordance with the Greek Labor Law 2112/1920.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">The reserve for retirement obligations is classified as defined benefit plan under ASC 715-30 and is based on an actuarial valuation. Net costs for the period are separately
        reflected in the accompanying consolidated statements of comprehensive loss consist of the present value of benefits earned in the year, interest cost on the benefit obligation, past service cost and gains or losses on curtailment. Past service
        costs are recognized in the consolidated statements of operations on the earlier of the date of plan amendment and the date that the Company recognizes restructuring or termination costs. Actuarial gains or losses are recognized immediately in the
        consolidated balance sheets with a corresponding debit or credit to retained earnings through other comprehensive income (loss) in the period in which they occur. Re-measurements are not reclassified to profit and loss in subsequent periods.</div>
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      </div>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Income Taxes</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">The Company follows the asset and liability method of accounting for income taxes under ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the estimated
      future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected
      to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the
      enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax
      return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. We are currently not aware of any issues under review that could result in significant accruals or
      material deviation from our position. We are subject to income tax examinations by major taxing authorities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">The Company may be subject to potential examination by U.S. federal, state and city, and the Subsidiary may be subject to potential examination by the Greek taxing authorities in the
      areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with the U.S. federal, state and city and Greek tax laws. On December
      22, 2017, the Tax Cuts and Jobs Act of 2017 (&#8220;<u>Tax Reform</u>&#8221;) was signed into legislation. As part of the legislation, the U.S. corporate income tax rate was reduced from 35% to 21%, among other changes, for which our management does not believe
      that have a material effect on our consolidated financial statements.</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Emerging Growth Company Status</div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that
        is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS
        Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. Advent elected not to opt out of
        such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, Advent, as an emerging growth company, can adopt the new or revised standard at the time
        private companies adopt the new or revised standard, until such time Advent is no longer considered to be an emerging growth company. At times, Advent may elect to early adopt a new or revised standard. See Note 2 of the accompanying audited
        financial statements for the recent accounting pronouncements adopted and the recent accounting pronouncements not yet adopted for the years ending December 31, 2020 and 2019.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">In addition, Advent intends to rely on the other exemptions and reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act, if,
        as an emerging growth company, Advent intends to rely on such exemptions, Advent is not required to, among other things: (a) provide an auditor&#8217;s attestation report on Advent&#8217;s system of internal control over financial reporting pursuant to Section
        404(b) of the Sarbanes-Oxley Act; (b) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act; (c) comply with any requirement that
        may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor&#8217;s report providing additional information about the audit and the financial statements (auditor discussion and
        analysis); and (d) disclose certain executive compensation-related items such as the correlation between executive compensation and performance and comparisons of the Chief Executive Officer&#8217;s compensation to median employee compensation.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Advent will remain an emerging growth company under the JOBS Act until the earliest of (a) the last day of Advent&#8217;s first fiscal year following the fifth anniversary of the closing
        of the Business Combination, (b) the last date of Advent&#8217;s fiscal year in which Advent has total annual gross revenue of at least $1.1 billion, (c) the date on which Advent is deemed to be a &#8220;large accelerated filer&#8221; under the rules of the SEC with
        at least $700.0 million of outstanding securities held by non-affiliates or (d) the date on which Advent has issued more than $1.0 billion in non-convertible debt securities during the previous three years.</div>
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    <div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Recent Accounting Pronouncements</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by Advent as of the specified effective date. Unless
        otherwise discussed, Advent believes that the impact of recently issued standards that are not yet effective will not have a material impact on Advent&#8217;s financial position or results of operations under adoption.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">See Note 2 to the 2020 financial statements included elsewhere in this Amendment to the Current Report on Form 8-K for more information about recent accounting pronouncements, the
        timing of their adoption and Advent&#8217;s assessment, to the extent Advent has made one, of their potential impact on Advent&#8217;s financial condition and results of operations.</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Quantitative and Qualitative Disclosures About Market Risk</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">Advent is exposed to a variety of market and other risks, including the effects of changes in interest rates and inflation, as well as risks to the availability of funding sources,
      hazard events and specific asset risks.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Interest Rate Risk</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Advent holds cash and cash equivalents for working capital purposes. As of December 31, 2020, Advent had a cash balance of approximately $0.5 million, consisting of operating and savings accounts
      which are not affected by changes in the general level of U.S. interest rates. Advent is not expected to be materially exposed to interest rate risk in future as it intends to take on limited debt finance.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Inflation Risk</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Advent does not believe that inflation currently has a material effect on its business.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Foreign Exchange Risk</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Advent has costs predominantly denominated in euros and revenues denominated in both euros and dollars, and therefore is exposed to fluctuations in the euro/dollar exchange rate. To date, Advent has
      not entered into any hedging transactions to mitigate the effect of foreign exchange due to the relatively low sums involved. As we increase in scale, we expect to continue to incur a substantial proportion of our costs in euros, and therefore expect
      to put in place appropriate foreign exchange risk mitigation features in due course.
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<TYPE>EX-99.2
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<FILENAME>nt10020125x6_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Exhibit 99.2</div>
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    <div style="font-weight: bold;">ADVENT TECHNOLOGIES, INC.</div>
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    <div style="font-weight: bold;">CONSOLIDATED FINANCIAL STATEMENTS</div>
    <div style="font-weight: bold;">FOR THE YEARS ENDED</div>
    <div style="font-weight: bold;">DECEMBER 31, 2020 and 2019</div>
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            <div>Report of Independent Registered Public Accounting Firm</div>
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            <div>Consolidated Balance Sheets as of December 31, 2020 and 2019</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">F-3</div>
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            <div>Consolidated Statements of Operations for the years ended December 31, 2020 and 2019</div>
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            <div>Consolidated Statements of Comprehensive Loss for the years ended December 31, 2020 and 2019</div>
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            <div>Consolidated Statements of Changes of Stockholders&#8217; Deficit for the years ended December 31, 2020 and 2019</div>
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            <div>Consolidated Statements of Cash Flows for the years ended December 31, 2020 and 2019</div>
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            <div>Notes to the Consolidated Financial Statements</div>
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              <div style="margin-left: 5pt; color: rgb(45, 45, 56);"> <br>
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              <div style="margin-left: 5pt; color: rgb(45, 45, 56);"> <br>
              </div>
              <div style="margin-left: 5pt; color: rgb(45, 45, 56);">ERNST &amp; YOUNG (HELLAS)</div>
              <div style="margin-left: 5pt; color: rgb(45, 45, 56);">Certified Auditors-Accountants S.A.</div>
              <div style="margin-left: 5pt; color: rgb(45, 45, 56);">8B Chimarras str., Maroussi</div>
              <div style="margin-left: 5pt; color: rgb(45, 45, 56);">151 25 Athens, Greece</div>
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              <div style="color: rgb(45, 45, 56);"> <br>
              </div>
              <div style="color: rgb(45, 45, 56);"> <br>
              </div>
              <div style="color: rgb(45, 45, 56);">Tel: +30 210 2886 000</div>
              <div style="color: rgb(45, 45, 56);">Fax:+30 210 2886 905</div>
              <div style="color: rgb(45, 45, 56);">ey.com</div>
            </td>
            <td rowspan="1" style="width: 30%; vertical-align: top;">&#160;</td>
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      <div>
        <div style="text-align: center; font-weight: bold;">Report of Independent Registered Public Accounting Firm</div>
        <div><br>
        </div>
        <div style="text-align: justify;">To the Stockholders and the Board of Directors of Advent Technologies Inc.&#160;</div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: bold;">Opinion on the Financial Statements</div>
        <div><br>
        </div>
        <div style="text-align: justify;">We have audited the accompanying consolidated balance sheets of Advent Technologies Inc. (the Company) as of December 31, 2020 and 2019, the related consolidated statements of operations, comprehensive loss,
          changes of stockholders&#8217; deficit and cash flows for the years then ended, and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all
          material respects, the financial position of the Company at December 31, 2020 and 2019, and the results of its operations and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.</div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: bold;">Basis for Opinion</div>
        <div><br>
        </div>
        <div style="text-align: justify;">These financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial statements based on our audits. We are a public accounting firm
          registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of
          the Securities and Exchange Commission and the PCAOB.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
          material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
          of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such
          procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well
          as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.&#160;</div>
        <div style="text-align: justify;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">/s/ Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">We have served as the Company&#8217;s auditor since 2020.</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Athens, Greece</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;"> <br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">March 26, 2021</div>
        <div><br>
        </div>
      </div>
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    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Consolidated Balance Sheets</div>
    <div style="font-weight: bold;">December 31, 2020 and 2019</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
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          <td style="vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;" rowspan="1" colspan="5">
            <div style="font-weight: bold;">December 31,</div>
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            <div style="text-align: center; font-weight: bold;">Notes</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2020</div>
          </td>
          <td style="width: 1.81%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2019</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">ASSETS</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;"><u>Current assets</u></div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Cash and cash equivalents</div>
          </td>
          <td style="width: 12%; vertical-align: top;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: top;" nowrap="nowrap">
            <div style="text-align: right;">515,734</div>
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          <td style="width: 1.81%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,199,015</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Accounts receivable, net</div>
          </td>
          <td style="width: 12%; vertical-align: top;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2.8</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: top;" nowrap="nowrap">
            <div style="text-align: right;">421,059</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">316,438</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Due from related parties</div>
          </td>
          <td style="width: 12%; vertical-align: top;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">3</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: top;" nowrap="nowrap">
            <div style="text-align: right;">67,781</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Contract assets</div>
          </td>
          <td style="width: 12%; vertical-align: top;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2.15,14</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: top;" nowrap="nowrap">
            <div style="text-align: right;">85,930</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">51,936</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Inventories</div>
          </td>
          <td style="width: 12%; vertical-align: top;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">4</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: top;" nowrap="nowrap">
            <div style="text-align: right;">107,939</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">32,440</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Prepaid expenses</div>
          </td>
          <td style="width: 12%; vertical-align: top;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: top;" nowrap="nowrap">
            <div style="text-align: right;">1,724</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">2,642</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" nowrap="nowrap">
            <div>Other current assets</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">5</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: top; padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: right;">495,021</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">219,003</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Total current assets</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">1,695,188</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">1,821,474</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;"><u>Non-current assets</u></div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Property and equipment, net</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">6</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">198,737</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">84,977</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" nowrap="nowrap">
            <div>Other non-current assets</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: right;">136</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">125</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" nowrap="nowrap">
            <div><font style="font-weight: bold;">Total</font>&#160;<font style="font-weight: bold;">non-current assets</font></div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">198,873</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); text-align: center; padding-bottom: 2px;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">85,102</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Total Assets</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">1,894,061</div>
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          <td style="width: 1.81%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
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          <td style="width: 11%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">1,906,576</div>
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          <td style="width: 2%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">LIABILITIES</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;"><u>Current liabilities</u></div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.81%; vertical-align: middle; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Convertible Promissory Notes-Related parties</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">3, 10</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 1.81%; vertical-align: middle;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">500,000</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Trade and other payables</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">7</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">881,394</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">307,822</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Due to related parties</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">3</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,114,659</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,243,424</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Deferred income from grants, current</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2.20</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">158,819</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">79,591</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Contract liabilities, current</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2.15,14</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">167,761</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">38,728</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Other current liabilities</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">8</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">904,379</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">167,480</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" nowrap="nowrap">
            <div>Income tax payable</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">13</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: right;">201,780</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">194,000</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Total current liabilities</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">3,428,792</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">2,531,045</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Non-current liabilities</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Liability for Staff Leaving Indemnity</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">9</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">33,676</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">28,853</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Deferred income from grants, non-current</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2.20</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">182,273</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">180,480</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" nowrap="nowrap">
            <div>Other long-term liabilities</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">18</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: right;">42,793</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" nowrap="nowrap">
            <div style="font-weight: bold;">Total non-current liabilities</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">258,742</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); text-align: center; padding-bottom: 2px;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">209,333</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Total liabilities</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">3,687,534</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">2,740,378</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Commitments and contingent liabilities</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">17</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;"><u>STOCKHOLDERS&#8217; DEFICIT</u></div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div>Common stock ($0.001 par value per share; </div>
            <div>Shares authorized: 6,591,595 at December 31, 2020 and 2019;</div>
            <div>Issued and outstanding: 3,017,057 and 888,184 at December 31, 2020 and 2019)</div>
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          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">11</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">3,017</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">888</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div>Preferred stock Series A ($0.001 par value per share;</div>
            <div>Shares authorized: 1,300,000 at December 31, 2020 and 2019;</div>
            <div>Issued and outstanding: 844,037 and 314,505 at December 31, 2020 and 2019)</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">11</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">845</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">315</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Preferred stock Series seed ($0.001 par value per share;</div>
            <div>Shares authorized: 2,108,405 at December 31, 2020 and 2019;</div>
            <div>Issued and outstanding: 2,095,592 and 2,108,405 at December 31, 2020 and 2019)</div>
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          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">11</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">2,095</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">2,108</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Additional Paid in Capital</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">11</div>
          </td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">10,990,307</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">8,811,647</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div>Accumulated other comprehensive income</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">111,780</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">118,859</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" nowrap="nowrap">
            <div>Accumulated Deficit</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: right;">(12,901,518)</div>
          </td>
          <td style="width: 1.81%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">(9,767,619)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">
            <div style="font-weight: bold;">Total stockholders&#8217; deficit</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); padding-bottom: 2px;" nowrap="nowrap">
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              <div style="font-family: 'Times New Roman',Times,serif;">1,793,474</div>
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          </td>
          <td style="width: 1.81%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); text-align: center; padding-bottom: 2px;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(833,802)</div>
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          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">TOTAL LIABILITIES AND STOCKHOLDERS&#8217; DEFICIT</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
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          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">1,894,061</div>
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          <td style="width: 1.81%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
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          <td style="width: 11%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">1,906,576</div>
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          <td style="width: 2%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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    <div>The accompanying notes are an integral part of these consolidated financial statements.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-3</font></div>
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    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Consolidated Statements of Operations for the years ended</div>
    <div style="font-weight: bold;">December 31, 2020 and 2019</div>
    <div>(All amounts are in USD)</div>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za5c5c1842ae544febd29cb8b9000ee09" border="0" cellpadding="0" cellspacing="0">

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          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="5" style="vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0); text-align: center;" rowspan="1">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Years ended December 31,</div>
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        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Note</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2019</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Revenue, net</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">14</div>
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          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">882,652</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">620,168</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Cost of revenues</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(513,818)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(397,393)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Gross profit</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; font-weight: bold;" nowrap="nowrap">
            <div style="text-align: right;">368,834</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;" nowrap="nowrap">
            <div style="text-align: right;">222,775</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; text-align: right; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); text-align: right; font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Income from grants</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2.20</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">206,828</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">601,945</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Research and development expenses</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(102,538)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(124,728)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Administrative and selling expenses</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(3,536,889)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(863,573)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Other operating expenses</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: normal;" nowrap="nowrap">
            <div style="text-align: right;">(9,967)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(10,156)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Operating Loss</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; font-weight: bold;" nowrap="nowrap">
            <div style="text-align: right;">(3,073,732)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;" nowrap="nowrap">
            <div style="text-align: right;">(173,737)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; text-align: right; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); text-align: right; font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Finance costs</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">15</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(5,542)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(72,117)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Finance costs-Relates parties</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">3</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(34,541)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Foreign exchange differences, net</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(26,072)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">11,883</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Other income</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: top; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">568</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Other expenses</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(15,696)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(2,483)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Loss before tax</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;" nowrap="nowrap">
            <div style="text-align: right;">(3,121,042)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;" nowrap="nowrap">
            <div style="text-align: right;">(270,427)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; text-align: right; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; text-align: right; font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); text-align: right; font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Income tax expense</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">13</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(87,827)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Net loss</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;" nowrap="nowrap">
            <div style="text-align: right;">(3,121,042)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;" nowrap="nowrap">
            <div style="text-align: right;">(358,254)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The accompanying notes are an integral part of these consolidated financial statements.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Consolidated Statements of Comprehensive Loss for the years ended December 31, 2020 and 2019</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3d3f1cc9bda243deaff327ba16812488" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="5" style="vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;" rowspan="1">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Years ended December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Note</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2019</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Net loss</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(3,121,042)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(358,254)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; text-align: right;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Other comprehensive income (loss):</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; font-family: 'Times New Roman',Times,serif; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; text-align: right;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Net foreign currency translation</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2.4</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(7,079)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(9,780)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Other comprehensive income (loss)</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right;">(7,079)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;" nowrap="nowrap">
            <div style="text-align: right;">(9,780)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Comprehensive loss</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(3,128,121)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(368,033)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The accompanying notes are an integral part of these consolidated financial statements.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
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    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Consolidated Statement of Changes of Stockholders&#8217; Deficit for the years ended December 31, 2020 and 2019</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1266eceb2b7847c7ac648ef63ebd4a12" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 11%; vertical-align: middle;">&#160;</td>
          <td style="width: 6.03%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">No. of shares</div>
          </td>
          <td style="width: 5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Common Stock</div>
          </td>
          <td style="width: 5.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">No. of shares</div>
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          <td style="width: 5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Common Stock Class A</div>
          </td>
          <td style="width: 5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">No. of shares</div>
          </td>
          <td style="width: 5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Common Stock Class B</div>
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          <td style="width: 5.14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">No. of shares</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Preferred stock series A</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">No. of shares</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Preferred stock series seed</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Additional Paid in Capital</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Accumulated Deficit</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Accumulated Other Comprehensive Income</div>
            <div style="font-weight: bold;">&#160;(Loss)</div>
          </td>
          <td style="width: 8.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Total</div>
            <div style="font-weight: bold;">Stockholders&#8217; Deficit</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: middle;">&#160;</td>
          <td style="width: 6.03%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.34%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.14%; vertical-align: middle;">&#160;</td>
          <td style="width: 6.22%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 6.22%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 3.72%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 8%; vertical-align: middle;">&#160;</td>
          <td style="width: 8.3%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">As at January 1, 2019</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">$ -</div>
          </td>
          <td style="width: 5.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">67,982</div>
          </td>
          <td style="width: 5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">$ 68</div>
          </td>
          <td style="width: 5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">668,354</div>
          </td>
          <td style="width: 5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">$ 668</div>
          </td>
          <td style="width: 5.14%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom; border-bottom: #000000 2px solid;" nowrap="nowrap">
            <div style="font-weight: bold;">$ -</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom; border-bottom: #000000 2px solid;" nowrap="nowrap">
            <div style="font-weight: bold;">$ -</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">$ 4,520,138</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">$ (9,409,365)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">$ 128,639</div>
          </td>
          <td style="width: 8.3%; vertical-align: bottom; border-bottom: #000000 2px solid;" nowrap="nowrap">
            <div style="font-weight: bold;">$ (4,759,852)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom;">
            <div>Net loss</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div><font style="font-weight: bold;">$ </font>-</div>
          </td>
          <td style="width: 5.34%; vertical-align: bottom;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div><font style="font-weight: bold;">$ </font>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div><font style="font-weight: bold;">$ </font>-</div>
          </td>
          <td style="width: 5.14%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div><font style="font-weight: bold;">$ </font>-</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div><font style="font-weight: bold;">$ </font>-</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div><font style="font-weight: bold;">$ </font>-</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div><font style="font-weight: bold;">$</font> (358,254)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;" nowrap="nowrap">
            <div><font style="font-weight: bold;">$ </font>-</div>
          </td>
          <td style="width: 8.3%; vertical-align: bottom;" nowrap="nowrap">
            <div><font style="font-weight: bold;">$ </font>(358,254)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom;">
            <div>Other comprehensive loss</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5.34%; vertical-align: bottom;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5.14%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;" nowrap="nowrap">
            <div>(9,780)</div>
          </td>
          <td style="width: 8.3%; vertical-align: bottom;" nowrap="nowrap">
            <div>(9,780)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom;">
            <div>Conversion of Convertible Promissory Notes (Note 10)</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5.34%; vertical-align: bottom;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5.14%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>1,681,453</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>1,681</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>2,767,888</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 8.3%; vertical-align: bottom;" nowrap="nowrap">
            <div>2,769,569</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom;">
            <div>Exchange of common stock A &amp; B to common stock</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom;">
            <div>736,336</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>736</div>
          </td>
          <td style="width: 5.34%; vertical-align: bottom;">
            <div>(67,982)</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>(68)</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;">
            <div>(668,354)</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>(668)</div>
          </td>
          <td style="width: 5.14%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 8.3%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom;">
            <div>Exercise of stock options (Note 11)</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom;">
            <div>151,848</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>152</div>
          </td>
          <td style="width: 5.34%; vertical-align: bottom;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5.14%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>1,366</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 8.3%; vertical-align: bottom;" nowrap="nowrap">
            <div>1,518</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom;">
            <div>Issuance of preferred stock (Note 11)</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5.34%; vertical-align: bottom;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5.14%; vertical-align: bottom;">
            <div>314,505</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>315</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>426,952</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>427</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>1,348,361</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 8.3%; vertical-align: bottom;" nowrap="nowrap">
            <div>1,349,103</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom;">
            <div>Extinguishment of Convertible Promissory Notes-Related parties</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5.34%; vertical-align: bottom;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 5.14%; vertical-align: bottom;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>173,894</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;" nowrap="nowrap">
            <div>-</div>
          </td>
          <td style="width: 8.3%; vertical-align: bottom;" nowrap="nowrap">
            <div>173,894</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-weight: bold;">At December 31, 2019</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">888,184</div>
          </td>
          <td style="width: 5%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">$ 888</div>
          </td>
          <td style="width: 5.34%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">$ -</div>
          </td>
          <td style="width: 5%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">$ -</div>
          </td>
          <td style="width: 5.14%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">314,505</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;" nowrap="nowrap">
            <div style="font-weight: bold;">$ 315</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-weight: bold;">2,108,405</div>
          </td>
          <td style="width: 6.22%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;" nowrap="nowrap">
            <div style="font-weight: bold;">$ 2,108</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-weight: bold;">$ 8,811,647</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">$ (9,767,619)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">$ 118,859</div>
          </td>
          <td style="width: 8.3%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;" nowrap="nowrap">
            <div style="font-weight: bold;">$ (833,802)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom;">
            <div>Net loss for the year</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5.34%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5.14%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div>(3,121,042)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 8.3%; vertical-align: bottom;" nowrap="nowrap">
            <div>(3,121,042)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom;">
            <div>Other comprehensive loss</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5.34%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5.14%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 8%; vertical-align: bottom;" nowrap="nowrap">
            <div>(7,079)</div>
          </td>
          <td style="width: 8.3%; vertical-align: bottom;" nowrap="nowrap">
            <div>(7,079)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom;">
            <div>Issuance of common stock from stock grant plan</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom;">
            <div>2,173,702</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>2,174</div>
          </td>
          <td style="width: 5.34%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5.14%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>19,582</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 8%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 8.3%; vertical-align: bottom;" nowrap="nowrap">
            <div>21,756</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom;">
            <div>Repurchase of common stock - cancellation of shares</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom;">
            <div>(44,829)</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">
            <div>(45)</div>
          </td>
          <td style="width: 5.34%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5.14%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;">(12,813)<br>
          </td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>(13)</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>(139,878)</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div>(12,857)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 8.3%; vertical-align: bottom;" nowrap="nowrap">
            <div>(152,793)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: bottom;">
            <div>Recognition of stock grant plan</div>
          </td>
          <td style="width: 6.03%; vertical-align: bottom;">
            <div>-</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5.34%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5.14%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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            <div>869,481</div>
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          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 8%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 8.3%; vertical-align: bottom;" nowrap="nowrap">
            <div>869,481</div>
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          <td style="width: 11%; vertical-align: bottom;">
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          <td style="width: 6.03%; vertical-align: bottom;">
            <div>-</div>
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          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5.34%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 5.14%; vertical-align: bottom;">529,532<br>
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          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">
            <div>530</div>
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          <td style="width: 10%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.22%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>1,429,475</div>
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          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 8%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 8.3%; vertical-align: bottom;" nowrap="nowrap">
            <div>1,430,005</div>
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          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-weight: bold;">At December 31, 2020</div>
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          <td style="width: 6.03%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">3,017,057</div>
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          <td style="width: 5%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">$ 3,017</div>
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          <td style="width: 5.34%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">-</div>
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          <td style="width: 5%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">$ -</div>
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          <td style="width: 5%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-weight: bold;">-</div>
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          <td style="width: 5%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">-</div>
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          <td style="width: 5.14%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">844,037</div>
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          <td style="width: 6.22%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;" nowrap="nowrap">
            <div style="font-weight: bold;">$ 845</div>
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          <td style="width: 10%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-weight: bold;">2,095,592</div>
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          <td style="width: 6.22%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;" nowrap="nowrap">
            <div style="font-weight: bold;">$ 2,095</div>
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            <div style="font-weight: bold;">$ 10,990,307</div>
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            <div style="font-weight: bold;">$ (12,901,518)</div>
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            <div style="font-weight: bold;">$ 111,780</div>
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          <td style="width: 8.3%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;" nowrap="nowrap">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">$ 1,793,474</div>
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    </table>
    <div><br>
    </div>
    <div>The accompanying notes are an integral part of these consolidated financial statements.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-6</font></div>
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    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Consolidated Statements of Cash Flows for the Years Ended December 31, 2020 and 2019</div>
    <div>(All amounts are in USD)</div>
    <div><br>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9a9f37f6618e4ec380fa4a88c1691caa" border="0" cellpadding="0" cellspacing="0">

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          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Notes</div>
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          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
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          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(3,121,042)</div>
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          <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
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          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(358,254)</div>
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          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
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          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Depreciation of property and equipment</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">22,508</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">16,804</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Non cash interest and service cost</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">9</div>
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          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">2,008</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">3,337</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Income tax expense</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">87,827</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Movements in stock grant plans</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">869,481</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Decrease (Increase) in:</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div>Accounts receivable, net</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">(104,620)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(217,183)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div>Contract assets</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">(33,994)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(51,936)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div>Due from related parties</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">(67,781)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div>Inventories</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">(75,499)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(4,088)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div>Prepaid expenses</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">918</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">29,237</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div>Other current assets</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">(276,018)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">52,628</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div>Trade and other payables</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">573,572</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">39,658</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div>Due to related parties</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">(128,765)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">240,223</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
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          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
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          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(38,012)</div>
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          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
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          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">129,033</div>
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          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">38,728</div>
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          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div>Other liabilities</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">696,330</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(72,382)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);">
            <div>Income tax payable</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">7,780</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">951</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Net Cash used in Operating Activities</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(1,425,068)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
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          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(232,462)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Cash Flows from Investing Activities:</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Purchases of property and equipment</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">6</div>
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          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(122,508)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(34,935)</div>
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          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Net Cash used in Investing Activities</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(122,508)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(34,935)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Cash Flows from Financing Activities:</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
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        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Proceeds of issuance of preferred stock</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">11</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">1,430,005</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,349,102</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Repurchase of common stock - cancellation of shares</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">
              <div style="font-family: 'Times New Roman',Times,serif;">(69,431)</div>
            </div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Repayments of debt</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">(500,000)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Proceeds from exercise of stock options</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">11</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">21,756</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1,518</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Net Cash provided by Financing Activities</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">
              <div style="font-family: 'Times New Roman',Times,serif;">882,330</div>
            </div>
          </td>
          <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">1,350,620</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div>Net increase (decrease) in cash and cash equivalents</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">(665,246)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">1,083,223</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Effect of exchange rate changes on cash and cash equivalents</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">(18,035)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(31,606)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Cash and cash equivalents at the beginning of the year</div>
          </td>
          <td style="width: 12%; vertical-align: middle;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">1,199,015</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">147,398</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 4px double rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Cash and cash equivalents at the end of the year</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-top: 4px double rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: middle; border-top: 4px double rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">515,734</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">1,199,015</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 4px double rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: middle; border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Supplemental Cash Flow Information</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 4px double rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Cash paid during the period for:</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Interest paid</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Tax paid</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Non cash Financing Activities:</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Extinguishment of Convertible Promissory Notes-Related parties</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">10</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">173,894</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Conversion of Convertible Promissory Notes &amp; issuance of preferred shares</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">10 &amp;11</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">2,769,569</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div>Recognition of stock grant plans</div>
          </td>
          <td style="width: 12%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">12</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">869,480</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>

    </table>
    <div>The accompanying notes are an integral part of these consolidated financial statements.&#8195;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f51e115fa34423aa3eed40c81b51b99" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Company Information</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Advent Technologies Inc. (the &#8220;Parent&#8221;) was incorporated under the laws of the State of Delaware on October 12, 2012. Following that date, the shareholders of Advanced Energy Technologies S.A., under a share exchange agreement, effected a share
      exchange with the Advent Technologies Inc. resulting in identical common ownership between the two companies which was accounted for similar to a business combination between entities under common control.</div>
    <div><br>
    </div>
    <div>The Parent is headquartered in Boston, Massachusetts and its wholly owned subsidiary, Advanced Energy Technologies S.A. (the &#8220;Subsidiary&#8221;) is headquartered in Patras, Greece. The Parent relocated its headquarters from Cambridge, Massachusetts to
      Boston, Massachusetts in March 2021. The Parent and the Subsidiary (collectively, &#8220;the Company&#8221;) is principally engaged in the manufacturing of membranes and fuel cells that convert methanol, natural gas, and hydrogen to electricity.</div>
    <div><br>
    </div>
    <div>As an early stage growth company, the Company is incurring operational losses and its ability to access capital is critical.&#160; As of December 31, 2020, the Company reported a working capital deficit of $1.7 million. In addition, the Company
      incurred losses before tax in 2020 and 2019 of $3.1 million and $0.4 million, respectively, and has historically incurred losses resulting in stockholders&#8217; deficit as of December 31, 2020 of $1.8 million.</div>
    <div><br>
    </div>
    <div>Beginning in March 2020, the COVID-19 pandemic and the measures imposed to contain this pandemic have disrupted and are expected to continue to impact the Company&#8217;s business. The magnitude of the impact of the COVID-19 pandemic on the Company&#8217;s
      productivity, results of operations and financial position, and its disruption to the Company&#8217;s business (fuel cells sales timeline, realization of income from grants received) will depend in part, on the length and severity of these restrictions and
      on the Company&#8217;s ability to conduct business in the ordinary course.</div>
    <div><br>
    </div>
    <div>The Company had been exploring opportunities for raising additional funds to implement its growth plan. In this respect, within the second half of 2020 the Company initiated discussions for a potential merger with AMCI Acquisition Corp. (&#8220;AMCI&#8221;),
      a Special Purpose Acquisitions Company, listed on NASDAQ. The Company and AMCI entered into a merger agreement, on October 12, 2020, as amended, and the merger was effected on February 4, 2021. In connection with the merger, the company recorded
      costs of $1.7 million within the year ended December 31, 2020 in which are included in administrative expenses on the consolidated statements of operations.</div>
    <div><br>
    </div>
    <div>The Company has assessed its liquidity needs for the next twelve months after the issuance of these consolidated financial statements and concluded that will be in the position to cover its needs.</div>
    <div><br>
    </div>
    <div>The consolidated financial statements have been prepared assuming that the Company will continue as a going concern.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b70a085527a4650b46c5471af89bc2e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Summary of Significant Accounting Policies</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Basis of presentation</font></div>
    <div><br>
    </div>
    <div>The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (&#8220;U.S. GAAP&#8221;).</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z18786b826a9d4269824474720f37ef6a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Summary of Significant Accounting Policies &#8211; continued</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Principles of consolidation</font></div>
    <div><br>
    </div>
    <div>The consolidated financial statements include the accounts of the Parent and its Subsidiary. All intercompany balances and transactions have been eliminated upon consolidation.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Use of Estimates</font></div>
    <div><br>
    </div>
    <div>The preparation of consolidated financial statements in conformity U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and assumptions affect the reported amounts of assets and liabilities and the
      disclosure of contingent assets and liabilities as of the balance sheet date, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Foreign Currency Translation</font></div>
    <div><br>
    </div>
    <div>The Company&#8217;s reporting currency is U.S. dollar. The functional currency of the Subsidiary is the Euro, and the assets and liabilities of this Subsidiary are translated into U.S. Dollars at the exchange rates in effect at the balance sheet dates,
      and revenue and expense amounts are translated at average exchange rates in effect during the period, and equity accounts are translated at historical rates. The gain or loss resulting from the translation of foreign currency financial statements
      into U.S. dollars is reported in the consolidated statements of comprehensive loss.</div>
    <div><br>
    </div>
    <div>The functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are converted into U.S. dollars at the exchange rate in effect at the time of the transactions. At the balance sheet date, monetary assets
      and liabilities denominated in foreign currencies are translated to U.S. dollars at exchange rates in effect at the balance sheet date. Any resulting foreign exchange differences are included in the consolidated statements of operations.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Comprehensive Loss</font></div>
    <div><br>
    </div>
    <div>Comprehensive loss is comprised of net loss and other comprehensive income (loss), net of tax. The Company&#8217;s other comprehensive income (loss), net of tax, consists of foreign currency translation adjustments that result from consolidation of its
      Subsidiary.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Segment Information</font></div>
    <div><br>
    </div>
    <div>Under ASC 280, Segment Reporting, operating segments are defined as components of an enterprise where discrete financial information is available that is evaluated regularly by the chief operating decision-maker (&#8220;CODM&#8221;), in deciding how to
      allocate resources and in assessing performance. The Company&#8217;s Chief Executive Officer, who is also the CODM, makes decisions and manages the Company&#8217;s operations as a single operating segment for purposes of allocating resources and evaluating
      financial performance. For the above reasons, the Company has determined that it operates in one reportable segment.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Cash and cash equivalents</font></div>
    <div><br>
    </div>
    <div>Cash and cash equivalents include bank deposits. Time deposits and all highly liquid investments with an original maturity of three months or less are cash equivalents. As at December 31, 2020 and 2019, the Company has no cash and cash equivalents
      which are restricted as to withdrawal or usage or as a compensating balance requirement.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e5144e119f84255839e8d356e90b930" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Summary of Significant Accounting Policies &#8211; continued</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Accounts Receivable, net</font></div>
    <div><br>
    </div>
    <div>Accounts receivable are recorded at the amount billed to customers less an estimated allowance for uncollectible accounts. The allowance is estimated from historical performance, current circumstances, and projections of trends. At each balance
      sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. As of December 31, 2020 and 2019, the allowance amounted to $18,834 and $18,619, respectively.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Inventories</font></div>
    <div><br>
    </div>
    <div>Inventories include raw materials and supplies used in the production process and are stated at the lower of average cost or net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less
      reasonably predictable costs of completion, disposal and transportation. Cost is determined by the first in, first out method.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.10</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Property and Equipment, net</font></div>
    <div><br>
    </div>
    <div>Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the assets.&#160; The Company uses an estimated useful life of 10 years for machinery
      and 5 to 7 years for furniture and other equipment.</div>
    <div><br>
    </div>
    <div>The Company enters into leasehold improvements mainly in its office premises in Patras. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the improvement. The
      amounts of leasehold improvements as at December 31, 2020 and 2019 are $12,213 and $2,667 respectively.</div>
    <div><br>
    </div>
    <div>Repair and maintenance costs which do not improve or extend asset lives are expensed as incurred. Gains or losses from disposals are included in income.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.11</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Leases</font></div>
    <div><br>
    </div>
    <div>The Company leases office and manufacturing space in Patras, Greece and office premises in Cambridge, Massachusetts. These leases are classified as operating leases in accordance with ASC 840, Leases.&#160; Rent expense, including any contractual rent
      increases, is recorded on a straight-line basis over the life of the lease. Building improvements made with the lease incentives or tenant allowances are capitalized as leasehold improvements and included in property and equipment in the balance
      sheet.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za89236a78f6841598a6655200b1c6074" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Summary of Significant Accounting Policies &#8211; continued</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.12</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Convertible Promissory Notes</font></div>
    <div><br>
    </div>
    <div>The Company evaluates terms in Convertible Promissory Notes and embedded features under ASC 470-20 Debt with Conversion and Other Options, ASC 480, Distinguishing liabilities from equity and ASC 815, Derivatives and embedded derivatives.</div>
    <div><br>
    </div>
    <div>The Company follows the provisions of ASC 470-50, Modifications and Extinguishments, to account for all modifications or extinguishments of debt instruments, except debt that is extinguished through a troubled debt restructuring. Under ASC 470-50,
      modifications or exchanges are considered extinguishments with gains or losses recognized in current earnings if the terms of the new debt and original instrument are substantially different. If the original and new debt instruments are substantially
      different, the original debt is derecognized and the new debt should be initially recorded at fair value, with the difference recognized as an extinguishment gain or loss or additional paid in capital if the restructuring is in essence a capital
      transaction, as per ASC 470-50-40-2.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.13</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Value added taxes</font></div>
    <div><br>
    </div>
    <div>The Company collects value added taxes directly from its customers. The Company then remits such taxes on behalf of its customers to the governmental authorities. The Company excludes from net operating revenues the tax amounts imposed on
      revenue-producing transactions that were collected from its customers to be remitted to governmental authorities. Accordingly, such tax amounts are recorded in the line item trade accounts receivable in the consolidated balance sheets when collection
      of taxes from the customer has not yet occurred and are recorded in the line item trade and other payable in the Company&#8217;s consolidated balance sheets until they are remitted to the applicable governmental authorities.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.14</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Income Taxes</font></div>
    <div><br>
    </div>
    <div>The Company follows the asset and liability method of accounting for income taxes under ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the
      financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those
      temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established,
      when necessary, to reduce deferred tax assets to the amount expected to be realized.</div>
    <div><br>
    </div>
    <div>ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must
      be more likely than not to be sustained upon examination by taxing authorities. For the years ended December 31, 2020 or 2019, income tax provisions of $0 and $87,827, respectively, have been recorded in the consolidated statements of operations,
      including provisions for accrued interest and penalties. The Company is currently not aware of any issues under review that could result in significant accruals or material deviation from its position. The Company is subject to income tax
      examinations by major taxing authorities.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-11</font></div>
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    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z68a1a5c359e04067acb1f5329f7c8b3f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Summary of Significant Accounting Policies &#8211; continued</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The Company may be subject to potential examination by U.S. federal, state and city, and the Subsidiary may be subject to potential examination by the Greek taxing authorities in the areas of income taxes. These potential examinations may include
      questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with the U.S. federal, state and city and Greek tax laws. The Company has recorded no deferred tax assets or liabilities as of
      December 31, 2020 and 2019.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.15</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Revenue Recognition</font></div>
    <div><br>
    </div>
    <div>The Company&#8217;s revenues derive from product sales. The Company sells electrochemistry materials, i.e.&#160; high-temperature plastic membranes, electrodes, and their combination-resulting MEAs (Membrane-Electrode Assemblies), as well as MEAs
      consumables. The Company recognizes revenue as follows:</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Revenue recognition up to December 31, 2018</div>
    <div><br>
    </div>
    <div>Up to December 31, 2018, revenue was recognized in accordance with ASC 605, Revenue Recognition. For product sales, revenue was recognized when product was shipped from the Company&#8217;s facilities and risk of loss and title had passed to the
      customer, which was in accordance with customer contracts and the stated shipping terms. In general, customers do not have any rights of return, except for quality/specification disputes and the Company offers limited time warranty, up to 45 days as
      per its policy. With significant and recurring customers, the Company negotiates written master agreements as framework agreements (general terms and conditions of trading), following individually purchase orders. For customers with no master
      agreements, the approved purchase orders form the contract. Contracts with customers and sales in general are short-term.</div>
    <div><br>
    </div>
    <div>The Company based on historical performance, current circumstances, and projections of trends estimated that no allowance for returns as per warranty policy should have been recognized.</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Revenue recognition from January 1, 2019</div>
    <div><br>
    </div>
    <div>In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), as amended, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or
      services to customers. The Company adopted ASU No. 2014-09 on January 1, 2019, using the modified retrospective approach to all contracts not completed at the date of initial application with no material effect.</div>
    <div><br>
    </div>
    <div>In accordance with ASC 606, revenue is recognized when control of the promised goods or services are transferred to a customer in an amount that reflects the consideration that the Company expects to receive in exchange for those services. The
      Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its arrangements:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z35956134164b45ac81df898e10e9589d" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>identify the contract with a customer,</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa58d38561c84ab3b5351a552770b15e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>identify the performance obligations in the contract,</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4130892a871e402db2551f2a592fd7ff" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>determine the transaction price,</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-12</font></div>
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    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z56fac999710b47379ccbd956c1f74538" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Summary of Significant Accounting Policies &#8211; continued</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3836aeb8db6f49b9bdb03f4a205546a8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>allocate the transaction price to performance obligations in the contract, and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c5190c4ff8d4f83a5871829c8e60eeb" cellpadding="0" cellspacing="0">

        <tr>
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          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>recognize revenue as the performance obligation is satisfied.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>With significant and recurring customers, the Company negotiates written master agreements as framework agreements (general terms and conditions of trading), following individually purchase orders. For customers with no master agreements, the
      approved purchase orders form the contract. Effectively, contracts under ASC-606 have been assessed to be the purchase orders agreed with customers.</div>
    <div><br>
    </div>
    <div>The Company has assessed that each product sold is a single performance obligation because the promised goods are distinct on their own and within the context of contract. In cases where the agreement includes customization services for the
      contracted products, the Company is providing integrated services; therefore, the goods are not separately identifiable, but are inputs to produce and deliver a combined output and form a single performance obligation within the context of the
      contract. Furthermore, the Company assessed whether it acts as a principal or agent in each of its revenue arrangements and has concluded that in all sales transactions it acts as a principal. Additionally, the Company taking into consideration the
      guidance and indicative factors provided by ASC 606 concluded that it provides assurance type warranties (warranty period is up to 45 days) as it does not provide a service to the customer beyond fixing defects that existed at the time of sale. The
      Company based on historical performance, current circumstances, and projections of trends estimated that no allowance for returns as per warranty policy should be recognized at the time of sale, accounted for under ASC 460, Guarantees.</div>
    <div><br>
    </div>
    <div>Under ASC 606, the Company estimates the transaction price, including variable consideration, at the commencement of the contract and recognizes revenue over the contract term, rather than when fees become fixed or determinable. In other words,
      where contracts with customers include variable consideration (i.e. volume rebates), the Company estimates at contract inception the variable consideration and adjusts the transaction price only to the extent that it is probable that a significant
      reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Furthermore, no material rights or significant financing components have been identified
      in the Company&#8217;s contracts. Payment terms generally include advance payment requirements. The time between a customer&#8217;s payment and the receipt of funds is less than one year. Payment terms are in the majority fixed and do not include variable
      considerations, except from volume rebates.</div>
    <div><br>
    </div>
    <div>Revenue from satisfaction of performance obligations is recognized based on identified transaction prices. The transaction price reflects the amount to which the Company has rights under the present contract. It is allocated to the distinct
      performance obligations based on standalone selling prices of the services promised in the contract. In cases of more than one performance obligation, the Company allocates transaction price to the distinct performance obligations in proportion to
      their observable stand-alone selling prices and recognizes revenue as those performance obligations are satisfied.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-13</font></div>
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    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z575918b3cabf468d89c409279111fd40" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Summary of Significant Accounting Policies &#8211; continued</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>In the majority of cases of product sales, revenue is recognized at a point in time when customer obtains control of the respective goods that is, when the products are shipped from the Company&#8217;s facilities as control passes to the customer in
      accordance with agreed contracts and the stated shipping terms. In cases where the contract includes customization services, which one performance obligation is identified, revenue is recognized over time as the Company&#8217;s performance does not create
      an asset with alternative use and the Company has an enforceable right to payment for performance completed to date. The Company uses the input method (i.e. cost-to cost method) to measure progress towards complete satisfaction of the performance
      obligation.</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Contract Assets and Contract Liabilities</div>
    <div><br>
    </div>
    <div>A contract asset results when goods or services have been transferred to the customer, but not yet invoiced. As at December 31, 2020 and 2019, the Company recognized contract asset of $ 85,930 and $51,936, respectively, in the consolidated balance
      sheets.</div>
    <div><br>
    </div>
    <div>The Company recognizes contract liabilities when the Company receives customer payments or has the unconditional right to receive consideration in advance of the performance obligations being satisfied on the Company&#8217;s contracts. The Company
      generally invoices its customers in advance of services being provided. As at December 31, 2020 and 2019, the Company recognized contract liabilities of amount $ 167,761 and $38,728, respectively, in the consolidated balance sheets (Note 14).</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Contract costs</div>
    <div><br>
    </div>
    <div>Customer contracts are less than one year and the Company has elected the practical expedient in ASC 340-40-25-4 to expense any contract costs as incurred. During the years ended December 31, 2020 and 2019, no contract costs were recognized in the
      consolidated statements of operations.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.16</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Cost of Revenues</font></div>
    <div><br>
    </div>
    <div>Cost of revenues include consumables and product materials, labor and employee compensation, third party services and fees, and other direct costs such as depreciation, travel costs and rent expenses, that relate to the manufacturing of Company&#8217;s
      products. The Company recognizes cost of revenues in the period that revenues are recognized.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.17</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Research and Development Expenses</font></div>
    <div><br>
    </div>
    <div>Research and development costs that do not meet the criteria for capitalization are expensed as incurred. Research and development expenses include employee compensation, materials, depreciation and other indirect costs related to the development
      of the Company&#8217;s products.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.18</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Administrative and Selling Expenses</font></div>
    <div><br>
    </div>
    <div>Administrative expenses include employee compensation, benefits and travel expenses, consulting and legal fees, and other general overhead costs including depreciation to support our operations. Selling expenses include allocated depreciation,
      personnel remuneration, advertising expenses and other allocated amounts.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-14</font></div>
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    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za10ac2f95c084831858519720b97dd11" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Summary of Significant Accounting Policies &#8211; continued</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.19</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Patent Costs</font></div>
    <div><br>
    </div>
    <div>The Company expenses patent renewal costs and related legal costs as they are incurred and classifies such costs as other operating expenses, in the accompanying consolidated statements of operations. The Company recorded patent expenses of
      $11,235 and $10,156 for the years ended December 31, 2020 and 2019.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.20</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Income from grants and related deferred income</font></div>
    <div><br>
    </div>
    <div>Grants include cash subsidies received from various institutions and organizations. Grants are recognized as other income. Such amounts are recognized in the consolidated statements of operations when all conditions attached to the grants are
      fulfilled.</div>
    <div><br>
    </div>
    <div>Condition to the grants would not be fulfilled unless related costs have been characterized as eligible by the grantors, are actually incurred and there is certainty that costs are allowable. These grants are recognized as deferred income when
      received and recorded in income when the eligible and allowable related costs and expenses are incurred. Under all grant programs, a coordinator is specified. The coordinator, among other, receives the funding from the grantor and proceeds to its
      distribution to the parties agreed in the process specified in the program. The Company assessed whether it acts as a principal or agent in its role as a coordinator for specific grants and has concluded that in all related transactions it acts as an
      agent. During the years ended December 31, 2020 and 2019, the Company recognized income for grants of $206,828 and $601,945, respectively, in connection with amounts received for fuel cell research and development. Deferred income from grants as at
      December 31, 2020 and 2019 in the consolidated balance sheets is $341,092 and $260,071, respectively, and is split between current and non-current portion based on the estimated time of realization of eligible costs and expenses.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.21</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Share based payments</font></div>
    <div><br>
    </div>
    <div>The Company recognizes cost for common shares vested and non-vested, under stock options and stock awards granted to its employees and directors for their services, (i) immediately at the grant date if no vesting conditions are present, or (ii)
      using the accelerated method over the requisite service period based on the grant-date fair value of the awards. The Company accounts for forfeitures as they occur. For the years ended December 31, 2020 and 2019,no amortization of compensation cost
      was recorded, since there were no unvested shares outstanding during these years.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.22</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Liability for Staff Leaving Indemnity</font></div>
    <div><br>
    </div>
    <div>Under Greek labor law, employees are entitled to staff leaving indemnity in the event of dismissal or retirement with the amount of payment varying in relation to the employee&#8217;s compensation, length of service and manner of termination (dismissed
      or retired). Employees who resign or are dismissed with cause are not entitled to staff leaving indemnity. Staff retirement obligations are calculated at the present value of the future retirement benefits deemed to have accrued at year-end, based on
      the employees earning retirement benefit rights accumulated throughout the working period in accordance with the Greek Labor Law 2112/1920.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbf4cc5fce14b4ffb8cdb3c3db5446ef8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Summary of Significant Accounting Policies &#8211; continued</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The provision for retirement obligations is classified as defined benefit plan under ASC 715-30 and is based on an actuarial valuation. Net costs for the period are separately reflected in the accompanying consolidated statements of comprehensive
      loss consist of the present value of benefits earned in the year, interest cost on the benefit obligation, past service cost and gains or losses on curtailment. Past service costs are recognized in the consolidated statements of operations on the
      earlier of the date of plan amendment and the date that the Company recognizes restructuring or termination costs. Actuarial gains or losses are recognized immediately in the consolidated balance sheets with a corresponding debit or credit to
      retained earnings through other comprehensive income (loss) in the period in which they occur. Re-measurements are not reclassified to profit and loss in subsequent periods.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.23</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Fair Value Measurement</font></div>
    <div><br>
    </div>
    <div>The Company follows the accounting guidance in ASC 820 for its fair value measurements of financial assets and liabilities measured at fair value on a recurring basis. Fair value is defined as an exit price, representing the amount that would be
      received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market
      participants would use in pricing an asset or a liability.</div>
    <div><br>
    </div>
    <div>The accounting guidance requires fair value measurements be classified and disclosed in one of the following three categories:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8b3bdb8d39164ef5b09592d7c6b78d0d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 46.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Level 1: Quoted prices in active markets for identical assets or liabilities.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4fd683e2a81d4f1880619d269bf91836" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 46.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Level 2: Observable inputs other than Level 1 prices, for similar assets or liabilities that are directly or indirectly observable in the marketplace.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zefc9358f93da46ae86f3983c54345150" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 46.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Level 3: Unobservable inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as
              instruments for which the determination of fair value requires significant judgment or estimation.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value, if any, are classified in their
      entirety based on the lowest level of input that is significant to the fair value measurement.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.24</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Concentration of Credit Risk</font></div>
    <div><br>
    </div>
    <div>Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. The Company&#8217;s cash is placed with high-credit-quality financial institutions. The Company
      limits its concentration of risk in accounts receivable from product sales as it transacts with different customers. The Company has not experienced any credit loss relating to its cash equivalents or accounts receivable. The Company performs
      periodic credit evaluations of its customers and generally does not require collateral.</div>
    <div><br>
    </div>
    <div>Revenue, net for years ended December 31, 2020 and 2019 included revenues derived from significant customers as follows (in percentages of total revenue, net):</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zce66f78502b84e9a83bf5f9f510a5382" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 5%; vertical-align: bottom; padding-bottom: 2px;" colspan="1" nowrap="nowrap">&#160;</td>
          <td style="width: 66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="font-weight: bold;">Customer</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; padding-bottom: 2px;" colspan="1" nowrap="nowrap">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
          <td style="width: 5%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: bottom;" colspan="1" nowrap="nowrap">&#160;</td>
          <td style="width: 66%; vertical-align: bottom;" nowrap="nowrap">
            <div>A</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1" nowrap="nowrap">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">41%</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">19%</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: bottom;" colspan="1" nowrap="nowrap">&#160;</td>
          <td style="width: 66%; vertical-align: bottom;" nowrap="nowrap">
            <div>B</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1" nowrap="nowrap">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">20%</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">11%</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: bottom;" colspan="1" nowrap="nowrap">&#160;</td>
          <td style="width: 66%; vertical-align: bottom;" nowrap="nowrap">
            <div>C</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1" nowrap="nowrap">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">20%</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; text-align: right;" nowrap="nowrap"> -<br>
          </td>
          <td style="width: 5%; vertical-align: bottom;" colspan="1" nowrap="nowrap">&#160;</td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-16</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z71b8aa120d044dd59c0dffa6b31a36c2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Summary of Significant Accounting Policies &#8211; continued</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.25</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Commitment and contingencies</font></div>
    <div><br>
    </div>
    <div>Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties, environmental and remediation obligations and other sources are recorded when it is probable that a liability has been incurred and the amount
      of the loss can be reasonably estimated.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">2.26</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Recent Accounting Pronouncements</font></div>
    <div><br>
    </div>
    <div>In February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and
      disclosing key information about leasing arrangements. In July 2018, ASU 2018-10, Codification Improvements to Topic 842, Leases, was issued to provide more detailed guidance and additional clarification for implementing ASU 2016-02. Furthermore, in
      July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which provides an optional transition method in addition to the existing modified retrospective transition method by allowing a cumulative effect adjustment to the
      opening balance of retained earnings in the period of adoption. Additionally, ASU 2019-01, Codification Improvements to Topic 842, Leases and ASU 2020-02, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to
      SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842), provided additional clarifications for implementing ASU 2016.02.&#160; The new lease standard was originally effective for the private entities on
      January 1, 2021, with early adoption permitted. Following the issuance of ASU 2020-05, Effective Dates for Certain Entities (Topic 842), the effective date of Leases was deferred for private entities (the &#8220;all other&#8221; category) to fiscal years
      beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application continues to be permitted which means that an entity may choose to implement Leases before those deferred effective dates.
      The Company is currently evaluating the effect of the adoption of this guidance on the consolidated financial statements.</div>
    <div><br>
    </div>
    <div>In June 2016, the FASB issued ASU 2016-13, Financial Instruments&#8212;Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments, which, amends the requirement on the measurement and recognition of expected credit losses for
      financial assets held. Furthermore, amendments, ASU 2019-10 and ASU 2019-11 provided additional clarification for implementing ASU 2016-13. ASU 2016-13 is effective for the Company beginning January 1, 2023, with early adoption permitted. The Company
      is currently evaluating the effect of this guidance on the consolidated financial statements.</div>
    <div><br>
    </div>
    <div>In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. The pronouncement is effective for fiscal
      years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. ASU 2019-12 is effective for the Company beginning January 1, 2022, with early adoption permitted. The Company is currently
      evaluating the effect of this guidance on the Company&#8217;s financial statements.<br>
    </div>
    <div> <br>
    </div>
    In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging
    relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are
    effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is
    subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry
    Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as
    of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020.&#160; An entity may elect certain optional expedients for
    hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. In January 2021, the FASB issued ASU 2021-01, Reference Rate
    Reform (Topic 848): Scope. This ASU clarifies that entities can apply certain optional expedients and exceptions in ASC 848 guidance to all derivative instruments affected by the market-wide change in the interest rates used for discounting, margining
    or contract price alignment (commonly referred to as the discounting transition), even if they do not reference the London Interbank Offered Rate or another rate that is expected to be discontinued as a result of reference rate reform. The guidance
    also clarifies other aspects of the relief provided in ASC 848. It is effective upon issuance and allows for retrospective or prospective application with certain conditions. Currently, the Company does not have any contracts that have been changed to
    a new reference rate, but will continue to evaluate its contracts and the effects of this standard on the Company&#8217;s consolidated financial position, results of operations, and cash flows. <br>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-17</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z88d2a4de0583447c838f5bf265199404" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Related party disclosures</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The amounts included in the accompanying consolidated balance sheets and consolidated statements of operations are as follows:</div>
    <div><br>
    </div>
    <div><u>Consolidated Balance Sheets</u></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z91cd9b36e0264fb691fb36430b903f3a" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td colspan="5" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
          </td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td colspan="5" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td colspan="5" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td colspan="5" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: top;">
            <div style="font-weight: bold;">Convertible Promissory Notes &#8211; Related parties</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Total</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Notes</div>
          </td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Interest</div>
          </td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Total</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Notes</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Interest</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: top;">
            <div>Convertible Promissory Notes &#8211; Piraeus-Taneo Capital Fund</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">-</div>
          </td>
          <td style="width: 2.42%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">-</div>
          </td>
          <td style="width: 2.42%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">500,000</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">500,000</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">-</div>
          </td>
          <td style="width: 2.42%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">-</div>
          </td>
          <td style="width: 2.42%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">500,000</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">500,000</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">-</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z65cc1a0febd04386a68c3bbc86d042fd" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 54.39%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.39%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 3%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.39%; vertical-align: bottom;">
            <div style="font-weight: bold;">Due to related parties</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Unpaid</div>
            <div style="text-align: center; font-weight: bold;">compensation cost</div>
          </td>
          <td style="width: 3%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Unpaid</div>
            <div style="text-align: center; font-weight: bold;">compensation cost</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.39%; vertical-align: bottom;">
            <div>Vassilios Gregoriou</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">613,971</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">648,394</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.39%; vertical-align: bottom;">
            <div>Christos Kaskavelis</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">75,160</div>
          </td>
          <td style="width: 3%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">68,908</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.39%; vertical-align: bottom;">
            <div>Emory Sayre De Castro</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">425,528</div>
          </td>
          <td style="width: 3%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">526,122</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.39%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">1,114,659</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">1,243,424</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z632497c8b3aa453ca37bd9d8f62eeb90" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 54.39%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top; text-align: center;">&#160;</td>
          <td colspan="3" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.39%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 3%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.39%; vertical-align: bottom;">
            <div style="font-weight: bold;">Due from related parties</div>
          </td>
          <td style="width: 3%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Prepayment</div>
          </td>
          <td style="width: 3%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Prepayment</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.39%; vertical-align: bottom;">
            <div>Charalampos Antoniou</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">67,781</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 54.39%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">67,781</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">-</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-18</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5e813f6a5f7e4e5cada9995cce715797" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Related party disclosures &#8211; continued</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><u>Consolidated statements of operations</u></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8d7327b0713c48ef9ad72f43031308a1" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 58%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 18.21%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom;">
            <div style="font-weight: bold;">Finance costs &#8211; Related parties</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 18%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Interest</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 18.21%; vertical-align: top; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Interest</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom;">
            <div>Convertible Promissory Notes &#8211; Piraeus-Taneo Capital Fund (&#8220;PTCF&#8221;)</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 18.21%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">34,541</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">-</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 18.21%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">34,541</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">Vassilios Gregoriou: </font>Vassilios Gregoriou is the Company&#8217;s CEO and one of the major shareholders of the Company, owning 31% and 15% of the Company&#8217;s common stock as of December 31, 2020 and December 31,
      2019, respectively. The Company has entered into an employment agreement with the CEO for his services. The table above presents unpaid compensation costs as at December 31, 2020 and December 31, 2019. Also, during the year ended December 31, 2020 he
      was awarded 809,914 common shares from the stock grant plans (Note 12).</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">Christos Kaskavelis:</font> Christos Kaskavelis serves as the Company&#8217;s Director and one of the major shareholders, owning 15% of the Company&#8217;s common stock as of December 31, 2020 and less than 10% as of December
      31, 2019. The Company pays Christos Kaskavelis for professional services rendered, through Mamaya Inc, Delaware corporation owed by him and his wife. The table above presents unpaid compensation costs as at December 31, 2020 and 2019. Also, during
      the year ended December 31, 2020 he was awarded 434,741 common shares from the stock grant plans (Note 12).</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">Emory Sayre De Castro:</font> Emory Sayre De Castro, is the Company&#8217;s Director, CTO and one of the major shareholders, owning 17% of the Company&#8217;s common stock as of December 31, 2020 and less than 10% as of
      December 31, 2019. The Company has entered into a consultancy agreement with the CTO for his services. The table above presents unpaid compensation costs as at December 31, 2020 and 2019. Also, during the year ended December 31, 2020 he was awarded
      434,741 common shares from the stock grant plans (Note 12).</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">Charalampos Antoniou: </font>Charalampos Antoniou is the Company&#8217;s Director and shareholder, owing less than 10% of the Company&#8217;s common stock as of December 31, 2020 and 2019. The Company on May 16, 2020 has
      entered into a board member agreement for his services as a general counsel. During the year ended December 31, 2020 Charalambos Antoniou was awarded 235,727 common shares from the stock grant plans (Note 12). The table above presents prepayment to
      Mr. Antoniou that will be deducted from his compensation for the upcoming year.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">Piraeus-Taneo Capital Fund (&#8220;PTCF&#8221;): </font>PTCF is a venture capital mutual fund represented by Piraeus Capital Management SA, a member of Piraeus Bank SA group, owning 0% and less than 10% of the Company&#8217;s
      common stock as of December 31, 2020 and December 31, 2019, respectively. As further discussed in Note 10, PTCF was holder of the Company&#8217;s convertible notes. According to the terms of the respective notes, PTCF was entitled with representation in
      the Board. Within 2020 following the settlement of the respective notes, the representative of PTCF resigned his position in Board.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-19</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb43152102b5643f7941babc15f9625e7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Inventories</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Inventories consist of the following:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcda138e9faf848c396763cc088e93c4e" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="4" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 18%;">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Raw materials and supplies</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 18%; vertical-align: top;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">107,939</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; text-align: center;">$<br>
          </td>
          <td style="width: 16%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">32,440</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 18%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">107,939</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); text-align: center;"><font style="font-weight: bold;">$</font><br>
          </td>
          <td style="width: 16%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">32,440</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7764fdaa58d04b798387bf4b08e16a06" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">5.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Other current assets</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Other current assets are analyzed as follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z320941bd742b493eb75e7cafb45dc153" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="4" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 18%;">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>VAT receivable</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">259,831</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; text-align: center;">$<br>
          </td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">171,057</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Grants receivable</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 18%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">95,064</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 16%; vertical-align: middle;">
            <div style="text-align: right;">43,779</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Other current assets</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 18%; vertical-align: middle;" nowrap="nowrap">
            <div style="text-align: right;">115,639</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 16%; vertical-align: middle;">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Other current receivables</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">24,487</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">4,167</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 18%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">495,021</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); text-align: center;"><font style="font-weight: bold;">$</font><br>
          </td>
          <td style="width: 16%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">219,003</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>On December 10, 2020, the Company made a non-refundable payment of $100,000 to Bren-Tronics, Inc (&#8220;Bren-Tronics&#8221;), in connection with an intention to enter into a prospective agreement to acquire the membership interests of UltraCell, LLC
      (&#8220;Ultracell&#8221;). The respective amount is included in Other current assets at December 31, 2020 as a deposit towards a future purchase price.</div>
    <div><br>
    </div>
    <div>On February 18, 2021, Advent Technologies Inc., entered into an agreement with Bren-tronics, Inc. and UltraCell, LLC, pursuant to which, the Company acquired 100% of the issued and outstanding membership interests in UltraCell, LLC.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d973fec704b41fda1861c0c9bf7ead8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">6.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Property and equipment</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Property and equipment as of December 31, 2020 and 2019, are composed of the following:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2e98aeb024a34386963f0e346127f320" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 34.64%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 3.3%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 14.85%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Property</div>
            <div style="text-align: center; font-weight: bold;">and</div>
            <div style="text-align: center; font-weight: bold;">Equipment</div>
          </td>
          <td style="width: 17.19%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Accumulated Depreciation</div>
          </td>
          <td style="width: 15.8%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Exchange Differences</div>
          </td>
          <td style="width: 14.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Net Book</div>
            <div style="text-align: center; font-weight: bold;">Value</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.64%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">
            <div style="font-weight: bold;">Balance January 1, 2019</div>
          </td>
          <td style="width: 3.3%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 14.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">206,946</div>
          </td>
          <td style="width: 17.19%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(137,278)</div>
          </td>
          <td style="width: 15.8%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(2,158)</div>
          </td>
          <td style="width: 14.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">67,510</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.64%; vertical-align: bottom;" nowrap="nowrap">
            <div>Additions</div>
          </td>
          <td style="width: 3.3%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 14.85%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">34,935</div>
          </td>
          <td style="width: 17.19%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 15.8%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 14.22%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">34,935</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.64%; vertical-align: bottom;" nowrap="nowrap">
            <div>Depreciation for the year</div>
          </td>
          <td style="width: 3.3%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 14.85%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 17.19%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(16,804)</div>
          </td>
          <td style="width: 15.8%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 14.22%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(16,804)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.64%; vertical-align: bottom;" nowrap="nowrap">
            <div>Write off of fully depreciated asset</div>
          </td>
          <td style="width: 3.3%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 14.85%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(6,672)</div>
          </td>
          <td style="width: 17.19%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">6,672</div>
          </td>
          <td style="width: 15.8%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 14.22%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.64%; vertical-align: bottom;" nowrap="nowrap">
            <div>Exchange differences</div>
          </td>
          <td style="width: 3.3%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 14.85%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 17.19%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 15.8%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(664)</div>
          </td>
          <td style="width: 14.22%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(664)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.64%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">
            <div style="font-weight: bold;">Balance December 31, 2019</div>
          </td>
          <td style="width: 3.3%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 14.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">235,209</div>
          </td>
          <td style="width: 17.19%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(147,410)</div>
          </td>
          <td style="width: 15.8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(2,822)</div>
          </td>
          <td style="width: 14.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">84,977</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.64%; vertical-align: bottom;" nowrap="nowrap">
            <div>Additions</div>
          </td>
          <td style="width: 3.3%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 14.85%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">122,508</div>
          </td>
          <td style="width: 17.19%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 15.8%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 14.22%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">122,508</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.64%; vertical-align: bottom;" nowrap="nowrap">
            <div>Depreciation for the year</div>
          </td>
          <td style="width: 3.3%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 14.85%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 17.19%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(22,508)</div>
          </td>
          <td style="width: 15.8%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 14.22%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(22,508)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.64%; vertical-align: bottom;" nowrap="nowrap">
            <div>Write off of fully depreciated asset</div>
          </td>
          <td style="width: 3.3%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 14.85%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">(33,911)</div>
          </td>
          <td style="width: 17.19%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">33,911</div>
          </td>
          <td style="width: 15.8%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 14.22%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.64%; vertical-align: bottom;" nowrap="nowrap">
            <div>Exchange differences</div>
          </td>
          <td style="width: 3.3%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 14.85%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 17.19%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 15.8%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">13,760</div>
          </td>
          <td style="width: 14.22%; vertical-align: bottom; text-align: right;" nowrap="nowrap">13,760 <br>
          </td>
        </tr>
        <tr>
          <td style="width: 34.64%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">
            <div style="font-weight: bold;">Balance December 31, 2020</div>
          </td>
          <td style="width: 3.3%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 14.85%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">323,806</div>
          </td>
          <td style="width: 17.19%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">(136,007)</div>
          </td>
          <td style="width: 15.8%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">10,938</div>
          </td>
          <td style="width: 14.22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">198,737</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Property and equipment include leasehold improvements of amount $12,213 and $2,667 as at December 31, 2020 and 2019, respectively. There are no collaterals or other commitments on the Company&#8217;s property and equipment.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-20</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za2549261c4534a928c83ad4aa1c0fe0d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">7.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Trade and other payables</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1326211a0d2e47de83c6aa571599e1e3" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="4" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 18%;">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Trade payables</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">826,523</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">$<br>
          </td>
          <td style="width: 16%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">267,706</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Other payables</div>
          </td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">54,871</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">40,116</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">881,394</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); text-align: center;" nowrap="nowrap"><font style="font-weight: bold;">$</font><br>
          </td>
          <td style="width: 16%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">307,822</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Trade payables include balances of professional and consulting service providers in connection with the merger agreement with AMCI, discussed in Note 1.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z29e679a41eb044fe95d4e803339ef0c0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">8.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Other current liabilities</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Other current liabilities of the Company are analyzed as follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfcca0557ca5d4745b9a90b3db261c7d5" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="4" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 18%;">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Accrued expenses for legal and consulting fees</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">814,965</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; text-align: center;" nowrap="nowrap">$<br>
          </td>
          <td style="width: 16%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">76,555</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Other accruals and short-term payables</div>
          </td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">84,145</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">79,767</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Provision for employee&#8217;s unused vacation days of Subsidiary</div>
          </td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">5,269</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">11,158</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">904,379</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); text-align: center;" nowrap="nowrap"><font style="font-weight: bold;">$</font></td>
          <td style="width: 16%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">167,480</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Accrued expenses for legal and consulting fees include amounts for professional and consulting services in connection with the merger agreement with AMCI, discussed in Note 1.</div>
    <div><br>
    </div>
    <div>Amounts of $59,178 and $54,174 classified in other accruals and short-term payables as of December 31, 2020 and 2019, respectively, relate to amounts received from grantor to the Company in its role as a coordinator to this grant and the Company
      is obliged to transfer these amounts to one of its shareholders, which is also part in the respective grant program.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1546ccce17ac4bf496d338c9a13ba494" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">9.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Liability for Staff Leaving Indemnity</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The movements in the net liability in the accompanying consolidated balance sheets has as follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7961bb85c7664f1face9024ed1ee9be1" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 18%;">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 2%;">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 2%;">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 16%;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Liability at the beginning of the period</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">28,853</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; text-align: center;"><font style="font-weight: bold;">$</font><br>
          </td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">25,996</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div>Interest cost</div>
          </td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center;">337</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: center;">292</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div>Service cost</div>
          </td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center;">1,671</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: center;">3,045</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Cost recognized in loss for the year</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2,008</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; text-align: center;"><font style="font-weight: bold;">$</font><br>
          </td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">3,337</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div>Exchange differences</div>
          </td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center;">2,815</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: center;">(480)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Net liability at the end of the period</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">33,676</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); text-align: center;"><font style="font-weight: bold;">$</font><br>
          </td>
          <td style="width: 16%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">28,853</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-21</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <div>The main actuarial assumptions used were as follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z45a30b852a63452b8037837339f4f436" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 60.38%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td colspan="3" style="width: 39.62%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.38%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 19.3%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2.84%; vertical-align: bottom;">&#160;</td>
          <td style="width: 17.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.38%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 19.3%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">%</div>
          </td>
          <td style="width: 2.84%; vertical-align: top;">&#160;</td>
          <td style="width: 17.47%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.38%; vertical-align: bottom;" nowrap="nowrap">
            <div>Discount rate</div>
          </td>
          <td style="width: 19.3%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">0.6</div>
          </td>
          <td style="width: 2.84%; vertical-align: top;">&#160;</td>
          <td style="width: 17.47%; vertical-align: bottom;">
            <div style="text-align: right;">1.15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.38%; vertical-align: middle;" nowrap="nowrap">
            <div>Future salary increases</div>
          </td>
          <td style="width: 19.3%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1.50</div>
          </td>
          <td style="width: 2.84%; vertical-align: top;">&#160;</td>
          <td style="width: 17.47%; vertical-align: bottom;">
            <div style="text-align: right;">1.50</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.38%; vertical-align: bottom;" nowrap="nowrap">
            <div>Inflation</div>
          </td>
          <td style="width: 19.3%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">1.50</div>
          </td>
          <td style="width: 2.84%; vertical-align: top;">&#160;</td>
          <td style="width: 17.47%; vertical-align: bottom;">
            <div style="text-align: right;">1.50</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.38%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 19.3%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2.84%; vertical-align: top;">&#160;</td>
          <td style="width: 17.47%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c68da49e4dd4574b1bb6786724237d9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">10.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Convertible Promissory Notes</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Convertible Promissory Notes and Convertible Promissory Notes &#8211; Related parties are analyzed as follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3d5ad37a74c3482bac85e0c04088b1fd" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;" rowspan="2" colspan="1">
            <div style="text-align: center; font-weight: bold;">Interest rate</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">%</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div>Senior secured Convertible Promissory Notes &#8211; (&#8220;PTCF Note&#8221;)</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: right;">8%</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">$<br>
          </td>
          <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">500,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Total Convertible Promissory Notes (Related Party)</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 16%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">500,000</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Senior Secured Promissory Notes &#8211; Advent Notes</div>
    <div><br>
    </div>
    <div>On October 12, 2012, the Company issued $1,961,690 of Senior Secured Convertible Promissory Notes (&#8220;Advent Notes&#8221;), according to an agreement between the Company, its Subsidiary and several investors, including related parties. Under this
      agreement, as amended, the investors (except for PTCF, which had entered into a separate agreement with the Subsidiary, as discussed below) entered into separate agreements with the Company for the issuance of the Advent Notes. The Advent Notes were
      issued at their face value, with interest of 8% per annum accrued on the principal until repayment or conversion, and their maturity dates were December 31, 2017. The Advent Notes were contingently convertible into a variable number of&#160; preferred
      shares or other equity securities. On June 11, 2018, majority of Advent Notes&#8217; holders as defined by the agreement (the &#8220;Required Holders&#8221;), exercised their option according to which all notes are convertible in preferred shares, with conversion
      price equal to 65% or 50% as per terms of each separate agreement with each investor, multiplied by $2.61, being the price per common share established by an independent valuator appointed by the Company and the Required Holders. The aggregate of
      this outstanding principal balance and the accrued and unpaid interest of $807,879 at that date was $2,769,569. It was further agreed that the Company would authorize and issue preferred stock to effect the conversion. On May 28, 2019, the Company
      amended its certificate of incorporation and authorized 2,500,000 preferred shares. On the same date, 1,681,453 Series Seed Preferred Shares, par value $0.001 per share were issued to the investors, of which 1,176,539 were issued to related parties
      (Notes 3 and 11).</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Senior secured convertible debenture loan &#8211; PTCF Note</div>
    <div><br>
    </div>
    <div>Pursuant to the agreement with the Company and several investors described above, the Subsidiary entered into a senior secured convertible promissory note agreement with PTCF and Piraeus Bank S.A., as amended, with a nominal value of Euro 385,743
      ($499,846), with the Company as guarantor and security provider (the &#8220;PTCF Note&#8221;). The PTCF Note was issued in its face value, bears interest of 8% per annum and its maturity date, as amended, was December 31, 2017. Under the terms of the note, the
      notes are contingently convertible into Subsidiary&#8217;s common stock at a conversion ratio of ten euro per share, and able to be further converted to Company&#8217;s preferred stock at a variable price, at the option of the holders, and subject to condition
      imposed by Advent Notes. The Company&#8217;s assessment of the conversion features resulted to no bifurcation of embedded derivatives or beneficial conversion features.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-22</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <div>On December 31, 2019, the Subsidiary and PTCF agreed to fully repay the PTCF Note by January 20, 2020, pursuant to which Euro 452,285 ($500,000) was agreed to be paid in full settlement of the PTCF Note with a principal balance of Euro 385,743 and
      accrued interest payable amounted of Euro 221,342.50 at that date. The Company determined that the modified repayment terms met the criteria for debt extinguishment per ASC 470-50, Debt - Modifications and Extinguishments and resulted in a gain on
      debt extinguishment. The difference between the settlement amount of Euro 452,285 ($500,000) and the carrying amount of Euro 607,085.50 ($673,894 principal and interest), of Euro 154,801 ($173,894) was recognized in additional paid in capital as a
      capital transaction in accordance to ASC 470-50-40-2, since PTCF was a related party (Note 3). On January 20, 2020, the Company repaid the amount of $500,000 as originally agreed. </div>
    <div><br>
    </div>
    <div>Interest expense was $nil and $34,541 for the years ended December 31, 2020 and 2019, respectively (Note 15) and is classified in Finance costs &#8211; Related parties in consolidated statements of comprehensive operations.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z319b541c5895420e8ba58ce4162b4676" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">11.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Stockholders&#8217; Deficit</u></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The Company upon its incorporation had authorized 2,600,000 shares of common stock, with par value of $0.001, consisting of 1,600,000 shares of Class A Voting Common Stock and 1,000,000 shares of Class B Non-Voting Common Stock.</div>
    <div><br>
    </div>
    <div>On May 28, 2019, the Company amended and restated its certificate of incorporation to authorize 10,000,000 shares, consisting of 7,500,000 shares of Common Stock (one class of voting common stock), with par value of $0.001 per share, and 2,500,000
      shares of Preferred Stock, with par value of $0.001 per share. The Preferred Stock was designated as Series Seed Preferred Stock.</div>
    <div><br>
    </div>
    <div>On May 28, 2019, the Company exchanged the outstanding at that time Class A and Class B Common Stock of 67,982 and 668,345, respectively for shares in the newly authorized Common Stock amounting to 736,336 common shares.</div>
    <div><br>
    </div>
    <div>On May 28, 2019, the total outstanding balance of Advent Notes amounting to $2,769,569 was converted to 1,681,453 Series Seed Preferred Stock.</div>
    <div><br>
    </div>
    <div>On May 31, 2019, 151,848 common shares were issued in connection with the stock grant plans discussed below, and as of December 31, 2019, the Company&#8217;s issued and outstanding common shares was 888,184.</div>
    <div><br>
    </div>
    <div>In December 2019, the Company entered into private placement agreements pursuant to which the Company issued 426,952 Series Seed Preferred Shares for net proceeds of $499,937.</div>
    <div><br>
    </div>
    <div>On October 11, 2019, the Company further amended and restated its certificate of incorporation to issue up to 6,591,595 common stock, with par value of $0.001 per share, and up to 3,408,405 Preferred stock, with par value of $0.001 per share. Such
      Preferred stock is comprised of 2,108,405 Series Seed Preferred Stock and 1,300,000 of Series A Preferred Stock. Terms of Series Seed Preferred Stock and Series A Preferred Stock were similar to the May 28, 2019 certificate of incorporation.</div>
    <div><br>
    </div>
    <div>Upon authorization of the Series A Preferred Stock in October 2019, the Company issued 314,505 shares in Series A Preferred Stock for net proceeds of $849,165 in connection with private placement agreement with several investors.</div>
    <div><br>
    </div>
    <div>As per the second amended and restated certificate of incorporation each share of Series Seed Preferred Stock and Series A Preferred Stock has voting rights equal to an equivalent number of shares of common stock into which it is convertible and
      votes together as one class with the common stock, participate on an as-converted basis in dividends declared and paid on the Company&#8217;s common shares and have a liquidation preference equal to the greater of $2.61 or $4.0046 for Series Seed Preferred
      Stock and Series A Preferred Stock, respectively, or the liquidation amount per share on an as converted basis.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-23</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <div>The Series Seed Preferred Stock and Series A Preferred Stock are convertible at any time, at the option of the holder, at a conversion rate of one common share per Series Seed Preferred Stock or Series A Preferred Stock. All of the Series Seed
      Preferred Stock and Series A Preferred Stock will automatically convert into common shares, upon either (a) the closing of the sale of shares of Common Stock to the public at a price of at least $6.0684 per share or (b) upon request of holders of
      more than 50% of the preferred shares acting as a single class in an as converted basis, at a conversion rate of one common share per Series Seed Preferred Stock or Series A Preferred Stock. </div>
    <div><br>
    </div>
    <div>The conversion price is subject to customary anti-dilution and other adjustments such as issuance of common shares as a dividend or the subdivision, combination, or reclassification of common shares into a greater or lesser number of common
      shares.</div>
    <div><br>
    </div>
    <div>If a deemed liquidation occurs (such as merger or consolidation of the Company or its subsidiaries and sale of all or substantially all of the Company&#8217;s and its subsidiary&#8217;s assets, unless holders of at least majority of the outstanding shares of
      preferred stock voting together as a single class and on an as-converted basis elect otherwise) and the Company does not effect the dissolution in 90 days, holders of the preferred stock can request, subject to the approval by majority holders of the
      preferred shares acting as a single class on an as converted basis, the redemption of the preferred stock at a price equal to the liquidation amount.</div>
    <div><br>
    </div>
    <div>The Series Seed Preferred Stock and Series A Preferred Stock did not meet the criteria for mandatorily redeemable financial instruments.</div>
    <div><br>
    </div>
    <div>Additionally, the Company determined that the nature of both classes of preferred shares were more akin to an equity instrument and that the economic characteristics and risks of the embedded conversion options were clearly and closely related to
      both classes of preferred shares. As such, the conversion options were not required to be bifurcated from the equity host under ASC 815, Derivatives and Hedging. The Company assessed that no beneficial conversion feature should be assigned. The
      Company also determined that the contingent redemption call option did not meet the definition of a derivative, since the Company&#8217;s shares are not readily convertible into cash, and thus net settlement criterion for an instrument to be characterized
      as a derivative under ASC 815, is not met. The Company assessed that equity classification was appropriate for both series of preferred stock.</div>
    <div><br>
    </div>
    <div>The Series Seed Preferred Stock and Series A Preferred Stock rank pari passu with each other and senior to the Company&#8217;s common shares with respect to dividend distributions and distributions upon any liquidation event.</div>
    <div><br>
    </div>
    <div>During the year ended December 31, 2020, the Company entered into private placement agreements with certain investors pursuant to which the Company issued 529,532 Series A Preferred Shares for net proceeds of $1,430,005.</div>
    <div><br>
    </div>
    <div>During the year ended December 31, 2020, 2,173,702 common shares were issued in connection with the stock grant plans discussed below.</div>
    <div><br>
    </div>
    <div>In addition, during the year ended December 31, 2020, 44,829 common shares and 12,813 Series Seed Preferred Stock were repurchased by the Company, from existing minority shareholders, for an amount of $118,199 and $34,593, respectively. The
      respective shares have been cancelled.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4df7ac890504f5ab77eb11ea1f075f2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">12.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Stock grant plans</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>On March 26, 2020, the Company&#8217;s Board of Directors and shareholders approved the 2018-2020 Stock Grant Plan (the &#8220;2018-2020 Plan&#8221;) to reward certain employees and directors of the Company. The maximum aggregate number of shares that may be issued
      under this plan is 1,280,199 common shares. The Company entered into separate Restricted Stock Award Agreements with each participant according to which awards for 1,280,199 shares of common stock were granted with purchase price $0.01 per share.
      Under the Plan, if the employee ceases to be employed with the Company for any reason prior to December 31, 2020, the Company has a limited repurchase period to repurchase the granted shares at a price of $0.01 per share. If the Company does not
      exercise such repurchase option and unless the Company declines in writing to exercise the repurchase option prior to such time, the repurchase option is automatically deemed exercised at the end of the repurchase window.&#160; This limited repurchase
      right will lapse upon the occurrence of a liquidation event. The repurchase feature is deemed equivalent to a forfeiture (vesting) provision. The shares vested over the year ended December 31, 2020. The stock-based compensation is recognized in
      administrative and selling expenses over the vesting period based on the fair value of the shares on the grant date.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-24</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <div>On September 9, 2020, the Company&#8217;s Board of Directors and shareholders approved the 2020-2023 Stock Grant Plan (the &#8220;2020-2023 Plan&#8221;) to reward certain employees and directors of the Company. The maximum aggregate number of shares that may be
      issued under this plan is 893,503 common shares. The Company entered into separate Restricted Stock Award Agreements with each participant according to which awards for 893,503 shares of common stock were granted with purchase price $0.01 per share.
      If the Company does not exercise such repurchase option and unless the Company declines in writing to exercise the repurchase option prior to such time, the repurchase option is automatically deemed exercised at the end of the repurchase window. This
      limited repurchase right will lapse upon the occurrence of a liquidation event. The repurchase feature is deemed equivalent to a forfeiture (vesting) provision.&#160; The shares vested over the year ended December 31, 2020. The stock-based compensation is
      recognized in administrative and selling expenses over the vesting period based on the fair value of the shares on the grant date.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z89426b48849f404d8398a7ad22f74ff8" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          <td style="width: 22.16%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Number of </div>
            <div style="text-align: center; font-weight: bold;">non-vested shares</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 24.96%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Grant date fair value</div>
            <div style="text-align: center; font-weight: bold;"> per non-vested shares</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">Balance January 1, 2020</div>
          </td>
          <td style="width: 22.16%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">-</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 24.96%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;" nowrap="nowrap">
            <div>Granted</div>
          </td>
          <td style="width: 22.16%; vertical-align: bottom; border-top: #000000 4px double;" nowrap="nowrap">
            <div style="text-align: right;">2,173,702</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 24.96%; vertical-align: bottom; border-top: #000000 4px double;" nowrap="nowrap">
            <div style="text-align: right;">0.40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Vested</div>
          </td>
          <td style="width: 22.16%; vertical-align: bottom; border-bottom: #000000 2px solid;" nowrap="nowrap">
            <div style="text-align: right;">(2,173,702)</div>
          </td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 24.96%; vertical-align: bottom; border-bottom: #000000 2px solid;" nowrap="nowrap">
            <div style="text-align: right;">0.40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div style="font-weight: bold;">Balance December 30, 2020</div>
          </td>
          <td style="width: 22.16%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">-</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 24.96%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">-</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>The amounts of $869,481 represents the stock based compensation expense for both stock-grant plans for the year ended December 30, 2020 and is recorded in &#8220;Administrative and selling expenses&#8221;, in the accompanying consolidated statements of
      operations.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1fbff7d728da46eba3532e53717d998e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">13.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Income Tax (Current and Deferred)</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The Company&#8217;s consolidated financial statements include total net loss before taxes of $3,121,042 (amount of $2,808,067 is domestic loss and $312,975 foreign loss) and $270,427 (amount of $332,391 is Domestic loss and an amount of $61,964 is
      foreign gain) for the years ended December 31, 2020 and 2019. The income tax provision consists of the following:</div>
    <div> <br>
    </div>
    <div>The income tax provision consists of the following:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z20026f9e91cc465981709c40a8d7c3eb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50.02%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2.52%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td colspan="5" style="width: 47.46%; vertical-align: bottom; border-bottom: #000000 2px solid;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.02%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2.52%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td colspan="2" style="width: 20.34%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom; border-top: #000000 2px solid;" nowrap="nowrap">&#160;</td>
          <td colspan="2" style="width: 23.35%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.02%; vertical-align: bottom;">
            <div>Federal:</div>
          </td>
          <td style="width: 2.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom; border-top: #000000 2px solid;">&#160;</td>
          <td style="width: 10.22%; vertical-align: bottom; border-top: #000000 2px solid;">&#160;</td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom; border-top: #000000 2px solid;">&#160;</td>
          <td style="width: 13.24%; vertical-align: bottom; border-top: #000000 2px solid;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.02%; vertical-align: bottom;">
            <div>Current</div>
          </td>
          <td style="width: 2.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 10.22%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 13.24%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.02%; vertical-align: bottom;">
            <div>Deferred</div>
          </td>
          <td style="width: 2.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.22%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.24%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.02%; vertical-align: bottom;">
            <div>State and Local:</div>
          </td>
          <td style="width: 2.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.22%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.24%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.02%; vertical-align: bottom;">
            <div>Current</div>
          </td>
          <td style="width: 2.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.22%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.24%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.02%; vertical-align: bottom;">
            <div>Deferred</div>
          </td>
          <td style="width: 2.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.22%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.24%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.02%; vertical-align: bottom;">
            <div>Non-US:</div>
          </td>
          <td style="width: 2.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.22%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.24%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50.02%; vertical-align: bottom;">
            <div>Current</div>
          </td>
          <td style="width: 2.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.22%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.24%; vertical-align: bottom;">
            <div style="text-align: right;">87,827</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.02%; vertical-align: bottom;">
            <div>Deferred</div>
          </td>
          <td style="width: 2.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.24%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.02%; vertical-align: bottom;">
            <div style="font-weight: bold;">Income tax provision</div>
          </td>
          <td style="width: 2.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 10.22%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">-</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.12%; vertical-align: bottom;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 13.24%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">87,827</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Income tax for year ended December 31, 2020 is zero due to tax losses incurred as of December 31, 2020. Reconciliations of the differences between the provision for income taxes and income taxes at the statutory U.S. federal income tax rate is as
      follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5bb56c47056c4d10a0af73cb457f8099" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td colspan="5" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Amount</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Percent of</div>
            <div style="text-align: center; font-weight: bold;">Pretax</div>
            <div style="text-align: center; font-weight: bold;">Income</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Current tax at U.S. statutory rate</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">(655,419)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;"> <br>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">21.00%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Effect of state tax</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">(78,345)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">2.51%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Effect of valuation allowance</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">
              <div style="font-family: 'Times New Roman',Times,serif;">213,463</div>
            </div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">(6.84)%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Non-US change in tax rate</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Effect of non-US income tax rates</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">2,391</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">(0.08)%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: bottom;">Net Operating Loss True-Up<br>
          </td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 16%; vertical-align: bottom; text-align: right;">154,533<br>
          </td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 20%; vertical-align: bottom; text-align: right;">(4.95)%<br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Effect of non-deductible expenses</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">
              <div style="font-family: 'Times New Roman',Times,serif;">184,425</div>
            </div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">(5.91)%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Change in tax reserves</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: bottom;">Stock Compensation<br>
          </td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 16%; vertical-align: bottom; text-align: right;">182,591<br>
          </td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 20%; vertical-align: bottom; text-align: right;">(5.85)%<br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: bottom;">Other, net<br>
          </td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">(3,639)<br>
          </td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">(0.12)%<br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total Income Tax Provision</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 16%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);"> <br>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">0%<br>
            </div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6abc3c8993854166bd6c0dadd69a898f" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td colspan="5" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Amount</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Percent of</div>
            <div style="text-align: center; font-weight: bold;">Pretax</div>
            <div style="text-align: center; font-weight: bold;">Income</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Current tax at U.S. statutory rate</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">(56,790)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">21.00%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Effect of state tax</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">(33,856)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">12.52%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Effect of valuation allowance</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">32,489</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">(12.01)%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Non-US change in tax rate</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">38,128</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">(14.10)%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Effect of non-US income tax rates</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">1,957</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">(0.72)%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Effect of non-deductible expenses</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: right;">34,579</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: right;">(12.79)%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div>Change in tax reserves</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">71,320</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;(26.37)%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total Income Tax Provision</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 16%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">87,827</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-weight: bold;">(32.48)%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-25</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Income Tax (Current and Deferred) &#8211; continued:</div>
    <div><br>
    </div>
    <div>Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Company&#8217;s assets and liabilities at the applicable tax rates in
      effect.&#160; Significant components of the Company&#8217;s deferred tax assets and liabilities are as follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z190cbdbdca8d4905bb0f1f8c3fa0e3e0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 51.53%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 3.76%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td colspan="6" style="width: 44.62%; vertical-align: bottom; border-bottom: #000000 2px solid;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
          </td>
          <td style="width: 0.1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 3.76%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td colspan="2" style="width: 22.81%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 4.33%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td colspan="3" style="width: 17.48%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div>Deferred Tax Assets:</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom; border-top: #000000 2px solid;">&#160;</td>
          <td style="width: 11.16%; vertical-align: bottom; border-top: #000000 2px solid;">&#160;</td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom; border-top: #000000 2px solid;">&#160;</td>
          <td style="width: 11.32%; vertical-align: bottom; border-top: #000000 2px solid;">&#160;</td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div>&#160;&#160;&#160;Net Operating Loss Carryforwards</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 11.16%; vertical-align: bottom;">
            <div style="text-align: right;">
              <div style="font-family: 'Times New Roman',Times,serif;">1,000,520</div>
            </div>
          </td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 11.32%; vertical-align: bottom;">
            <div style="text-align: right;">814,849</div>
          </td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 51.53%; vertical-align: bottom;">&#160;&#160; Fixed Assets<br>
          </td>
          <td rowspan="1" style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 11.65%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 11.16%; vertical-align: bottom; text-align: right;">32,627<br>
          </td>
          <td rowspan="1" style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 6.05%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 11.32%; vertical-align: bottom; text-align: right;">-<br>
          </td>
          <td rowspan="1" style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td rowspan="1" style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 51.53%; vertical-align: bottom;">&#160;&#160; Debt Costs<br>
          </td>
          <td rowspan="1" style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 11.65%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 11.16%; vertical-align: bottom; text-align: right;">20,490<br>
          </td>
          <td rowspan="1" style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 6.05%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 11.32%; vertical-align: bottom; text-align: right;">-<br>
          </td>
          <td rowspan="1" style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td rowspan="1" style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 51.53%; vertical-align: bottom;">&#160;&#160; Reserves and Accruals<br>
          </td>
          <td rowspan="1" style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 11.65%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 11.16%; vertical-align: bottom; text-align: right;">203,013<br>
          </td>
          <td rowspan="1" style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 6.05%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 11.32%; vertical-align: bottom; text-align: right;">-<br>
          </td>
          <td rowspan="1" style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td rowspan="1" style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div>&#160;&#160;&#160;Accounts receivable</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.16%; vertical-align: bottom;">
            <div style="text-align: right;">36,838</div>
          </td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.32%; vertical-align: bottom;">
            <div style="text-align: right;">36,838</div>
          </td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div>&#160;&#160;&#160;Capitalized costs</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.16%; vertical-align: bottom;">
            <div style="text-align: right;">198,909</div>
          </td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.32%; vertical-align: bottom;">
            <div style="text-align: right;">404,325</div>
          </td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div>&#160;&#160;&#160;Deferred revenue</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.16%; vertical-align: bottom;">
            <div style="text-align: right;">69,341</div>
          </td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.32%; vertical-align: bottom;">
            <div style="text-align: right;">62,417</div>
          </td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div>&#160;&#160;&#160;Other current liabilities</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.16%; vertical-align: bottom;">
            <div style="text-align: right;">-<br>
            </div>
          </td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.32%; vertical-align: bottom;">
            <div style="text-align: right;">28,599</div>
          </td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div>&#160;&#160;&#160;Other</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.16%; vertical-align: bottom; text-align: right;">49,655<br>
          </td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.32%; vertical-align: bottom;">
            <div style="text-align: right;">48,706</div>
          </td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div style="font-weight: bold;">Gross Deferred Tax Assets</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 11.16%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">1,611,393</div>
            </div>
          </td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 11.32%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">1,395,734</div>
          </td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div>&#160;&#160;&#160;Less: Valuation Allowance</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.16%; vertical-align: bottom;">
            <div style="text-align: right;">
              <div><font style="font-family: 'Times New Roman',Times,serif;">(1,597,693</font><font style="font-family: 'Times New Roman',Times,serif;">)</font></div>
            </div>
          </td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.32%; vertical-align: bottom;">
            <div style="text-align: right;">(1,384,230)</div>
          </td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total Deferred Tax Assets</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 11.16%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">13,700</div>
          </td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 11.32%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">11,504</div>
          </td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.32%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div>Deferred Tax Liabilities:</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.32%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div>&#160;&#160; Intangibles</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 11.16%; vertical-align: bottom;">
            <div style="text-align: right;">(13,700)</div>
          </td>
          <td style="width: 4.33%; vertical-align: bottom;">
            <div><br>
            </div>
          </td>
          <td style="width: 6.05%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 11.32%; vertical-align: bottom;">
            <div style="text-align: right;">(11,504)</div>
          </td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total Deferred Tax Liabilities</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 11.16%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">(13,700)</div>
          </td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 11.32%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">(11,504)</div>
          </td>
          <td style="width: 0.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.16%; vertical-align: bottom;">&#160;</td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.32%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.53%; vertical-align: bottom;">
            <div style="font-weight: bold;">Net Deferred Tax Assets/(Liabilities)</div>
          </td>
          <td style="width: 3.76%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.65%; vertical-align: bottom;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 11.16%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">-</div>
          </td>
          <td style="width: 4.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.05%; vertical-align: bottom;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 11.32%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">-</div>
          </td>
          <td style="width: 0.12%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.1%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The Company provides a valuation allowance to offset deferred tax assets
      for net operating losses incurred during the year and for other deferred tax assets where, in the Company&#8217;s opinion, it is more likely than not that the financial statement benefit of these losses will not be realized. The Company&#8217;s valuation
      allowance increased by $213,463 during the year ended December 31, 2020 mainly due to net operating losses generated during the period.</div>
    <div><br>
    </div>
    <div>As of December 31, 2020, the Company had U.S. federal and state net operating loss carryforwards of $4,009,778 and $2,234,903, respectively, which may be used to offset future taxable income, if any.&#160; As of December 31, 2019, the Company had U.S.
      federal and state net operating loss carryforwards of $2,827,555 and $1,052,680, respectively, which may be used to offset future taxable income, if any. The Company&#8217;s U.S. federal and state net operating loss carryforwards begin to expire in 2033
      and the U.S. federal net operating losses generated in 2018-2020 can be carried forward indefinitely. The Company also has net operating loss carryforwards in Greece of $71,755 that are set to expire beginning in 2025. Ownership changes, as defined
      under Section 382 of the Internal Revenue Code of 1986, may limit the amount of net operating losses that can be utilized to offset future taxable income or tax liability.&#160; The Company has not yet completed an analysis of whether its net operating
      loss carryforwards may be limited.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-26</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <div> <font style="font-weight: bold;">Income Tax (Current and Deferred) &#8211; continued:</font></div>
    <div> <br>
    </div>
    <div>As of December 31, 2020, the Company had $134,595 of gross unrecognized tax benefits, which would impact the effective tax rate, if recognized.&#160; As of December 31, 2019, the Company had $134,595 of gross unrecognized tax benefits, which would
      impact the effective tax rate, if recognized.&#160; A reconciliation of unrecognized tax benefits is as follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3b14e3cb26e8457e8ebbd42d9451007d" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td colspan="5" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Balance at beginning of period</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div>$</div>
          </td>
          <td style="width: 13.9%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">134,595</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div>$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">63,276</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Increase in tax positions for current year</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.9%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">
            <div style="text-align: right;">71,319</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Decrease in tax positions for prior year</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Lapse in statute of limitations</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">
            <div style="text-align: right;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Balance at end of period</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 13.9%; vertical-align: bottom;">
            <div style="text-align: right;">134,595</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom;">
            <div style="text-align: right;">134,595</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The Company&#8217;s policy is to classify interest and penalties, if any, as components of the income tax provision in the consolidated statement of operations.&#160; The Company has not recorded any interest or penalty in the years ended December 31, 2020,
      and December 31, 2019.&#160; Both as of December 31, 2020 and 2019, the amount of accrued interest and penalties totaled $38,919. The Company expects its unrecognized tax benefits to increase within the next twelve months but the range cannot be estimated
      at this time.</div>
    <div><br>
    </div>
    <div>The Company files income tax returns in the U.S. federal and Massachusetts jurisdictions.&#160; The statute of limitations for assessment by the Internal Revenue Service and Massachusetts tax authorities is closed for tax years prior to 2017, although
      carryforward attributes that were generated prior to tax year 2017 may still be adjusted upon examination by the Internal Revenue Service or Massachusetts tax authorities if they either have been, or will be, utilized in a future period.</div>
    <div><br>
    </div>
    <div>The Company&#8217;s subsidiary files income tax returns in Greece and is subject to examination by the taxing authorities. The Company&#8217;s foreign subsidiary&#8217;s income tax returns are open for audit for tax years 2016 and forward.</div>
    <div> <br>
    </div>
    <div> As of December 31, 2020, the Company&#8217;s foreign subsidiary had immaterial undistributed earnings and the tax payable on the earnings that are indefinitely reinvested would be immaterial.<br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z30ff73cb38824937b1137602cac01380" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">14.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Revenue, net</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Revenue, net is analyzed as follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6e59919253a447999bcad3a58c5aa775" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div>Sales of goods</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">882,652</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><br>
            </div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); text-align: center;" nowrap="nowrap">$ <br>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">620,168</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total revenue from contracts with customers</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">882,652</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
            </div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); text-align: center;" nowrap="nowrap"><font style="font-weight: bold;">$</font> <br>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">620,168</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The timing of revenue recognition is analyzed as follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z33373f1e1d4f4f948d5dd4e0c2cce7f2" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div style="font-weight: bold;">Timing of revenue recognition</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"> <br>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2020</div>
          </td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Goods transferred at a point in time</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); text-align: center;">$ <br>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">795,033</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); text-align: center;" nowrap="nowrap">$<br>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">493,087</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Goods transferred over time</div>
          </td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 17%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">87,619</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 17%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">127,081</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total revenue from contracts with customers</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">882,652</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); text-align: center;" nowrap="nowrap"><font style="font-weight: bold;">$</font><br>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">620,168</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-27</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <div>As at December 31, 2020 and 2019 contract assets were $ 85,930 and $51,936, respectively. Also, the Company has recognized contract liabilities&#160; of $167,761 and $38,728 as at December 31, 2020 and 2019, respectively.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8bb02360936040afa3aea1f48b2f7c29" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">15.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Finance costs</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Finance costs are analyzed as follows:</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcb20ab6ec2254ffe9957008ef46d807f" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 60%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div>Interest cost on benefit obligation</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$</div>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">292<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">
            <div>Bank fees</div>
          </td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 17%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">5,542</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 17%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">4,237</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">
            <div>Other financing costs</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; text-align: center; padding-bottom: 2px;">&#160;</td>
          <td style="width: 2%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">67,588</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; padding-bottom: 4px;" nowrap="nowrap">
            <div style="font-weight: bold;">Total finance costs</div>
          </td>
          <td style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: top; width: 2%;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 17%;">
            <div style="text-align: right; font-weight: bold;">5,542</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
          <td style="border-bottom: 4px double #000000; vertical-align: top; width: 2%; padding: 0px 0px 2px;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; width: 17%;">
            <div style="text-align: right; font-weight: bold;">72,117</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 17%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 2%; vertical-align: top; text-align: center;">&#160;</td>
          <td style="width: 17%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap">
            <div>Finance costs - related parties</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">-</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; text-align: center; padding-bottom: 2px;">&#160;</td>
          <td style="width: 2%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right;">34,541</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; padding-bottom: 4px;" nowrap="nowrap">
            <div style="font-weight: bold;">Total finance costs &#8211; related parties</div>
          </td>
          <td style="width: 2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">-</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 4px;">&#160;</td>
          <td style="border-bottom: 4px double #000000; vertical-align: top; width: 2%; padding: 0px 0px 2px;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$</div>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
            <div style="text-align: right; font-weight: bold;">34,541</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66e8ef14dff94344bceddc7e4e50aa8c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">16.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Fair value measurement</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The carrying amounts reflected in the consolidated balance sheets of cash and cash equivalents, accounts receivables, net, other current assets, trade and other payables, due from/to related parties, other current liabilities, income tax payable
      and convertible promissory notes, approximate their respective fair values due to the short maturity of these instruments.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7fc780fba40240d692757d0ab1fd2c14" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">17.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Commitments and contingencies</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">17.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Litigations</font></div>
    <div><br>
    </div>
    <div>The Company is subject to legal and regulatory actions that arise from time to time in the ordinary course of business. The assessment as to whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is
      estimable, often involves significant judgment about future events. There is no material pending or threatened litigation against the Company that remains outstanding as of December 31, 2020 and 2019.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">17.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Lease Agreements</font></div>
    <div><br>
    </div>
    <div>The Company leases office and manufacturing premises in Patras, Greece and office premises in Cambridge, Massachusetts. In detail, for the office and manufacturing areas leased in Patras, there is a single lease agreement in force with a lease
      term up to 2028, while the lease in Cambridge is negotiated yearly. The cost of each lease, including any contractual rent increases, is recognized over the life of the lease agreement using the straight-line method.</div>
    <div><br>
    </div>
    <div>Rent expense for the above leases for the year ended December 31, 2020 and 2019, was $23,227 and $19,097 respectively. The future minimum lease payments are as follows:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5048891fd8fe459f90140e2ce86e19d6" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Time period</div>
          </td>
          <td style="width: 6%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Amount ($)</div>
          </td>
          <td colspan="1" style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div>Within 1 year</div>
          </td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">34,694</div>
          </td>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>From 2 to 5 years</div>
          </td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: right;">150,583</div>
          </td>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>Thereafter</div>
          </td>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: right;">138,290</div>
          </td>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-28</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <!--PROfilePageNumberReset%Num%30%F-%%-->
    <div style="font-weight: bold;">Advent Technologies Inc.</div>
    <div style="font-weight: bold;">Notes to the Consolidated Financial Statements</div>
    <div>(All amounts are in USD)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd239522a0b5e4022b8d44a4a9c566fdd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">18.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Other long-term liabilities</u></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Under decision published from the Greek government a state aid was provided to various entities affected by COVID-19. In this context, the Company applied for and received an aggregate amount of $42,793 during 2020, which is interest bearing
      starting from January 2022 with an interest rate ranging from 0.74% to 0.94% and matures in April 2025.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze06205145e4347319c0150dfb9cb476b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">19.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"><u>Subsequent Events</u>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0ba1761a6a814cffab8dfe8000b360db" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">a)</td>
          <td style="width: auto; vertical-align: top;">
            <div>As discussed in Note 1, during 2020 the Company has entered into a merger agreement with AMCI. On February 4, 2021, the two parties consummated the business combination. The merger consideration paid to the Advent stockholders was by the
              delivery of shares of new company common stock, each valued at $10.00 per share.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table class="DSPFListTable" id="273f456e56564f6e8855fab58a120d0b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"></td>
          <td style="width: 18pt; vertical-align: top; align: right;">b)</td>
          <td style="width: auto; vertical-align: top;">On February 5, 2021, Advent entered into a lease agreement by and among Advent, in its capacity as Tenant, and BP Hancock LLC, a Delaware limited liability company, in its capacity as Landlord, (the
            &#8220;2021 Lease Agreement&#8221;). The 2021 Lease Agreement, which is dated as of February 5, 2021, provides for the rental by Advent of office space at 200 Clarendon Street, Boston, MA 02116 for use as the Company&#8217;s executive offices. The term of the
            lease is five years (unless sooner terminated as provided in the 2021 Lease Agreement).<br>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z33303bbf12294e50addba2ca2556f421" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">c)</td>
          <td style="width: auto; vertical-align: top;">
            <div>On February 18, 2021, Advent Technologies Inc., entered into a Membership Interest Purchase Agreement&#160; with Bren-tronics, Inc. (&#8220;Seller&#8221;) and UltraCell, LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of
              Seller (&#8220;UltraCell&#8221;). Pursuant to the Purchase Agreement, and subject to the terms and conditions therein, on February 18, 2021, Advent acquired 100% of the issued and outstanding membership interests in UltraCell for $4 million and a maximum
              of $2 million upon achievement of certain milestones. An amount of $4 million was paid on February 18, 2021.</div>
          </td>
        </tr>

    </table>
    <div> </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;"> <br>
    </font></div>
  <font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;"> </font>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">d)</td>
        <td style="width: auto; vertical-align: top;"> On March 8, 2021, the Company entered into a lease for 21,401 square feet as a product development and manufacturing center at Hood Park in Charlestown, MA. The lease has a term of eight years and five
          months, with an option to extend for five years.<br>
        </td>
      </tr>

  </table>
  <font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;"> </font> <font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;"> <br>
  </font>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">F-29</font>
    <hr style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>5
<FILENAME>nt10020125x6_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<html>
  <head>
    <title></title>
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      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Exhibit 99.3</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">On October 12, 2020 AMCI, Merger Sub and Advent, entered into the original Merger Agreement, pursuant to which Merger Sub merged with and into the Advent, effective as of February 4, 2021, for an aggregate value equal to
      $250,000,000 minus the amount of the Closing Net Indebtedness, with each share of New Advent common stock valued for such purposes at $10.00. Advent survived the Business Combination as a wholly owned subsidiary of AMCI, and AMCI was renamed to
      &#8220;Advent Technologies Holdings, Inc.&#8221;</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">References to Merger Agreement are construed to refer to the Merger Agreement noted above as amended on October 19, 2020 to remove the requirement for AMCI to cash-out all outstanding Warrants and amended again on
      December 31, 2020 to (a) reduce the size of the board of directors of the Combined Entity following the Business Combination from nine members to seven members, (b) increase the amount of aggregate cash bonus payments to be made in connection with
      Closing from $2,955,208 to $4,995,202, and (c) amend certain terms of the form of employment agreement of Christos Kaskavelis.</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">The following unaudited pro forma condensed combined financial statements of AMCI present the combination of the financial information of AMCI and Advent adjusted to give effect to the Business Combination. The following
      unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X.</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">The unaudited pro forma condensed combined balance sheet as of December 31, 2020 combines the historical balance sheet of AMCI and the historical balance sheet of Advent on a pro forma basis as if the Business
      Combination and related transactions, summarized below, had been consummated on December 31, 2020. The unaudited pro forma condensed combined statements of operations for the year ended December 31, 2020 combine the historical statements of
      operations of AMCI and Advent for such period on a pro forma basis as if the Business Combination and related transactions, summarized below, had been consummated on January 1, 2020, the beginning of the earliest period presented:</div>
    <div style="text-indent: 20pt;"> <br>
    </div>
    <table id="ze062baa071ae49a4bcf14c855bf08d96" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.48%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: 95.37%; vertical-align: top;">
            <div>the merger of Advent with and into Merger Sub, a wholly owned subsidiary of AMCI, with Advent surviving the merger as a wholly owned subsidiary of AMCI;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.48%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: 95.37%; vertical-align: top;">
            <div>the redemption of 1,606 shares of AMCI&#8217;s Class A common stock at a price of approximately $10.30 per share, for an aggregate of $16,536, in connection with the consummation of the Business Combination;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.48%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: 95.37%; vertical-align: top;">
            <div>the issuance and sale of 6,500,000 shares of AMCI&#8217;s Class A common stock at a purchase price of $10.00 per share, for an aggregate of $65 million, in the PIPE pursuant to the Subscription Agreement; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.48%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td rowspan="1" style="width: 81.61%; vertical-align: top;">
            <div>the issuance and sale of 400,000 Working Capital Warrants at a price of $1.00 per Warrant.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="text-indent: 20pt;">The historical financial statements have been adjusted in the unaudited pro forma condensed combined financial statements to give pro forma effect to events that are: (i) directly attributable to the Business
      Combination; (ii) factually supportable; and (iii) with respect to the statement of operations, expected to have a continuing impact on AMCI&#8217;s results following the completion of the Business Combination.</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">The unaudited pro forma condensed combined financial statements have been developed from and should be read in conjunction with:</div>
    <div style="text-indent: 20pt;"> <br>
    </div>
    <table id="z3ca5121be77545c7977e8ae616590bcc" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td rowspan="1" style="width: 84.24%; vertical-align: top;">
            <div>the accompanying notes to the unaudited pro forma condensed combined financial statements;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>the historical audited financial statements of AMCI as of and for the year ended December 31, 2020 and the related notes, in each case, incorporated by reference into this Current Report on Form 8-K;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>the historical audited consolidated financial statements of Advent as of and for the year ended December 31, 2020 and the related notes, in each case, incorporated by reference into this Current Report on Form 8-K; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>&#8226;</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>other information relating to AMCI and Advent contained in the Prospectus, including the merger agreement and the description of certain terms thereof set forth under &#8220;The Business Combination&#8221;.</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">-1-</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-indent: 20pt;">After giving effect to the redemption of the Class A public shares, Advent&#8217;s shareholders hold 25,033,398 shares of AMCI common stock immediately after the Closing, which approximates a 54% ownership level.</div>
    <table id="zba9921ddcb69440ca540cd59180b6e4b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 78.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Stockholder</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 5.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">%</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; padding-bottom: 2px;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 10.18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">No. shares</div>
          </td>
        </tr>
        <tr>
          <td style="width: 78.56%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Advent</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 5.3%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">54.3</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 10.18%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">25,033,398</div>
          </td>
        </tr>
        <tr>
          <td style="width: 78.56%; vertical-align: bottom;">
            <div>Public</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 5.3%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">19.6</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 10.18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">9,059,530</div>
          </td>
        </tr>
        <tr>
          <td style="width: 78.56%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Sponsor</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 5.3%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">5.4</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 10.18%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">2,474,009</div>
          </td>
        </tr>
        <tr>
          <td style="width: 78.56%; vertical-align: bottom;">
            <div>AMCI&#8217;s executive management</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 5.3%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1.1</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 10.18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">485,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 78.56%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Other AMCI holders</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 5.3%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">5.5</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 10.18%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">2,554,010</div>
          </td>
        </tr>
        <tr>
          <td style="width: 78.56%; vertical-align: bottom;">
            <div>PIPE Investors</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 5.3%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">14.1</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 10.18%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">6,500,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 78.56%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 5.3%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">100%</div>
          </td>
          <td style="width: 2.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 10.18%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">46,105,947</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">The foregoing ownership percentages with respect to the Combined Entity following the Business Combination reflect that (i) there are no adjustments for the outstanding public, private placement or working capital
      warrants issued by AMCI; (ii) Advent&#8217;s Closing Net Indebtedness was ($334,359.63), computed as debt less cash and cash equivalents, immediately prior to the Closing; (iii) no awards were issued under the Equity Incentive Plan, and (iv) AMCI did not
      engage in any kind of equity financing prior to the Closing, other than the $65 million PIPE investment described above.</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">Notwithstanding the legal form of the Business Combination pursuant to the Merger Agreement, the Business Combination is accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of
      accounting, AMCI is treated as the acquired company and Advent is treated as the acquirer for financial statement reporting purposes. Advent has been determined to be the accounting acquirer based on evaluation of the following facts and
      circumstances:</div>
    <div style="text-indent: 20pt;"> <br>
    </div>
    <table id="zba5f7f74b61e4a8283c5d66bf07ba69d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Advent&#8217;s existing stockholders have the greatest voting interest in the Combined Entity with 54.3% voting interest;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td rowspan="1" style="width: 93.12%; vertical-align: top;">
            <div>the largest individual minority stockholder of the Combined Entity is an existing stockholder of Advent;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Advent&#8217;s appointed directors represent five out of seven board seats for the Combined Entity&#8217;s board of directors;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td rowspan="1" style="width: 67.51%; vertical-align: top;">
            <div>Advent selects all senior management (executives) of the Combined Entity;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Advent&#8217;s senior management comprise the majority of the senior management of the Combined Entity; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td rowspan="1" style="width: 69.62%; vertical-align: top;">
            <div>Advent operations are the only continuing operations of the Combined Entity.</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">-2-</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-indent: 20pt;">Assumptions and estimates underlying the unaudited pro forma adjustments set forth in the unaudited pro forma condensed combined financial statements are described in the accompanying notes. The unaudited pro forma
      condensed combined financial statements have been presented for illustrative purposes only and are not necessarily indicative of the operating results and financial position that would have been achieved had the merger occurred on the dates
      indicated. Further, the unaudited pro forma condensed combined financial statements do not purport to project the future operating results or financial position of AMCI following the completion of the merger. The unaudited pro forma adjustments
      represent AMCI&#8217;s management&#8217;s estimates based on information available as of the date of these unaudited pro forma condensed combined financial statements and are subject to change as additional information becomes available and analyses are
      performed.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET</div>
    <div style="text-align: center; font-weight: bold;">AS OF DECEMBER 31, 2020</div>
    <table id="ze404f5321f674701b9d4941e06948d38" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 44.37%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 0.93%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 24.15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="text-align: center; font-weight: bold;">As of</div>
            <div style="text-align: center; font-weight: bold;">December 31, 2020</div>
          </td>
          <td style="width: 1%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 1%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 1%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">As of</div>
            <div style="text-align: center; font-weight: bold;">December 31,</div>
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 0.93%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">AMCI</div>
            <div style="text-align: center; font-weight: bold;">(Historical)</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Advent</div>
            <div style="text-align: center; font-weight: bold;">(Historical)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Pro Forma</div>
            <div style="text-align: center; font-weight: bold;">Adjustments</div>
          </td>
          <td style="width: 1%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 1%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Pro-Forma</div>
            <div style="text-align: center; font-weight: bold;">Combined</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="font-weight: bold;">ASSETS</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">&#160;</td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Current assets:</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Cash</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$24,945</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$515,734</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$133,768,869</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">A</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$134,309,548</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Inventories</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">107,939</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">107,939</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Accounts receivable, net</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">421,059</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">421,059</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Due from related parties</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 0.93%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 0.96%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">67,781</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">67,781</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Contract assets</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">85,930</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">85,930</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Prepaid expenses</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,724</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,724</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Other current assets</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">495,021</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">495,021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Prepaid income tax</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">203,613</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">203,613</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Prepaid Expenses and other current assets</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">361,876</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap"> 353,959<br>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total current assets</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">582.517</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">1,695,188</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">133,768,869</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">136,046,574</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Cash and investments held in Trust Account</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">93,922,522</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(93,340,005)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">B</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Property and equipment</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">198,737</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">198,737</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Other assets</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">136</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">136</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total Assets</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$93,922,522</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$1,894,061</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$40,428,864,</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$136,245,447</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="font-weight: bold;">LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Current liabilities:</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 12.1%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 1%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 3.69%; vertical-align: middle; text-align: center;">&#160;</td>
          <td style="width: 1%; vertical-align: middle; text-align: right;">&#160;</td>
          <td style="width: 11.75%; vertical-align: middle; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Accounts Payable</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">357,356</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(349,439)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">C, F</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Trade and other payables</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">881,394</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(540,026)</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">E</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">341,368</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Due to related parties</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,114,659</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">1,114,659</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Accrued Expenses</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">25,000</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(25,000)</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">F</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Franchise tax payable</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">40,050</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(40,050)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">C</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Income Tax payable</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">201,780</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">201,780</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Promissory Note</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">2,365,649</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(2,365,649)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">C</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Promissory Note- Related Party</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">400,000</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 0.96%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(400,000)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">R</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Contract Liabilities</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">167,761</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">167,761</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Other current liabilities</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">904,379</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(208,245)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">E.I</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">696,134</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Deferred income from grants, current</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">158,819</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">158,819</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="font-weight: bold;">Total current liabilities</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">3,180,138</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">3,428,792</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(3,928,409)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2,680,521</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Deferred underwriting fees</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">7,718,227</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(7,718,227)</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">D</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Provision for staff leave indemnities</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">33,676</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">33,676</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Deferred income from grants, non -current</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">182,273</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">182,273</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Other long term liabilities</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">42,793</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">42,793</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total liabilities</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">10,898,365</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">3,687,534</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(11,646,636)</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2,939,263</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Commitments</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Class A common stock subject to possible redemption</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">78,024,156</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(78,024,156 )</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">K</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Stockholders Equity</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Class A common stock</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">150</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">4,460</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">L</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">4,610</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Class B common stock</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">551</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(551)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">N</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Common Stock (Advent)</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">3,037</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(3,037)</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">O</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Preferred stock series A (Advent)</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">844</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(844)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">O</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Preferred stock series seed (Advent)</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">2,096</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(2,096)</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">O</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Additional paid-in capital</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">2,812,626</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">10,990,288</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap"> 137,971,434<br>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">O</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">
              <div>151,774,348</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Accumulated other comprehensive income</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">111,779</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">111,779</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Retained earnings</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">2,186,674</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(2,186,674)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">P</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div>Accumulated Deficit (Advent)</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(12,901,517)</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">
              <div>(5,683,036)</div>
            </div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Q</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">
              <div>(18,584,553)</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Total stockholders Equity</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">5,000,001</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(1,793,473)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">130,099,656</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">133,306,184</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.37%; vertical-align: bottom;">
            <div style="font-weight: bold;">TOTAL LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.21%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$93,922,522</div>
          </td>
          <td style="width: 0.93%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 0.96%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.05%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$1,894,061</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 12.1%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$40,428,864</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 3.69%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">$136,245,447</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">-3-</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS</div>
    <div style="text-align: center; font-weight: bold;">FOR THE YEAR ENDED DECEMBER 31, 2020</div>
    <div><br>
    </div>
    <table id="z5f1374319ba94d7bab687d261d6f1a33" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 41.96%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 1.01%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 24.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="text-align: center; font-weight: bold;">Year Ended</div>
            <div style="text-align: center; font-weight: bold;">December 31, 2020</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 19.35%; vertical-align: bottom; padding-bottom: 2px;" colspan="4">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Year</div>
            <div style="text-align: center; font-weight: bold;">Ended</div>
            <div style="text-align: center; font-weight: bold;">December 31,</div>
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 1.01%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">AMCI</div>
            <div style="text-align: center; font-weight: bold;">(Historical)</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Advent</div>
            <div style="text-align: center; font-weight: bold;">(Historical)</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Pro Forma</div>
            <div style="text-align: center; font-weight: bold;">Adjustments</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Pro Forma</div>
            <div style="text-align: center; font-weight: bold;">Combined</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Revenue, net</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$&#8212;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$882,652</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$&#8212;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$882,652</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom;">
            <div>Cost of revenues</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(513,818)</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(513,818)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Income from grants</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">206,828</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">206,828</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom;">
            <div>Administrative and selling expenses</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(3,536,889)</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">70,089</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(CC), (EE)</div>
          </td>
          <td style="width: 0.98%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(3,466,800)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Research and development</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(102,538)</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(102,538)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom;">
            <div>Operating Costs</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(1,422,570)</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">489,561</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(AA), (EE)</div>
          </td>
          <td style="width: 0.98%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(933,009)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Franchise tax expense</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(208,794)</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(208,794)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom;">
            <div>Other operating expenses</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(9,967)</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(9,967)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="font-weight: bold;">Loss from operations</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(1,631,364)</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(3,073,732)</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">559,650</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(4,145,446)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom;">
            <div>Other income &#8211; dividends and interest</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">836,541</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(836,541)</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(DD)</div>
          </td>
          <td style="width: 0.98%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Finance costs</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(5,542)</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(5,542)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom;">
            <div>Foreign exchange differences, net</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(26,072)</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(26,072)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td style="width: 10.79%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.01%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 1.01%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 11.43%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.05%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 12.01%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.06%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 1.06%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 5.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom;">
            <div>Other expenses</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(15,696)</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(15,696)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="font-weight: bold;">(Loss) Income before provision for income tax</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(794,823)</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(3,121,042)</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(276,891)</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(4,192,756</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom;">
            <div>Provision for income tax</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">(199,030)</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">199,030</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(FF)</div>
          </td>
          <td style="width: 0.98%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Net (loss) income</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$(993,853)</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$(3,121,042)</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$(77,861)</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$(4,192,756)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom;">
            <div>Weighted average number of common shares outstanding, basic and diluted</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">6,807,313</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom; text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; text-align: right;">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">46,105,947</div>
          </td>
        </tr>
        <tr>
          <td style="width: 41.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div>Basic and diluted net loss per share</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 10.79%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$(0.20)</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.01%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.43%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.05%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 12.01%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;" nowrap="nowrap">&#160;</td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 1.06%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right;">&#160;</td>
          <td style="width: 0.98%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 11.4%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">$(0.09)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">-4-</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">1.&#8195;Basis of Presentation</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">The Business Combination is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with GAAP. Under this method of accounting, AMCI is treated as the &#8220;acquired&#8221;
      company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent of Advent Technologies Inc. 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.</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">The unaudited pro forma condensed combined balance sheet as of December 31, 2020 gives pro forma effect to the Business Combination as if it had been consummated on December 31, 2020. The unaudited pro forma condensed
      combined statement of operations for the year ended December 31, 2020 give pro forma effect to the Business Combination as if it had been consummated on January 1, 2020.</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">The unaudited pro forma condensed combined balance sheet as of December 31, 2020 has been prepared using, and should be read in conjunction with, the following:</div>
    <div style="text-indent: 20pt;"> <br>
    </div>
    <table id="z4903ba79aaa44fa5b76b97cc36e57b5f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>AMCI&#8217;s audited balance sheet as of December 31, 2020 and the related notes included in this prospectus included in the Company's Annual Report on Form 10-K; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Advent&#8217;s audited consolidated balance sheet as of December 31, 2020 and the related notes included in this prospectus into this Current Report on Form 8-K.</div>
          </td>
        </tr>

    </table>
    <div style="text-indent: 20pt;"> <br>
    </div>
    <div style="text-indent: 20pt;">The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2020 has been prepared using, and should be read in conjunction with, the following:</div>
    <div style="text-indent: 20pt;"> <br>
    </div>
    <table id="z0e63ef0966884db4bbdb2d2d99fe34e0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>AMCI&#8217;s audited statement of operations for the year ended December 31, 2020 and the related notes included in the Company's Annual Report on Form 10-K; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#8226;</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Advent&#8217;s audited statement of operations for the year ended December 31, 2020 and the related notes included elsewhere in this Current Report on Form 8-K.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">Management has made significant estimates and assumptions in its determination of the pro forma adjustments. As the unaudited pro forma condensed combined financial information has been prepared based on these
      preliminary estimates, the final amounts recorded may differ materially from the information presented.</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">The pro forma adjustments reflecting the consummation of the Merger Agreement are based on certain currently available information and certain assumptions and methodologies that Management believes are reasonable under
      the circumstances. The unaudited condensed pro forma adjustments, which are described in the accompanying notes, may be revised as additional information becomes available and is evaluated. Therefore, it is likely that the actual adjustments will
      differ from the pro forma adjustments and it is possible the difference may be material. Management believes that its assumptions and methodologies provide a reasonable basis for presenting all of the significant effects of the merger based on
      information available to Management at the time and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma condensed combined financial information.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">-5-</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-indent: 20pt;">The unaudited pro forma condensed combined financial information is not necessarily indicative of what the actual results of operations and financial position would have been had the business combination taken place on
      the dates indicated, nor are they indicative of the future consolidated results of operations or financial position of the post-combination company. They should be read in conjunction with the historical financial statements and notes thereto of AMCI
      and Advent.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">2.&#8195;Accounting Policies and Reclassifications</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">Management will perform a comprehensive review of the two entities&#8217; accounting policies. As a result of the review, management may identify differences between the accounting policies of the two entities which, when
      conformed, could have a material impact on the financial statements of the post-combination company. Based on its initial analysis, management did not identify any differences that would have a material impact on the unaudited pro forma condensed
      combined financial information. As a result, the unaudited pro forma condensed combined financial information does not assume any differences in accounting policies.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">3.&#8195;Adjustments to Unaudited Pro Forma Condensed Combined Financial Information</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">The unaudited pro forma condensed combined financial information has been prepared to illustrate the effect of the Business Combination and has been prepared for informational purposes only. The historical financial
      statements have been adjusted in the unaudited pro forma condensed combined financial information to give pro forma effect to events that are (1) directly attributable to the merger, (2) factually supportable, and (3) with respect to the statements
      of operations, expected to have a continuing impact on the results of the post-combination company. AMCI and Advent Technologies Inc. have not had any historical relationship prior to the merger. Accordingly, no pro forma adjustments were required to
      eliminate activities between the companies.</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">The pro forma combined provision for income taxes does not necessarily reflect the amounts that would have resulted had the post-combination company filed consolidated income tax returns during the periods presented.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">The adjustments included in the unaudited pro forma condensed combined balance sheet as of December 31, 2020 are as follows:</div>
    <div><br>
    </div>
    <table id="zdccf06e0952c4b5ba20175d89da932c8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">(A)</div>
          </td>
          <td rowspan="1" style="width: 74%; vertical-align: top;">
            <div>Represents pro forma adjustments to the cash balance to reflect the following:</div>
          </td>
          <td style="width: 2.69%; vertical-align: top;">&#160;</td>
          <td style="width: 13%; vertical-align: top;">&#160;</td>
          <td style="width: 2.69%; vertical-align: top;">&#160;</td>
          <td style="width: 3.29%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Investment held in Trust Account</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-family: 'Times New Roman',Times,serif;">$93,349,005</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">(B)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 74%; vertical-align: bottom;">
            <div>Net proceeds from subscription agreement</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-family: 'Times New Roman',Times,serif;">65,000,000</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.29%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">(J)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Settlement of AMCI&#8217;s current liabilities</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-family: 'Times New Roman',Times,serif;">(2,410,578)</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">(C)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 74%; vertical-align: bottom;">
            <div>Payment of deferred underwriter fees</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-family: 'Times New Roman',Times,serif;">(7,718,227)</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.29%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">(D)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Payment of transaction costs for Advent</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-family: 'Times New Roman',Times,serif;">(3,515,643</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">(E)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 74%; vertical-align: bottom;">
            <div>Payment of transaction costs for AMCI</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-family: 'Times New Roman',Times,serif;">(4,740,442)</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.29%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">(F)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Payment of unrecognized contingent liability</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-family: 'Times New Roman',Times,serif;">(474,508)</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">(G)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 74%; vertical-align: bottom;">
            <div>Transaction bonus payments</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-family: 'Times New Roman',Times,serif;">(4,995,202)</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.29%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">(H)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 74%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>One time signing bonus to executives</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-family: 'Times New Roman',Times,serif;">(700,000)</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">&#8203;</div>
          </td>
          <td style="width: 3.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">(I)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 74%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div style="font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">$133,768,869</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 3.29%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">(A)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(B)</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Reflects the reclassification of the amount of $93,349,005 of cash and cash equivalents held in the Trust Account that becomes available following the merger, after giving effect to the redemption of 1,606 shares of AMCI&#8217;s Class A common
              stock at a redemption value of $16,536 resulted in connection with the consummation of the Business Combination.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(C)</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Reflects the repayment of AMCI&#8217;s current liabilities of $2,410,578 (amount $30,050 of franchise tax payables, amount $2,365,649 of the promissory note, and amount $4,879 of the remaining accounts payable after the effect of payment of the
              transaction costs as described in note 3(F) below), upon close of the Business Combination.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table id="zeeb7c75957944648b333f6b799366696" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(D)</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Reflects the payment of $7,718,227 of deferred underwriters&#8217; fees incurred during the AMCI initial public offering due upon completion of the Business Combination.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(E)</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Represents transaction costs incurred or expected to be incurred by Advent of approximately $3,785,206 for advisory, banking, printing, legal, and accounting fees as part of the merger.&#160; These costs consist of $269,563 incurred and paid,
              of $540,026 incurred and recognized in trade and other payables, of $908,245 incurred and recognized as other current liabilities, and of $2,067,372 expected as part of the transaction. An amount of $1,717,834 has been incurred and has been
              recorded on Advent's statement of operations. The unaudited pro forma condensed combined balance sheet reflects these costs as a reduction of cash of $2,067,372, a decrease in additional paid in capital by $2,067,372, a decrease of trade and
              other payables by $540,026 and decrease of current liabilities by $908,245.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(F)</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Represents transaction costs and underwriting costs incurred or expected to be incurred by AMCI of approximately $4,740,442 ($3,275,000 relates to the PIPE and $1,465,442 for advisory, banking, printing, legal and accounting fees).&#160; These
              costs consist of $349,439 previously incurred and recognized in accounts payables, of $25,000 previously incurred and recognized as accrued expenses, and of $4,370,882 expected as part of the transaction. The amount of previously incurred of
              $369,561 has previously affected AMCI&#8217;s statements of operations, the effect of which has been eliminated in the unaudited pro forma condensed combined statement of operations. The unaudited pro forma condensed combined balance sheet reflects
              these costs as a reduction of cash of $4,740,442 with a corresponding decrease in additional paid in capital of $4,370,882 and decrease of accounts payables by $349,439 and decrease of accrued expenses by $25,000.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(G)</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Reflects the payment of AMCI&#8217;s deferred unrecognized contingent liability of $474,508, payable at the consummation of the Business combination. The unaudited pro forma condensed combined balance sheet reflects this cost as a reduction of
              cash of $474,508 with a corresponding decrease of $474,508 in retained earnings. This cost is not included in the unaudited pro forma condensed combined statement of operations as it is nonrecurring.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(H)</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Reflects Combined Entity&#8217;s Transaction Bonus Agreements with Advent&#8217;s management team for aggregate cash bonus payments of $4,995,202 payable in connection with the Closing. This cost is not included in the unaudited pro forma condensed
              combined statement of operations as it is nonrecurring.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(I)</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Represents one time signing bonus of an aggregate amount of $ 1,400,000 to the Chief Executive Officer, Chief Financial Officer, Chief Technology Officer and Chief Operating Officer and General Counsel of the Combined Entity, payable in
              two equal installments, with the first being payday following the Closing, and the second one payday following the first anniversary of the Closing. The unaudited pro forma condensed combined balance sheet reflects these costs as a reduction
              of cash of $700,000 and an increase in other current liabilities of $700,000.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(J)</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Reflects the proceeds of $65 million from the issuance and sale of 6,500,000 shares of AMCI&#8217;s Class A common stock at $10.00 per share pursuant to the subscription agreements entered on December 22, 2020 (($650 Class A common stock (L) and
              $64,999,350 at additional paid-in capital (O)).</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(K)</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Reflects the redemption of $16,536 of AMCI Class A common stock on February 2, 2021 and the reclassification of the remaining $78,007,620 of AMCI Class A common stock subject to possible redemption to permanent equity ($756 Class A common
              stock (L) and $78,006,864 at additional paid-in capital (O)).</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">-6-</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.63%; vertical-align: top;">
            <div>(L)</div>
          </td>
          <td style="vertical-align: top;" colspan="5">
            <div>Represents pro forma adjustments to the AMCI Class A common stock balance to reflect the following:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Reclassification of AMCI common stock subject to redemption</div>
          </td>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>$756</div>
          </td>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td rowspan="1" style="width: 3.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>(K)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom;">
            <div>Issuance of AMCI Class A common stock from subscription agreement</div>
          </td>
          <td style="width: 3%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div>650</div>
          </td>
          <td style="width: 3%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td rowspan="1" style="width: 3.59%; vertical-align: bottom;">
            <div>(J)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Recapitalization between Advent Common Stock and AMCI Common Stock</div>
          </td>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>2,503</div>
          </td>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td rowspan="1" style="width: 3.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>(M)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom;">
            <div>Conversion of AMCI&#8217;s Class B common stock to Class A common stock</div>
          </td>
          <td style="width: 3%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom;" nowrap="nowrap">
            <div>551</div>
          </td>
          <td style="width: 3%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td rowspan="1" style="width: 3.59%; vertical-align: bottom;">
            <div>(N)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">&#160;Total</div>
          </td>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 13%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-weight: bold;">$4,460</div>
          </td>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">&#8203;</div>
          </td>
          <td rowspan="1" style="width: 3.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(L)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(M)</div>
          </td>
          <td style="width: 94.16%; vertical-align: top;">
            <div>Represents recapitalization of common shares between Advent common stock and AMCI common stock.</div>
          </td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(N)</div>
          </td>
          <td style="width: 90.52%; vertical-align: top;">
            <div>Reflects the reclassification of AMCI&#8217;s Class B common stock to Class A common stock on Closing.</div>
          </td>
          <td style="width: 1.86%; vertical-align: top;">&#160;</td>
          <td style="width: 0.29%; vertical-align: top;">&#160;</td>
          <td style="width: 1.48%; vertical-align: top;">&#160;</td>
          <td style="width: 1.37%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table id="z6268b750a9d54113b4c21801a21030ff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.63%; vertical-align: top;">
            <div>(O)</div>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>Represents pro forma adjustments to additional paid-in capital balance to reflect the following:</div>
          </td>
          <td style="width: 2.69%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 4%; vertical-align: top;">&#160;&#160;&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Reclassification of AMCI Class A common stock subject to redemption</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.71%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>$78,006,864</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">(K)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom;">
            <div>Issuance of AMCI Class A common stock from subscription agreement</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.71%; vertical-align: bottom;" nowrap="nowrap">
            <div>64,999,350</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 4%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">(J)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Recapitalization between Advent Common Stock and AMCI Common Stock</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.71%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>(2,503)</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">(M)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom;">
            <div>&#160;&#160;&#160;&#160;Repayment of AMCI&#8217;s promissory note due to related party with warrants</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.71%; vertical-align: bottom;" nowrap="nowrap">
            <div>1,400,000</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 4%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">(R)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Payment of Advent&#8217;s transaction costs</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12.71%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>
              <div style="font-family: 'Times New Roman',Times,serif;">2,067,372</div>
            </div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-family: 'Times New Roman',Times,serif;">(E)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom;">
            <div>Payment of AMCI&#8217;s transaction costs</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.71%; vertical-align: bottom;" nowrap="nowrap">
            <div>
              <div>
                <div style="font-family: 'Times New Roman',Times,serif;">2,067,372</div>
              </div>
            </div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 4%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif;">(F)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Advent&#8217;s equity reclassification adjustment</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.71%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>5,977</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom;">
            <div style="font-weight: bold;">&#160;Total</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div style="font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 12.71%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">
              <div style="font-family: 'Times New Roman',Times,serif;">$137,971,434</div>
            </div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div style="font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 4%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">(O)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(P)</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>Elimination of AMCI&#8217;s historical retained earnings after recording, (i) the unrecognized contingent liability of AMCI as described in note 3(G), and (ii) issuance and sale of Working Capital Warrants as described in note 3(R).</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.63%; vertical-align: top;">
            <div>(Q)</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>Represents pro forma adjustments to Accumulated Deficit balance to reflect the following:</div>
          </td>
          <td style="width: 12.56%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;&#160;&#160;&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Transaction bonus payments</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>$(4,995,202)</div>
          </td>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>(H)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom;">
            <div>One time signing bonus to executives</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.56%; vertical-align: bottom;" nowrap="nowrap">
            <div>(1,400,000)</div>
          </td>
          <td style="width: 3%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 4%; vertical-align: bottom;">
            <div>(I)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Elimination of AMCI retained earnings after adjustments</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 12.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>712,166</div>
          </td>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>(P)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.63%; vertical-align: top;">&#160;</td>
          <td style="width: 72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td style="width: 2.69%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="font-weight: bold;">
              <div style="font-family: 'Times New Roman',Times,serif;">$(5,683,036)</div>
            </div>
          </td>
          <td style="width: 3%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold;">(Q)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4.46%; vertical-align: top;">
            <div>(R)</div>
          </td>
          <td style="width: 95.54%; vertical-align: top;">
            <div>On November 20, 2020, AMCI issued a promissory note to the Sponsor in the principal amount of up to $1,000,000 as a working capital loan and borrowed $400,000 on such working capital loan. On the Business Combination the additional current
              liability was repaid through issuance and sale of 400,000, Working Capital Warrants at a price of $1.00 per Warrant. As a result, the promissory note- related party liability was decreased by $400,000, APIC increased by $ 1,400,000 and
              retained earnings decreased by $1 million (assuming the market value of $3.50 per warrant on the Business Combination date).</div>
          </td>
        </tr>

    </table>
    <div></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">-7-</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="font-weight: bold;">Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">The pro forma adjustments included in the unaudited pro forma condensed combined statements of operations for the year ended December 31, 2020 are as follows:</div>
    <div><br>
    </div>
    <table id="z36f221e3c614427881bdf2ab1a64e5f9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div>(AA)</div>
          </td>
          <td colspan="7" rowspan="1" style="vertical-align: top;">
            <div>Represents pro forma adjustments to operating costs:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 68%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 1.64%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#8203;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="text-align: center; font-weight: bold;">Year Ended</div>
            <div style="text-align: center; font-weight: bold;">December 31,</div>
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td rowspan="1" style="width: 1.61%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
            &#160;</td>
        </tr>
        <tr>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Elimination of historical expenses related to AMCI&#8217;s office space and related support services</div>
          </td>
          <td style="width: 1.64%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div>$(120,000)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>(BB)</div>
          </td>
          <td rowspan="1" style="width: 1.61%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
            &#160;</td>
        </tr>
        <tr>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 68%; vertical-align: bottom;">
            <div style="font-weight: bold;">Total</div>
          </td>
          <td style="width: 1.64%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;" nowrap="nowrap">
            <div style="font-weight: bold;">$(120,000)</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 6%; vertical-align: bottom;">
            <div style="font-weight: bold;">(AA)</div>
          </td>
          <td rowspan="1" style="width: 1.61%; vertical-align: middle;">
            <div>&#8203;</div>
            &#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify;">(BB)</div>
          </td>
          <td style="width: 93.3%; vertical-align: top;">
            <div style="text-align: justify;">Represents pro forma adjustment to eliminate historical expenses related to AMCI Acquisition Corp office space and general administrative services pursuant to the Administrative Service Agreement terminated on
              the Business Combination.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-align: justify;">(CC)</div>
          </td>
          <td style="width: 93.3%; vertical-align: top;">
            <div style="text-align: justify;">Represents pro forma adjustment to reflect the new compensation arrangements with five key executives of the Combined Entity (Chief Executive Officer, Chief Financial Officer, Chief Marketing Officer, Chief
              Technology Officer, Chief Operating Officer and General Counsel and Business Development Representative) in connection with the Business Combination based on the Employment Agreements or Term Sheets entered into on the date of the Merger
              Agreement, resulting in an aggregate $1,647,745&#160; increase in the annual compensation for these executives from their previous compensation, which are reflected in the pro forma statements of operations.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table id="z4289fcf75c06430ca44cc30c7a5a4b12" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div>(DD)</div>
          </td>
          <td style="vertical-align: top;" colspan="7">
            <div>Represents pro forma adjustment to eliminate investment income related to the investment held in the Trust Account:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 68%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 1.7%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#8203;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="4">
            <div style="text-align: center; font-weight: bold;">Year Ended</div>
            <div style="text-align: center; font-weight: bold;">December 31,</div>
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td rowspan="1" style="width: 1.66%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Adjustment to eliminate investment income</div>
          </td>
          <td style="width: 1.7%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">$(836,541)</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 5.73%; vertical-align: bottom; background-color: #CCEEFF;" nowrap="nowrap">&#160;</td>
          <td rowspan="1" style="width: 1.66%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
            <br>
          </td>
        </tr>
        <tr>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 68%; vertical-align: bottom;"><br>
          </td>
          <td style="width: 1.7%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">$(836,541)</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 5.73%; vertical-align: bottom;" nowrap="nowrap">
            <div>(DD)</div>
          </td>
          <td rowspan="1" style="width: 1.66%; vertical-align: middle;">
            <div>&#8203;</div>
            <br>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div>(EE)</div>
          </td>
          <td style="width: 93.24%; vertical-align: top;">
            <div>Reflects the elimination of non-recurring transaction expenses incurred in connection with the Business Combination. These costs are $1,717,834 for Advent as described in note 3(E) affecting administrative and selling expenses and $369,561
              for AMCI as described in note 3(F) affecting operating costs.</div>
          </td>
          <td style="width: 0.07%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table id="zad01cc0a94bd4dbdbd0621ef81273d2f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div>(FF)</div>
          </td>
          <td style="width: 93.24%; vertical-align: top;">
            <div>Reflects income tax effect of pro forma adjustments using the estimated statutory tax rate of 21% (which is capped to the historical income tax expense incurred by AMCI).</div>
          </td>
          <td style="width: 0.07%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">-8-</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">4.&#8195;Loss per Share</div>
    <div><br>
    </div>
    <div style="text-indent: 20pt;">Represents the net loss per share calculated using the historical weighted average shares outstanding, and the issuance of additional shares in connection with the Business Combination, assuming the shares were
      outstanding since January 1, 2020. As the merger agreement is being reflected as if they had occurred at the beginning of the periods presented, the calculation of weighted average shares outstanding for basic and diluted net loss per share assumes
      that the shares issuable relating to the merger have been outstanding for the entire period presented.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table id="z75a04feac5ee4ab0a7c5b751a898a93a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: bottom; padding-bottom: 2px; width: 78%;">&#160;</td>
          <td style="width: 3.66%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Year Ended</div>
            <div style="text-align: center; font-weight: bold;">December 31,</div>
            <div style="text-align: center; font-weight: bold;">2020</div>
          </td>
          <td rowspan="1" style="width: 3.64%; vertical-align: middle; padding-bottom: 2px;">
            <div>&#8203;</div>
            &#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 78%;">
            <div>Pro forma net loss</div>
          </td>
          <td style="width: 3.66%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">$(4,192,756)</div>
          </td>
          <td rowspan="1" style="width: 3.64%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; width: 78%;">
            <div>Basic weighted average shares outstanding</div>
          </td>
          <td style="width: 3.66%; vertical-align: middle;">
            <div>&#8203;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;" nowrap="nowrap">
            <div style="text-align: right;">46,105,947</div>
          </td>
          <td rowspan="1" style="width: 3.64%; vertical-align: middle;"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 78%;">
            <div>Net loss per share&#8212;basic and diluted<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="width: 3.66%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#8203;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);" nowrap="nowrap">
            <div style="text-align: right;">$(0.09)</div>
          </td>
          <td rowspan="1" style="width: 3.64%; vertical-align: middle; background-color: #CCEEFF;">
            <div>&#8203;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div>(1)</div>
          </td>
          <td style="vertical-align: top; width: 96%;">
            <div>For the purposes of applying the if converted method for calculating diluted earnings per share, it was assumed that all outstanding warrants sold in the initial public offering and the private placement are converted to Class A common
              stock of AMCI. However, since this results in anti-dilution, the effect of such exchange was not included in calculation of diluted loss per share.</div>
          </td>
        </tr>

    </table>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">-9-</font></div>
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<TYPE>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
