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Business Combination (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Acquisition [Line Items] |
Reconciles the Elements of Business Combination to Consolidated Statements | The following table reconciles the elements of the Business Combination to the consolidated statement of cash flows and the consolidated statement of changes in equity for the year ended December 31, 2021:
|  | Recapitalization |
Cash- AMCI’s trust and cash (net of redemptions) |  | $ | 93,310,599 |
Cash – PIPE plus interest |  |  | 65,000,118 |
Less transaction costs and advisory fees paid |  |  | (17,188,519 | )
Less non-cash warrant liability assumed |  |  | (33,116,321 | )
Net Business Combination and PIPE financing |  | $ | 108,005,877 |
Common Stock Issued Following the Consummation of Business Combination | The number of shares of common stock issued immediately following the consummation of the Business Combination:
|  | Recapitalization |
Class A Common A stock of AMCI, outstanding prior to Business Combination |  |  | 9,061,136 |
Less Redemption of AMCI shares |  |  | (1,606 | )
Class B Common Stock of AMCI, outstanding prior to Business Combination |  |  | 5,513,019 |
Shares issued in PIPE |  |  | 6,500,000 |
Business Combination and PIPE financing shares |  |  | 21,072,549 |
Legacy Advent Shares |  |  | 25,033,398 |
Total shares of Common Stock immediately after Business Combination |  |  | 46,105,947 |
Pro Forma Information | If the acquisition had been consummated as of January 1, 2020, the Company’s pro-forma revenues and net loss for the years ended December 31, 2021 and 2020 would have been as follows:
|  | Year Ended December 31, |
(Amounts in millions) |  | 2021 |  |  | 2020 |
Revenue |  | $ | 16.0 |  |  | $ | 3.0 |
Net Loss |  |  | (29.3 | ) |  |  | (16.2 | )
UltraCell LLC [Member] |
Business Acquisition [Line Items] |
Assets Acquired and Liabilities Assumed | The assets acquired and liabilities assumed at the date of acquisition were as follows:
Current assets |  |  |
Cash and cash equivalents |  | $ | 77,129 |
Other current assets |  |  | 658,332 |
Total current assets |  | $ | 735,461 |
Non-current assets |  |  | 9,187 |
Total assets |  | $ | 744,648 |
Current liabilities |  |  | 110,179 |
Non-current liabilities |  |  | - |
Total liabilities |  | $ | 110,179 |
Net assets acquired |  | $ | 634,469 |
Goodwill arising on acquisition
Cost of investment |  | $ | 6,000,000 |
Net assets value |  |  | 634,469 |
Consideration to be allocated |  | $ | 5,365,531 |
Fair value adjustment - New intangibles |  |  |  |
Trade name “UltraCell” |  |  | 405,931 |
Patented technology |  |  | 4,328,228 |
Total intangibles acquired |  | $ | 4,734,159 |
Remaining Goodwill |  | $ | 631,372 |
SerEnergy and FES [Member] |
Business Acquisition [Line Items] |
Assets Acquired and Liabilities Assumed | The assets acquired and liabilities assumed at the date of acquisition were as follows:
Current assets |  |  |
Cash and cash equivalents |  | $ | 4,366,802 |
Other current assets |  |  | 10,252,064 |
Total current assets |  | $ | 14,618,866 |
Non-current assets |  |  | 5,387,674 |
Total assets |  | $ | 20,006,540 |
Current liabilities |  |  | 5,800,077 |
Non-current liabilities |  |  | 1,179,618 |
Total liabilities |  | $ | 6,979,695 |
Net assets acquired |  | $ | 13,026,845 |
Goodwill arising on acquisition
Cost of investment |  |  |
Cash consideration |  | $ | 22,236,111 |
Share consideration |  |  | 37,923,860 |
Total cost of investment |  |  | 60,159,971 |
Less: Net assets value |  |  | 13,026,845 |
Original excess purchase price |  | $ | 47,133,126 |
Fair value adjustments |  |  |  |
Real Property |  |  | 76,000 |
New intangibles: |  |  |  |
Patents |  |  | 16,893,000 |
Process know-how (IPR&D) |  |  | 2,612,000 |
Order backlog |  |  | 266,000 |
Total intangibles acquired |  | $ | 19,771,000 |
Deferred tax liability arising from the recognition of intangibles and real property valuation |  |  | (5,452,000 | )
Deferred tax assets on tax losses carried forward |  |  | 3,339,000 |
Remaining Goodwill |  | $ | 29,399,126 |

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