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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<hr style="border-width: 0; background-color: Black; height: 1px; color: Black; width: 25%; margin-top: 3pt; margin-bottom: 3pt" />
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>For the transition period from ______ to
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Indicate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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.&#160;<span id="xdx_907_edei--EntityExTransitionPeriod_c20210101__20210930_zNlQUjr0dia2"><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" format="ixt:booleanfalse" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes &#9744; <span id="xdx_90F_edei--EntityShellCompany_c20210101__20210930_z7FU03S03Eed"><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span>&#160;&#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">As of
November 17, 2021, there were <span id="xdx_90D_edei--EntityCommonStockSharesOutstanding_iI_c20211117_zzOvY96ySs2k"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2021-11-17" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,726,911</ix:nonFraction></span> shares of the registrant&#8217;s common stock, $0.0001 par value, issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-variant: small-caps"><b><i>Table
of Contents</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="padding: 0; width: 94%; text-indent: 0">&#160;</td>
    <td style="padding: 0; width: 6%; text-align: center"><span style="font-size: 10pt">Page&#160;</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0; vertical-align: top; text-indent: 0"><span style="font-size: 10pt">PART I- FINANCIAL INFORMATION</span></td>
    <td style="padding: 0; vertical-align: bottom; text-indent: 0">&#160;</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="padding: 0; text-indent: 0"><span style="font-size: 10pt"><a href="#a_002">Item 1: Condensed Consolidated Financial Statements for the nine months ended September 30, 2021 and 2020</a></span></td>
    <td style="padding: 0; text-align: right; text-indent: 0"><span style="font-size: 10pt">4</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-indent: 0"><span style="font-size: 10pt"><a href="#a_003">Condensed Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020</a></span></td>
    <td style="padding: 0; text-align: right; text-indent: 0"><span style="font-size: 10pt">4</span></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="padding: 0; text-indent: 0"><span style="font-size: 10pt"><a href="#a_004">Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020</a></span></td>
    <td style="padding: 0; text-align: right; text-indent: 0"><span style="font-size: 10pt">5</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-indent: 0"><span style="font-size: 10pt"><a href="#a_005">Unaudited Condensed Consolidated Statements of Changes in Stockholders&#8217; Equity for the three and nine months ended September 30, 2021 and 2020</a></span></td>
    <td style="padding: 0; text-align: right; text-indent: 0"><span style="font-size: 10pt">7</span></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="padding: 0; text-indent: 0"><span style="font-size: 10pt"><a href="#a_006">Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020</a></span></td>
    <td style="padding: 0; text-align: right; text-indent: 0"><span style="font-size: 10pt">8</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-indent: 0"><span style="font-size: 10pt"><a href="#a_007">Notes to Unaudited Condensed Consolidated Financial Statements</a></span></td>
    <td style="padding: 0; text-align: right; text-indent: 0"><span style="font-size: 10pt">9</span></td></tr>
<tr style="background-color: White">
    <td style="padding: 0; vertical-align: top; text-indent: 0"><span style="font-size: 10pt"><a href="#a_008">Item 2: Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</a></span></td>
    <td style="padding: 0; vertical-align: bottom; text-align: right; text-indent: 0"><span style="font-size: 10pt">21</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0; vertical-align: top; text-indent: 0"><span style="font-size: 10pt"><a href="#a_009">Item 3: Quantitative and Qualitative Disclosures about Market Risk</a></span></td>
    <td style="padding: 0; vertical-align: bottom; text-align: right; text-indent: 0"><span style="font-size: 10pt">29</span></td></tr>
<tr style="background-color: White">
    <td style="padding: 0; vertical-align: top; text-indent: 0"><span style="font-size: 10pt"><a href="#a_019">Item 4: Controls and Procedures</a></span></td>
    <td style="padding: 0; vertical-align: bottom; text-align: right; text-indent: 0"><span style="font-size: 10pt">29</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">PART II - OTHER INFORMATION</span></td>
    <td style="padding: 0; text-indent: 0">&#160;</td></tr>
<tr style="background-color: White">
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    <td style="padding: 0; vertical-align: bottom; text-align: right; text-indent: 0"><span style="font-size: 10pt">30</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-indent: 0"><span style="font-size: 10pt"><a href="#a_012">Item 1A: Risk Factors</a></span></td>
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<tr style="vertical-align: top; background-color: White">
    <td style="padding: 0; text-indent: 0"><span style="font-size: 10pt"><a href="#a_013">Item 2: Unregistered Sales of Equity Securities and Use of Proceeds</a></span></td>
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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-indent: 0"><span style="font-size: 10pt"><a href="#a_014">Item 3: Defaults Upon Senior Securities</a></span></td>
    <td style="padding: 0; text-align: right; text-indent: 0"><span style="font-size: 10pt">31</span></td></tr>
<tr style="vertical-align: top; background-color: White">
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    <td style="padding: 0; text-align: right; text-indent: 0"><span style="font-size: 10pt">31</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
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    <td style="padding: 0; vertical-align: bottom; text-align: right; text-indent: 0"><span style="font-size: 10pt">31</span></td></tr>
<tr style="background-color: White">
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<tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0; vertical-align: top; text-indent: 0"><span style="font-size: 10pt"><a href="#a_018">SIGNATURES</a></span></td>
    <td style="padding: 0; vertical-align: bottom; text-align: right; text-indent: 0"><span style="font-size: 10pt">32</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="text-transform: uppercase"><b>Part
I &#8211; FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span id="a_002"></span>Item 1. Financial Statements</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="a_003"></span>CONDENSED CONSOLIDATED BALANCE SHEETS</b></p>

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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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<tr id="xdx_40C_eus-gaap--Assets_iTI_mtCzVIC_zCxeYslS4Dv6" style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_407_eus-gaap--LiabilitiesCurrentAbstract_i01B_zvrh6b4hVxza" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_40D_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_i02I_maCzLSj_zBXuvNjKUpOb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_40F_eus-gaap--LoansPayableCurrent_i02I_maCzLSj_zqc4iEHmUkn2" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_408_eus-gaap--DeferredRevenueCurrent_i02I_maCzLSj_zonXxHeIAF3j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_400_eus-gaap--LiabilitiesCurrent_i01TI_mtCzLSj_maCzLqH_z4tx1gNkK5ni" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--LongTermLoansPayable_i01I_pp0p0_maCzLqH_zDzjO2OO6Df7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_40E_eus-gaap--Liabilities_i01TI_mtCzLqH_maCzaAA_maLASEzOxc_zBaQsUv8STEe" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_403_eus-gaap--CommitmentsAndContingencies_i01I_maCzaAA_zlSZz6aqOSb7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; text-align: left">Commitments and contingencies (Note 8)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="color: White; text-align: right"> <span style="-sec-ix-hidden: xdx2ixbrl0094">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_eus-gaap--StockholdersEquityAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_eus-gaap--PreferredStockValue_i02I_d0_maCzuYq_maSEzxuW_zLMcEGJXfo1d" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; color: black">Preferred stock, $<span id="xdx_90E_eus-gaap--PreferredStockParOrStatedValuePerShare_c20210930_pdd" title="Preferred stock, par value per share"><span id="xdx_901_eus-gaap--PreferredStockParOrStatedValuePerShare_c20201231_pdd" title="Preferred stock, par value per share"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></ix:nonFraction></span></span> par value, <span id="xdx_908_eus-gaap--PreferredStockSharesAuthorized_c20210930_pdd" title="Preferred stock, shares authorized"><span id="xdx_902_eus-gaap--PreferredStockSharesAuthorized_c20201231_pdd" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></ix:nonFraction></span></span> shares authorized; <span id="xdx_904_eus-gaap--PreferredStockSharesIssued_iI_c20210930_zqywR8zD44Xa" title="Preferred stock, shares issued"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_c20210930_zEeaAQjQ5ES" title="Preferred stock, shares outstanding"><span id="xdx_90F_eus-gaap--PreferredStockSharesIssued_iI_c20201231_zcTfu1zdxu24" title="Preferred stock, shares issued"><span id="xdx_900_eus-gaap--PreferredStockSharesOutstanding_iI_c20201231_zlQEdJcjHXZ8" title="Preferred stock, shares outstanding"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">0</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively</td>
    <td>&#160; &#160;</td>
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    <td style="text-align: left">&#160; &#160;</td>
    <td>&#160; &#160;</td>
    <td style="text-align: left">&#160; &#160;</td>
    <td style="text-align: right">&#160; <ix:nonFraction name="us-gaap:PreferredStockValue" contextRef="AsOf2020-12-31" format="ixt:zerodash" decimals="0" unitRef="USD">&#8212;</ix:nonFraction></td>
    <td style="text-align: left">&#160; &#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; color: black">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
<tr id="xdx_405_eus-gaap--CommonStockValue_i02I_maCzuYq_maSEzxuW_z8z4A8adeTsg" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; color: black">Common stock, $<span id="xdx_905_eus-gaap--CommonStockParOrStatedValuePerShare_c20210930_pdd" title="Common stock, par value per share"><span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_c20201231_pdd" title="Common stock, par value per share"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></ix:nonFraction></span></span> par value, <span id="xdx_902_eus-gaap--CommonStockSharesAuthorized_c20210930_pdd" title="Common stock, shares authorized"><span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_c20201231_pdd" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">45,000,000</ix:nonFraction></ix:nonFraction></span></span> shares authorized, <span id="xdx_90B_eus-gaap--CommonStockSharesIssued_c20210930_pdd" title="Common stock, shares issued"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_c20210930_pdd" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,726,911</ix:nonFraction></ix:nonFraction></span></span> and <span id="xdx_900_eus-gaap--CommonStockSharesIssued_c20201231_pdd" title="Common stock, shares issued"><span id="xdx_903_eus-gaap--CommonStockSharesOutstanding_c20201231_pdd" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,429,661</ix:nonFraction></ix:nonFraction></span></span> shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively</td>
    <td>&#160; &#160;</td>
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    <td style="text-align: left">&#160; &#160;</td>
    <td>&#160; &#160;</td>
    <td style="text-align: left">&#160; &#160;</td>
    <td style="text-align: right">&#160; <ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,143</ix:nonFraction></td>
    <td style="text-align: left">&#160; &#160;</td>
</tr>
<tr id="xdx_401_eus-gaap--AdditionalPaidInCapital_i02I_maCzuYq_maSEzxuW_zic9vyKQRXFi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,837,157</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,046,370</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_40A_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_maCzuYq_maSEzxuW_zmwELlSZy6v5" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; text-align: left">Accumulated deficit</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_400_eus-gaap--StockholdersEquity_i01TI_pp0p0_mtSEzxuW_maLASEzOxc_zLkVifyC2hge" style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See notes to these condensed consolidated financial
statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="a_004"></span>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Unaudited)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_303_113_zvO7JNah33q3" summary="xdx: Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_495_20210101_20210930" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_493_20200101_20200930" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; font-weight: bold; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="7" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">For
    The Nine Months Ended September 30,</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; color: black; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">2021</span></td><td style="color: black; font-weight: bold; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">2020</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40F_eus-gaap--Revenues_maCzfE1_zzeef8wGk4Tk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; color: black; font-weight: bold"><span style="font: 10pt Times New Roman, Times, Serif">Revenues</span></td><td style="width: 8%; color: black"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="width: 12%; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">693,074</ix:nonFraction></span></td><td style="width: 1%; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="width: 8%; color: black"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="width: 12%; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,102,071</ix:nonFraction></span></td><td style="width: 1%; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40A_ecustom--CostOfRevenues_msCzfE1_zSuEZHqAXhN2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    of Revenues</span></td><td style="color: black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="odii:CostOfRevenues" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">792,239</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="odii:CostOfRevenues" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,106,569</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_409_eus-gaap--GrossProfit_iT_mtCzfE1_maCzQff_zNH3GKNNE5Af" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 30pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Gross
    Loss</span></td><td style="color: black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">99,165</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td><td style="color: black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,498</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_404_eus-gaap--OperatingExpensesAbstract_iB_z85wPHQb6d1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; font-weight: bold; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Operating
    Expenses:</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40B_eus-gaap--ResearchAndDevelopmentExpense_i01_maCzqVA_zzetgPuPu8K7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Research
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    <td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,073,737</ix:nonFraction></span></td><td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">430,592</ix:nonFraction></span></td><td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_401_eus-gaap--SellingGeneralAndAdministrativeExpense_i01_maCzqVA_za2Bmlht9tuh" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Selling,
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40C_eus-gaap--OperatingExpenses_i01T_mtCzqVA_msCzQff_z5k68ZX3e5Bb" style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_403_eus-gaap--OperatingIncomeLoss_i01T_mtCzQff_maCzDaF_maNILzxxA_zgq8hXePrxJ1" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 1pt 30pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Loss from
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    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,831,846</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,304,733</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40A_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_zee5JIWalsFg" style="vertical-align: bottom; background-color: White">
    <td style="color: black; font-weight: bold; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Other
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    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40E_eus-gaap--OtherIncome_i01_maCzDaF_zbpuZuWL32ag" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Forgiveness
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    <td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherIncome" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">238,719</ix:nonFraction></span></td><td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherIncome" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1</ix:nonFraction></span></td><td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_407_eus-gaap--InterestExpense_i01N_di0_msCzDaF_z1K5mFIj0qN5" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Interest
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    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,407</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td><td style="color: black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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<tr id="xdx_403_eus-gaap--OtherNoncashIncomeExpense_i01T_maNILzxxA_zp4rqCWDs6Ib" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherNoncashIncomeExpense" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1</ix:nonFraction></td><td style="text-align: left; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40D_eus-gaap--NetIncomeLoss_i01T_mtNILzxxA_zWzFlWcOIQh9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 30pt; color: black; font-weight: bold; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Net
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    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,607,534</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 30pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_400_eus-gaap--EarningsPerShareBasicAndDilutedAbstract_iB_zEZuLNNjT9Z4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 30pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">Net Loss Per Share:</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40B_eus-gaap--EarningsPerShareBasic_i01_zHT5tLYq8U4" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 40pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">Basic</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.12</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td></tr>
<tr id="xdx_408_eus-gaap--EarningsPerShareDiluted_i01_zRpqrQljOkC" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 40pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">Diluted</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.21</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.12</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingAbstract_iB_zYAw9U1eZv3k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 30pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">Weighted
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    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_z4msuLpdseU9" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 40pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">Basic</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,320,979</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,173,008</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_401_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_z7YRwE314hBk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 40pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">Diluted</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,320,979</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See notes to these condensed consolidated
financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_49B_20210701_20210930" style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_499_20200701_20200930" style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; font-weight: bold"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="7" style="color: black; font-weight: bold; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">For
    The three months Ended September 30,</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; font-weight: bold; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">2021</span></td><td style="color: black; font-weight: bold; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">2020</span></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40C_eus-gaap--Revenues_maCzwHU_zmcx3dKYUwn9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 56%; color: black; font-weight: bold; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">Revenues</span></td><td style="width: 8%; color: black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; width: 12%; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">174,952</ix:nonFraction></span></td><td style="width: 1%; color: black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="width: 8%; color: black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; width: 12%; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2020-07-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">636,070</ix:nonFraction></span></td><td style="width: 1%; color: black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_404_ecustom--CostOfRevenues_msCzwHU_zIB9IIy31tcf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; font-weight: bold"><span style="font: 10pt Times New Roman, Times, Serif">Cost
    of Revenues</span></td><td style="color: black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="odii:CostOfRevenues" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">47,969</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="odii:CostOfRevenues" contextRef="From2020-07-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">495,915</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_403_eus-gaap--GrossProfit_iT_mtCzwHU_maCzGfd_z1PDOd5Hs6na" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 1pt 20pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Gross
    Profit</span></td><td style="padding-bottom: 1pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">126,983</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2020-07-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">140,155</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40E_eus-gaap--OperatingExpensesAbstract_iB_zL4yWkKY4ap9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; font-weight: bold; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Operating
    Expenses:</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_408_eus-gaap--ResearchAndDevelopmentExpense_i01_maCzyVA_zthnbLWqmrW2" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 2.5pt 20pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Research
    and development</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">454,658</ix:nonFraction></span></td><td style="color: black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2020-07-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">107,323</ix:nonFraction></span></td><td style="color: black; text-align: left; padding-bottom: 2.5pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40A_eus-gaap--SellingGeneralAndAdministrativeExpense_i01_maCzyVA_zm0Qgc3O9Awd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Selling,
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    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:SellingGeneralAndAdministrativeExpense" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">403,441</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:SellingGeneralAndAdministrativeExpense" contextRef="From2020-07-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">339,090</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40E_eus-gaap--OperatingExpenses_i01T_mtCzyVA_msCzGfd_zuKhEEGsXzVd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">858,099</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2020-07-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">446,413</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_404_eus-gaap--OperatingIncomeLoss_i01T_mtCzGfd_maCzvhU_zrE95yWbGHna" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">731,116</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2020-07-012020-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">306,258</ix:nonFraction></span></td><td style="padding-bottom: 1pt; color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_405_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_zByxjz2umLHc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_405_eus-gaap--OtherIncome_i01_d0_maCzvhU_maONIEzPcp_zqcWlMfuYebi" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_404_eus-gaap--InterestExpense_i01N_di_msCzvhU_msONIEzPcp_z1XjF1Np8MKe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_402_eus-gaap--OtherNoncashIncomeExpense_i01T_mtONIEzPcp_zRD5zpR3xBFd" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_40C_eus-gaap--NetIncomeLoss_i01T_zqqc5wu1PK87" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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<tr id="xdx_40D_eus-gaap--EarningsPerShareBasicAndDilutedAbstract_iB_zFz8V4UJaSD9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_40F_eus-gaap--EarningsPerShareBasic_i01_zEtzgbZVHdYj" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_40A_eus-gaap--EarningsPerShareDiluted_i01_zYt3SJ1g6nF4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 30pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">Diluted</span></td><td style="color: black"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.06</ix:nonFraction></span></td><td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td><td style="color: black"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2020-07-012020-09-30" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.03</ix:nonFraction></span></td><td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_40E_eus-gaap--WeightedAverageNumberOfSharesOutstandingAbstract_iB_zDJCkfifngS" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">Weighted Average Number
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    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_406_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_ze2L1Cys232c" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 30pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">Basic</span></td><td style="color: black"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2020-07-012020-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,199,703</ix:nonFraction></span></td><td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_402_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_zKVeQD7Abox7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 30pt; color: black"><span style="font: 10pt Times New Roman, Times, Serif">Diluted</span></td><td style="color: black"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,726,911</ix:nonFraction></span></td><td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="color: black; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="color: black; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2020-07-012020-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,199,703</ix:nonFraction></span></td><td style="color: black; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See notes to these condensed consolidated financial
statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="a_005"></span>CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
IN STOCKHOLDERS&#8217; EQUITY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER
30, 2021 AND 2020</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Unaudited)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<table cellpadding="0" cellspacing="0" id="xdx_30B_114_z7YXo8uD2iIe" summary="xdx: Statement - CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS&apos; EQUITY (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_4B6_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_zuDa4mF7hxwl" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_4B7_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_z7mAu5hCFRcj" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_4B3_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsMember_zwiHujtHBK9" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_4B7_z7CFq2Gc7lLf" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">Additional</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">Total</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Common Stock</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">Paid-In</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">Accumulated</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">Stockholders'</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Capital</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Deficit</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Equity</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td></tr>
<tr id="xdx_436_c20210101__20210331_eus-gaap--StockholdersEquity_iS_zONLWRifvHt8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%; font-weight: bold">Balance  December 31, 2020</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
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<tr id="xdx_405_eus-gaap--AllocatedShareBasedCompensationExpense_zdovlY9JKeb2" style="vertical-align: bottom; background-color: White">
    <td>Stock-based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;<span style="-sec-ix-hidden: xdx2ixbrl0270">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;<span style="-sec-ix-hidden: xdx2ixbrl0272">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_405_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_zf1Dhhhbagdb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercise of stock options</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;<span style="-sec-ix-hidden: xdx2ixbrl0277">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_402_eus-gaap--StockIssuedDuringPeriodValueNewIssues_zNi2M88hnWBd" style="vertical-align: bottom; background-color: White">
    <td>Sale of shares of common stock</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-01-012021-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">125</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-01-012021-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,006,375</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;<span style="-sec-ix-hidden: xdx2ixbrl0284">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,006,500</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_ecustom--CommonStock_zhpz3YgNNZCh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Costs of stock sale</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;<span style="-sec-ix-hidden: xdx2ixbrl0289">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="odii:CommonStock" contextRef="From2021-01-012021-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">407,445</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;<span style="-sec-ix-hidden: xdx2ixbrl0291">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="odii:CommonStock" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">407,445</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr id="xdx_40F_eus-gaap--ProfitLoss_zGubAAKHSfKj" style="vertical-align: bottom; background-color: White">
    <td>Net loss three months ended March 31, 2021</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;<span style="-sec-ix-hidden: xdx2ixbrl0294">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;<span style="-sec-ix-hidden: xdx2ixbrl0295">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-03-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">895,111</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">895,111</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_43B_c20210401__20210630_eus-gaap--StockholdersEquity_iS_z0cglSFA8Lae" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Balance  March 31, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--SharesOutstanding_iS_c20210401__20210630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z2w9TjituLCi" title="Balance at beginning, shares" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2021-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,726,911</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,272</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,392,652</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,411,511</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,982,413</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_405_eus-gaap--AllocatedShareBasedCompensationExpense_zS6HynYLZkQ2" style="vertical-align: bottom; background-color: White">
    <td>Stock-based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;&#8212;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0306">&#8212;</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-04-012021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">223,155</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;<span style="-sec-ix-hidden: xdx2ixbrl0308">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">223,155</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--ProfitLoss_zj5RWq1ibeZ6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Net loss three months ended June 30, 2021</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;<span style="-sec-ix-hidden: xdx2ixbrl0311">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;<span style="-sec-ix-hidden: xdx2ixbrl0312">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-04-012021-06-30_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,001,760</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,001,760</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_435_c20210701__20210930_eus-gaap--StockholdersEquity_iS_zEqfTHmBeR3f" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Balance  June 30, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--SharesOutstanding_iS_c20210701__20210930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zK92t5CC2hji" title="Balance at beginning, shares" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,726,911</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-06-30_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,272</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-06-30_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,615,807</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-06-30_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,413,271</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,203,808</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_404_eus-gaap--AllocatedShareBasedCompensationExpense_zww4GGE1pK35" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_40A_eus-gaap--ProfitLoss_zFEUMiJOk8T9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_438_c20210701__20210930_eus-gaap--StockholdersEquity_iE_zI58rNwj6dD1" style="vertical-align: bottom; background-color: White">
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</table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr id="xdx_432_c20200101__20200331_eus-gaap--StockholdersEquity_iS_z9gam5Hw5wL2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_405_eus-gaap--AllocatedShareBasedCompensationExpense_z4Db4dt4pZye" style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left">Stock-based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0347">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-01-012020-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">63,880</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0349">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_40F_eus-gaap--ProfitLoss_zM02uNsaWQRj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black">Net loss three months ended March 31, 2020</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0352">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0353">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2020-01-012020-03-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">502,495</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2020-01-012020-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">502,495</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_435_c20200401__20200630_eus-gaap--StockholdersEquity_iS_zwDj25GSOGg8" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Balance  March 31, 2020</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--SharesOutstanding_iS_c20200401__20200630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zQSW66c9MWYj" title="Balance at beginning, shares" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2020-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,159,661</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--AllocatedShareBasedCompensationExpense_zNLVw6hDT6d4" style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left">Stock-based compensation</td><td>&#160;</td>
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<tr id="xdx_40F_eus-gaap--ProfitLoss_zsEs3f4Niv31" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black">Net loss three months ended June 30, 2020</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0369">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0370">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr id="xdx_43F_c20200701__20200930_eus-gaap--StockholdersEquity_iS_zayARPU6kfmh" style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_zpNZPeM8rUZc" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_401_eus-gaap--AllocatedShareBasedCompensationExpense_zhQhVenoE8ka" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_40F_eus-gaap--ProfitLoss_zkRDncJNSXj5" style="vertical-align: bottom; background-color: White">
    <td style="color: black">Net loss three months ended September 30, 2020</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr id="xdx_430_c20200701__20200930_eus-gaap--StockholdersEquity_iE_zzAsLKloqgrd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Balance  September 30, 2020</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See notes to these condensed consolidated financial
statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="a_006"></span>CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;<b>(Unaudited)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_30F_112_zdLEyjExUtGk" summary="xdx: Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_497_20210101__20210930_z6erAOcFTGFl" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_492_20200101__20200930_z5TrYIYgAJD3" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom"><td style="color: black; font-weight: bold">&#160;</td>
    <td style="color: black; font-weight: bold; text-align: center">&#160;</td>
    <td colspan="7" style="color: black; font-weight: bold; text-align: center">For The Nine Months Ended</td></tr>
<tr style="vertical-align: bottom"><td style="color: black; font-weight: bold">&#160;</td>
    <td style="color: black; font-weight: bold; text-align: center">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center">September 30,</td></tr>
<tr style="vertical-align: bottom"><td style="color: black; font-weight: bold">&#160;</td>
    <td style="color: black; font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center">2021</td><td style="color: black; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; color: black; font-weight: bold; text-align: center">2020</td>
    <td>&#160;</td></tr>
<tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zkyo2EqI63ib" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; font-weight: bold; text-align: left">Cash Flows From Operating Activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_400_eus-gaap--NetIncomeLoss_i01_maCzSpU_z6uLl1tQ3CE2" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; width: 56%; color: black; text-align: left">Net loss</td><td style="width: 8%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 12%; color: black; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,607,534</ix:nonFraction></td><td style="width: 1%; color: black; text-align: left">)</td><td style="width: 8%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 12%; color: black; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,304,732</ix:nonFraction></td><td style="width: 1%; color: black; text-align: left">)</td></tr>
<tr id="xdx_405_eus-gaap--AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left">Adjustments to reconcile net loss to net cash used in
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--ShareBasedCompensation_i02_maCzZFD_zcP3JVro0Kfi" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 30pt; color: black">Stock-based compensation</td><td style="color: black">&#160;</td>
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<tr id="xdx_409_ecustom--ForgivenessOfPppLoanAndOther_i02N_di_msCzZFD_z1A710fV16l7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 30pt; color: black; text-align: left">Forgiveness of PPP loan and other</td><td style="color: black">&#160;</td>
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<tr id="xdx_400_eus-gaap--DepreciationAndAmortization_i02_maCzZFD_zoHMvwtr8OZ6" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 30pt; color: black; text-align: left">Depreciation and amortization</td><td style="color: black">&#160;</td>
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<tr id="xdx_40F_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i01B_z3ljuV325uR6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_i02N_di_msCzZFD_zW5BnhbhxKh7" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 30pt; color: black; text-align: left">Contract assets</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerAsset" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">62,273</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
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<tr id="xdx_408_eus-gaap--IncreaseDecreaseInAccountsReceivable_i02N_di_msCzZFD_zCIBTxrTpv6b" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_408_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i02N_di_msCzZFD_zETEe0jin7Vc" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_402_eus-gaap--IncreaseDecreaseInDeferredCharges_i02N_di_msCzZFD_zg2flxeIso4d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr id="xdx_400_eus-gaap--IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_i02_maCzZFD_zUUPA9zBka6j" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_40A_eus-gaap--IncreaseDecreaseInDeferredRevenue_i02_maCzZFD_zt2qC1cG6Tyj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_403_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_i02T_mtCzZFD_maCzSpU_zdjiZcMdLC94" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iT_mtCzSpU_maCzWkP_z8FweKrEMlPb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zveJn8u1uDig" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="color: black; font-weight: bold; text-align: left">Cash Flows Used In Investing Activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_400_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msCzcsH_zvNEfRmwf23" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left">Purchases of property and equipment</td><td style="color: black">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">&#160;</td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">&#160;</td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_401_eus-gaap--NetCashProvidedByUsedInInvestingActivities_iT_mtCzcsH_maCzWkP_zKNkSkRgKmfj" style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0; padding-right: 0; padding-left: 30pt; color: black; font-weight: bold; text-align: left">Net Cash from Investing Activities</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">32,505</ix:nonFraction></td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40A_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zSdlObwj9NCk" style="vertical-align: bottom; background-color: White">
    <td style="color: black; font-weight: bold; text-align: left">Cash Flows From Financing Activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_i01_maCzkx0_zpGXwLKG5iph" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left">Proceeds from sale of common stock, net of costs</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,599,055</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0463">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_40E_eus-gaap--ProceedsFromLoans_i01_maCzkx0_zetlaCd4PIqg" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left">Proceeds from government loans</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">193,625</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">684,580</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_408_eus-gaap--PaymentsForLoans_i01N_di_msCzkx0_zxfCepgNSHHl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left">Repayment of government loans</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsForLoans" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">26,956</ix:nonFraction></td><td style="color: black; text-align: left">)</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsForLoans" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,175</ix:nonFraction></td><td style="color: black; text-align: left">)</td></tr>
<tr id="xdx_40D_ecustom--ProceedsFromExerciseOfStockOptions_i01_maCzkx0_z3J5OMMAWuzb" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left">Proceeds from exercise of stock options</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="odii:ProceedsFromExerciseOfStockOptions" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">68,438</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="odii:ProceedsFromExerciseOfStockOptions" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">230,624</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td></tr>
<tr id="xdx_407_eus-gaap--PaymentsOfFinancingCosts_i01N_di_msCzkx0_za7LPdUdXU07" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left">Payment of deferred offering costs</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0474">&#8212;</span></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsOfFinancingCosts" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,742</ix:nonFraction></td><td style="color: black; text-align: left">)</td></tr>
<tr id="xdx_406_ecustom--PaymentOfDeferredLoanCosts_i01N_di_msCzkx0_zFgjRnRHMT6e" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 20pt; color: black; text-align: left">Payment of deferred loan costs</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0477">&#8212;</span></td><td style="padding-bottom: 1pt; color: black; text-align: left">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right">(<ix:nonFraction name="odii:PaymentOfDeferredLoanCosts" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,560</ix:nonFraction></td><td style="padding-bottom: 1pt; color: black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInFinancingActivities_iT_mtCzkx0_maCzWkP_z0RAAiU2C8H4" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 30pt; color: black; font-weight: bold; text-align: left">Net Cash Provided By Financing Activities</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,834,162</ix:nonFraction></td><td style="padding-bottom: 1pt; color: black; text-align: left">&#160;</td><td style="color: black; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; color: black; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; color: black; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">868,727</ix:nonFraction></td><td style="padding-bottom: 1pt; color: black; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 30pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_iT_mtCzWkP_zj46QiilTa4" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0 0 0 30pt; color: black; font-weight: bold; text-align: left">Net Increase (Decrease) In Cash and Restricted Cash</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,136,762</ix:nonFraction></td><td style="color: black; text-align: left">&#160;</td><td style="color: black">&#160;</td>
    <td style="color: black; text-align: left">&#160;</td><td style="color: black; text-align: right">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">325,253</ix:nonFraction></td><td style="color: black; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">See notes to these condensed consolidated financial
statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES</b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="a_007"></span>NOTES TO&#160;CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_806_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zfDSOXuW4Umk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 1 &#8211; <span id="xdx_82D_z8aSrizC6UOg">Nature of Operations and Liquidity</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Organization and Operations</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Odyssey Semiconductor Technologies, Inc. (&#8220;Odyssey
Technologies&#8221;) was incorporated on April 12, 2019 under the laws of the State of Delaware. Odyssey Technologies, through
its wholly-owned subsidiary, Odyssey Semiconductor, Inc. (&#8220;Odyssey Semiconductor&#8221;) and Odyssey Semiconductor&#8217;s
wholly owned subsidiary, JR2J, LLC (&#8220;JR2J&#8221;) (collectively, the &#8220;Company&#8221;), is a semiconductor device company
developing high-voltage power switching components and systems based on proprietary Gallium Nitride (&#8220;GaN&#8221;) processing
technology.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">COVID-19</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The extent of the impact and effects of the
recent outbreak of the coronavirus (COVID-19) on the operation and financial performance of our business will depend on future
developments, including the duration and spread of the outbreak, related travel advisories and restrictions, the consequential
potential of staff shortages, and project development delays, all of which are highly uncertain and cannot be predicted. If demand
for the Company&#8217;s services or the Company&#8217;s ability to service customers are impacted for an extended period, especially
as it relates to major customers, our financial condition and results of operations may be materially adversely affected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="text-decoration: underline">Liquidity and Financial Condition</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2021, the Company had a cash
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company believes its current cash on hand
is sufficient to meet its operating obligations and capital requirements for at least twelve months from the issuance of these
financial statements. Thereafter, the Company may need to raise further capital through the sale of additional equity or debt securities
or other debt instruments to support its future operations. The Company&#8217;s operating needs include the planned costs to operate
its business, including amounts required to fund working capital and capital expenditures. The Company&#8217;s future capital requirements
and the adequacy of its available funds will depend on many factors, including the Company&#8217;s ability to successfully commercialize
its products and services, competing technological and market developments, and the need to enter into collaborations with other
companies or acquire other companies or technologies to enhance or complement its product and service offerings. There is also
no assurance that the amount of funds the Company might raise will enable the Company to complete its development initiatives or
attain profitable operations. If the Company is unable to obtain additional financing on a timely basis, it may have to curtail
its development, marketing and promotional activities, which would have a material adverse effect on the Company&#8217;s business,
financial condition and results of operations, and ultimately, the Company could be forced to discontinue its operations and liquidate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:exclude><p id="xdx_230_zXpAVEEtg6Eh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

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<ix:exclude><p id="xdx_23D_zrwQQtAuvnW" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_234_zguYnL6AYO87" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
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<ix:exclude><p id="xdx_23D_zyNhUgTdlns" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>NOTES TO&#160;CONDENSED CONSOLIDATED FINANCIAL
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<ix:exclude><p id="xdx_238_zL6Rb228tNN5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_23D_zOKjEVefKwwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80C_eus-gaap--SignificantAccountingPoliciesTextBlock_zFrOHhWL9x88" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 2 - <span id="xdx_82C_zvkqj33tWPF2">Summary of Significant Accounting
Policies</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There have been no material changes to the
significant accounting policies included in the condensed consolidated financial statements as of&#160;September 30, 2021  and for the
year then ended, which were previously filed, except as disclosed in this note.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_84F_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zT1Cijook8Lk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_867_zZbwlHJyLjlf">Basis of Presentation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America
(&#8220;U.S. GAAP&#8221;) for interim financial information. Accordingly, they do not include all of the information and footnotes
required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments
(consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated
financial statements of the Company as of September 30, 2021 and for the nine months ended September 30, 2021 and 2020. The results
of operations for the nine months ended September 30, 2021 are not necessarily indicative of the operating results for the full
year ending December 31, 2021 or any other period. These unaudited condensed consolidated financial statements should be read in
conjunction with the audited financial statements and related disclosures included in the Company&#8217;s Annual Report on Form
10-K for fiscal year ended December 31, 2020 which have been filed with the Securities and Exchange Commission on April 8, 2021,
as amended on Form 10-K/A on May 28, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Preparation of financial statements in conformity
with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial
statements and the amounts disclosed in the related notes to the financial statements. The Company&#8217;s significant estimates
used in these financial statements include, but are not limited to, fair value calculations for equity securities, stock-based
compensation, the collectability of receivables, the recoverability and useful lives of long-lived assets, and the valuation allowance
related to the Company&#8217;s deferred tax assets. Certain of the Company&#8217;s estimates could be affected by external conditions,
including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could
have an effect on the Company&#8217;s estimates and could cause actual results to differ from those estimates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly liquid investments
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not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. The Company
reduces its credit risk by placing its cash and cash equivalents with major financial institutions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:exclude><p id="xdx_234_zk86uGtuMJxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

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<ix:exclude><p id="xdx_237_z0trVWpieU95" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23A_zSi8FdNH2sDg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES</b></p></ix:exclude>

<ix:exclude><p id="xdx_236_zlkctCs6GXV4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>NOTES TO&#160;CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</b></p></ix:exclude>

<ix:exclude><p id="xdx_23E_zM6100Sn1ya1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_23C_zOp7Oi8UqdUd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23E_zX2Rw0ywYqF9" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 2 - Summary of Significant Accounting
Policies &#8211; continued </b></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy"><p id="xdx_841_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_zDfXGCBUY8mh" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="text-decoration: underline"><span id="xdx_860_z9OQnX1Nwefk">Restricted Cash</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Restricted cash was comprised of cash held
as a security deposit in connection with the Company&#8217;s operating lease. See Note 8 &#8211; Commitments and Contingencies
- Operating Lease for additional details.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_84E_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zAYZjuneBDh2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_861_zNpounBmT50c">Property and Equipment</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment are stated at cost,
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Expenditures for maintenance and repairs, which do not extend the economic useful life of the related assets, are charged to operations
as incurred, and expenditures which extend the economic life are capitalized. Leasehold improvements are depreciated over the lesser
of their estimated useful lives or the remaining term of their respective lease. When assets are retired or otherwise disposed
of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal
is recognized in the statement of operations for the respective period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s long-lived assets are reviewed
for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.
An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual
disposition are less than its carrying amount.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The estimated useful lives of property and
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<tr style="vertical-align: top; background-color: white">
    <td><span id="xdx_8B8_zj3D17vTGQAc" style="display: none">Schedule of estimated useful lives of property and equipment</span></td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top; background-color: #CCEEFF">
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<tr style="vertical-align: top; background-color: white">
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<tr style="vertical-align: top; background-color: #CCEEFF">
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<tr style="vertical-align: top; background-color: white">
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</ix:nonNumeric><p id="xdx_8AE_zMUyiZIlXYVd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<ix:exclude><p id="xdx_239_zqn1FEXUDt99" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="odii:FairValueOfStockOptionsAndWarrantsPoliciesTextBlock"><p id="xdx_84D_ecustom--FairValueOfStockOptionsAndWarrantsPoliciesTextBlock_zXkMNbzjNcOg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_861_zl4f5vDIqjtl">Fair Value of Stock Options and Warrant</span>s</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The risk-free interest rate was determined
from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument
being valued. Option forfeitures are accounted for at the time of occurrence. The expected term used is the estimated period of
time that warrants or options are expected to be outstanding. The Company utilizes the &#8220;simplified&#8221; method to develop
an estimate of the expected term of &#8220;plain vanilla&#8221; employee options. For investor warrants and non-employee options,
the expected term used is the contractual life of the instrument being valued. The Company does not yet have a trading history
to support its historical volatility calculations. Accordingly, the Company is utilizing an expected volatility figure based on
a review of the historical volatility of comparable entities over a period of time equivalent to the expected life of the instrument
being valued.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:exclude><p id="xdx_234_z0S4RHVpIb9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

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<ix:exclude><p id="xdx_23C_zHVoJ9eTEt06" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_239_zWtdDqrvKSXf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES</b>&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_239_z9xAQgqaSNkd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>NOTES TO&#160;CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</b></p></ix:exclude>

<ix:exclude><p id="xdx_234_z9ofWfc9a2Rf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_232_zGTvH4ioiaNd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_232_zNUf8mhpkfF5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Note 2 - Summary of Significant Accounting
Policies &#8211; continued</b></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zj5RQU7b7Mra" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>&#160;</b></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b></b></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_844_eus-gaap--RevenueRecognitionPolicyTextBlock_zutny5NY6LF8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_863_znvMjk01F3p2">Revenue Recognition</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company recognizes
revenue under ASC Topic 606, &#8220;Revenue from Contracts with Customers&#8221; (&#8220;ASC 606&#8221;). The Company determines
revenue recognition through the following steps:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration: underline">Step 1:</span>&#160;Identify the contract with the customer;</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration: underline">Step 5:</span>&#160;Recognize revenue when the company satisfies a performance obligation.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">A majority of the
Company&#8217;s revenues are generated from contracts with customers that require it to design, develop, manufacture, test and
integrate complex equipment and to provide engineering and technical services according to customer specifications. These contracts
are often priced on a time and material type basis. Revenues on time and material type contracts are generally recognized in each
period based on the amount billable to the customer which is based on direct labor hours expended multiplied by the contractual
fixed rate per hour, plus the actual costs of materials and other direct non-labor costs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The timing of the Company&#8217;s revenue recognition
may differ from the timing of payment by its customers. A receivable is recorded when revenue is recognized prior to payment and
the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services,
the Company records deferred revenue until the performance obligations are satisfied. Contract assets are comprised of unbilled
contract receivables related to revenues earned but not yet invoiced to customers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the nine months ended September 30,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company generates
revenue from government contracts that reimburse the Company for certain allowable costs for funded projects. For contracts with
government agencies, when the Company has concluded that it is the principal in conducting the research and development expenses
and where the funding arrangement is considered central to the Company&#8217;s ongoing operations, the Company classifies the recognized
funding received as revenue. The Company has determined that revenue generated from government grants is outside the scope of ASC
606 and, as a result, the Company recognizes revenue upon incurring qualifying, reimbursable expenses. During the nine months ended
September 30, 2021 and 2020, the Company recognized approximately $<span id="xdx_90D_ecustom--GrantRevenue_c20210101__20210930_pp0p0" title="Grant Revenue"><ix:nonFraction name="odii:GrantRevenue" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">418,000</ix:nonFraction></span> and $<span id="xdx_902_ecustom--GrantRevenue_c20200101__20200930_pp0p0" title="Grant Revenue"><ix:nonFraction name="odii:GrantRevenue" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">900,000</ix:nonFraction></span>, respectively, of grant revenue. During
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revenue.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="odii:DeferredExpensesPoliciesTextBlock"><p id="xdx_84E_ecustom--DeferredExpensesPoliciesTextBlock_z4VErptxJJla" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="text-decoration: underline"><span id="xdx_86F_zUQ6gWLZ4QO9">Deferred Expenses</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred expenses consist of labor, materials
and other costs that are attributable to customer contracts that the Company has not completed its performance obligation under
the contract and, as a result, has not recognized revenue. As of September 30, 2021 and December 31, 2020, deferred expenses were
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:exclude><p id="xdx_238_zkD1zWidwAmf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

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<ix:exclude><p id="xdx_236_zTy6rd9drbj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_236_zG3U4YmCbDvh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES</b></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zLAHy8CRHjg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>NOTES TO&#160;CONDENSED CONSOLIDATED FINANCIAL
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<ix:exclude><p id="xdx_230_zKaE5bJdD3Ie" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_238_ztA3JGvzEkhj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_236_zTP43q3tbLjf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Note 2 - Summary of Significant Accounting
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<ix:exclude><p id="xdx_23A_zDK3qIQCIoQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>&#160;</b></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company measures the cost of services received
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the grant date. The fair value amount is then recognized over the period during which services are required to be provided in exchange
for the award, usually the vesting period. Upon the exercise of an award, the Company issues new shares of common stock out of
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<ix:exclude><p id="xdx_23A_zbwIMdjxoQV1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_234_zdwGyZV8ejJi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic net (loss) income per share of common
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the period.&#160;Diluted net income per share of common stock is computed by dividing net income by the weighted average number
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following shares were excluded from the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td>
    <td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table>

</ix:nonNumeric><p id="xdx_8AC_zHNC4F3PUgWk" style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_844_eus-gaap--IncomeTaxPolicyTextBlock_ztF3dA4Xy1m3" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="text-decoration: underline"><span id="xdx_866_zPexAWE4nIph">Income Taxes</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes deferred tax assets
and liabilities for the expected future tax consequences of items that have been included or excluded in the financial statements
or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets
and liabilities and their respective financial reporting amounts (&#8220;temporary differences&#8221;) at enacted tax rates in
effect for the years in which the temporary differences are expected to reverse. The Company has recorded a full valuation allowance
against its deferred tax assets for all periods, due to the uncertainty of future utilization.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company utilizes a recognition threshold
and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in
a tax return. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition
in the Company&#8217;s financial statements as of September 30, 2021 and December 31, 2020. The Company does not expect any significant
changes in its unrecognized tax benefits within twelve months of the reporting date. The Company&#8217;s policy is to classify
assessments, if any, for tax related interest as interest expense and penalties as selling, general and administrative expenses
in the consolidated statements of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:exclude><p id="xdx_23D_z7z7YpEDDRth" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 13; Value: 3 -->
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<ix:exclude><p id="xdx_236_zFMQ7kCNUuFk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23F_zW7PMXiwyYBf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES</b>&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_233_zKMhnixX8bD2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>NOTES TO&#160;CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</b></p></ix:exclude>

<ix:exclude><p id="xdx_233_zgYir9bHx2h8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_23E_zjOZDeTpdXG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_231_zTWmzWvYwvUa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Note 2 - Summary of Significant Accounting
Policies &#8211; continued</b></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b></b></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_847_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zkiWCwhtV8X4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="text-decoration: underline"><span id="xdx_867_zzHFCRBlxFlh">Recently Issued Accounting Standards</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU No. 2016-02,
&#8220;Leases (Topic 842),&#8221; (&#8220;ASU 2016-02&#8221;). ASU 2016-02 requires an entity to recognize assets and liabilities
arising from a lease for both financing and operating leases. ASU 2016-02 will also require new qualitative and quantitative disclosures
to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising
from leases. The FASB issued ASU No. 2018-10 &#8220;Codification Improvements to Topic 842, Leases&#8221; (&#8220;ASU 2018-10&#8221;),
ASU No. 2018-11 &#8220;Leases (Topic 842) Targeted Improvements&#8221; (&#8220;ASU 2018-11&#8221;) in July 2018, and ASU No. 2018-20
&#8220;Leases (Topic 842) - Narrow Scope Improvements for Lessors&#8221; (&#8220;ASU 2018-20&#8221;) in December 2018. ASU 2018-10
and ASU 2018-20 provide certain amendments that affect narrow aspects of the guidance issued in ASU 2016-02. ASU 2018-11 allows
all entities adopting ASU 2016-02 to choose an additional (and optional) transition method of adoption, under which an entity initially
applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained
earnings in the period of adoption. Pursuant to ASU 2019-10 the effective date for ASC 842 was deferred an additional year. The
Company expects to recognize operating lease right-of-use assets and lease liabilities on the balance sheet upon adoption of this
ASU. The Company is currently evaluating these ASUs and their impact on its consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:OtherCurrentAssetsTextBlock"><p id="xdx_80F_eus-gaap--OtherCurrentAssetsTextBlock_zUIfkM7twCZ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 3 - <span id="xdx_82B_z8s5vNpiEfn5">Prepaid Expenses and Other Current
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prepaid expenses consisted of the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_888_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_z9hSVwY0OqD" summary="xdx: Disclosure - Prepaid Expenses and Other Current Assets (Details)" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="text-align: left"><span id="xdx_8B8_zNmrwh8w8GZ3" style="display: none">Schedule of Prepaid expenses and other current assets</span></td>
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<tr style="vertical-align: bottom">
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    <td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--PrepaidInsurance_iI_pp0p0_maPEAOAzODK_z0IxZ3Nd33xg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:PrepaidInsurance" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">33,569</ix:nonFraction></td><td style="padding-bottom: 1pt; width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_407_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pp0p0_mtPEAOAzODK_z7tcIwLqpFqc" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p id="xdx_806_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zHRpVqpKcIIf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 4 - <span id="xdx_825_zz6UC93SVn28">Accounts Payable and Accrued Expenses</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts payable and accrued expenses consisted
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <td style="text-align: left">&#160;</td><td id="xdx_49D_20201231_zRA5YIudswNd" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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<tr id="xdx_40E_eus-gaap--AccruedPayrollTaxesCurrent_iI_pp0p0_maAPAALz6YW_zds7xahUBjm3" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_404_eus-gaap--CustomerLoyaltyProgramLiabilityCurrent_iI_pp0p0_maAPAALz6YW_zx8oNsK2jhK1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:exclude><p id="xdx_235_zaKBHvCBhIaa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 14; Value: 3 -->
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<ix:exclude><p id="xdx_235_zyYA04gihb6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_238_zdxYSxnUhMth" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
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<ix:exclude><p id="xdx_23D_zQq28ZvA50X8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>NOTES TO&#160;CONDENSED CONSOLIDATED FINANCIAL
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<ix:exclude><p id="xdx_231_zpSvsA32UVTd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_235_zMtGC3O6edMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_881_eus-gaap--PropertyPlantAndEquipmentTextBlock_zRR73IVuY2ie" summary="xdx: Disclosure - Property and Equipment (Details)" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto">
<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom">
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    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Machinery</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation and amortization expense related
to property and equipment was approximately $<span id="xdx_90D_eus-gaap--Depreciation_pp0p0_c20210701__20210930_z2uzKnVhf9V2" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">42,000</ix:nonFraction></span> and $<span id="xdx_909_eus-gaap--Depreciation_pp0p0_c20200701__20200930_zTYYfl0EReD4" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2020-07-012020-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">30,400</ix:nonFraction></span> (which was primarily recorded within cost of sales) for the quarters
ended September 30, 2021 and 2020, respectively. Depreciation and amortization expense related to property and equipment was approximately
$<span id="xdx_90F_eus-gaap--Depreciation_pp0p0_c20210101__20210930_zIkqtGZz40Ch" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">125,000</ix:nonFraction></span> and $<span id="xdx_90E_eus-gaap--Depreciation_pp0p0_c20200101__20200930_zInlzucOLAdd" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">73,000</ix:nonFraction></span> (which was primarily recorded within cost of sales) for the nine months ended September 30, 2021 and 2020,
respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80A_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zCIFi9k5OfLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 6 &#8211; <span id="xdx_82B_zrG8PlF3R0S8">Stockholders&#8217; Equity</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Authorized Capital</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is authorized to issue<span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_c20210930_zzPUdUbOmiSb" title="Common stock, shares authorized"> <ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">45,000,000</ix:nonFraction></span>
shares of common stock, $<span id="xdx_908_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20210930_zyYUBmkF2RS7" title="Common stock, par value per share"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> par value per share, and <span id="xdx_905_eus-gaap--PreferredStockSharesAuthorized_iI_c20210930_zN0Dge80j5Uj" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> shares of preferred stock, $<span id="xdx_900_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20210930_zOWgsNg7VRia" title="Preferred stock, par value per share"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> par value per share. The
holders of the Company&#8217;s common stock are entitled to one vote per share. No preferred shares have been issued through September
30, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Common Stock Transactions</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2021, the Company sold <span id="xdx_907_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210101__20210331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Number of stock sold"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2021-01-012021-03-31_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,251,625</ix:nonFraction></span> shares
of common stock at $<span id="xdx_90D_eus-gaap--WarrantExercisePriceIncrease_c20210101__20210331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Exercise Price"><ix:nonFraction name="us-gaap:WarrantExercisePriceIncrease" contextRef="From2021-01-012021-03-31_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> per share for gross proceeds of $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210101__20210331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pp0p0" title="Proceeds from stock of sold"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-012021-03-31_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,006,500</ix:nonFraction></span> in connection with a private placement of securities. The costs
associated with such issuance were $<span id="xdx_901_eus-gaap--ProceedsFromWarrantExercises_c20210101__20210331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pp0p0" title="Proceeds from warrant exercised"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2021-01-012021-03-31_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">407,445</ix:nonFraction></span> in cash and warrants to purchase<span id="xdx_901_ecustom--NumberOfWarrantPurchased_c20210101__20210331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Number of warrant purchased"> <ix:nonFraction name="odii:NumberOfWarrantPurchased" contextRef="From2021-01-012021-03-31_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">89,730</ix:nonFraction></span> shares of Common Stock of the Company with
a term of <span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20210331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z33WHnBJrlUe" title="Warrant term"><ix:nonNumeric contextRef="AsOf2021-03-31_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">5</ix:nonNumeric></span> years and an exercise price of $<span id="xdx_900_eus-gaap--SharePrice_c20210331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-03-31_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> per share. An aggregate of $<span id="xdx_908_eus-gaap--ProceedsFromRelatedPartyDebt_c20210301__20210331_pp0p0" title="Proceeds from related parties"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2021-03-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">480,000</ix:nonFraction></span> of proceeds were raised from related parties
(including an aggregate of $430,000 from Alex Behfar&#8217;s family member, Richard Brown, Richard Ogawa and James Shealy), representing
approximately 10% of the total gross proceeds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:exclude><p id="xdx_230_zE1L3vCjSVah" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 15; Value: 3 -->
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    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_233_zaLHrXjBLyd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23F_zoOPppm8k164" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES</b></p></ix:exclude>

<ix:exclude><p id="xdx_238_zv8C3Oly8X74" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>NOTES TO&#160;CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</b></p></ix:exclude>

<ix:exclude><p id="xdx_23C_zqrZxSM90Ctk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_238_zKiAwhjgonyh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:ShareholdersEquityAndShareBasedPaymentsTextBlock"><p id="xdx_80F_eus-gaap--ShareholdersEquityAndShareBasedPaymentsTextBlock_zhigpW7A4Khl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 7 &#8211; <span id="xdx_823_ztVOL8J10ipe">Equity Compensation Plan</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 18, 2019, the Board of Directors
and a majority of&#160;the Company&#8217;s shareholders, respectively, approved the 2019 Equity Compensation Plan (the &#8220;2019
Plan&#8221;). Under the 2019 Plan, <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_c20190618__us-gaap--PlanNameAxis__custom--N2019EquityCompensationPlanMember_pdd" title="Number of Shares Authorized"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" contextRef="AsOf2019-06-18_custom_N2019EquityCompensationPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,326,000</ix:nonFraction></span> shares of common stock of the Company were authorized for issuance. The 2019 Plan
provides for the issuance of incentive stock options, non-statutory stock options, rights to purchase common stock, stock appreciation
rights, restricted stock, restricted stock, performance shares and performance units to employees, directors and consultants of
the Company and its affiliates. The 2019 Plan requires the exercise price of stock options to be not less than the fair value of
the Company&#8217;s common stock on the date of grant, or 110% of fair value in the case of incentive options granted to a ten-percent
stockholder.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On March 11, 2020,
the Company granted the following <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20200301__20200311__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveChairmanMember_zbenZORJDxRa" title="Option grant term" style="display: none"><ix:nonNumeric contextRef="From2020-03-012020-03-11_us-gaap_OptionMember_custom_ExecutiveChairmanMember" format="ixt-sec:duryear" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">10</ix:nonNumeric></span> ten-year options to purchase shares of common stock at an exercise price of $1.50 per share to
the Company&#8217;s then newly appointed Executive Chairman and Acting Chief Executive Officer under the 2019 Plan: (i) an option
to purchase <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200301__20200311__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveChairmanMember_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-03-012020-03-11_us-gaap_OptionMember_custom_ExecutiveChairmanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">965,850</ix:nonFraction></span> shares of common stock that vests ratably on a monthly basis over two years and (ii) an option to purchase
<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200301__20200311__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-03-012020-03-11_us-gaap_OptionMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">321,950</ix:nonFraction></span> shares of common stock that vests based on performance criteria to be mutually agreed to by the Board and the executive.
<span id="xdx_904_eus-gaap--DeferredCompensationArrangementsOverallDescription_c20200301__20200311__us-gaap--AwardTypeAxis__us-gaap--OptionMember" title="Equity Compensation Plan description"><ix:nonNumeric contextRef="From2020-03-012020-03-11_us-gaap_OptionMember" name="us-gaap:DeferredCompensationArrangementsOverallDescription">The grant was reduced to 500,000 options, including 375,000 options and 125,000 options respectively under the two categories,
due to limitations under the 2019 Plan. The terms of the 125,000 performance based options were established in the quarter ended
September 30, 2020. The terms of the performance based options were met during the quarter ended March 31, 2021.</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On May 26, 2020, the
<span id="xdx_90F_eus-gaap--DeferredCompensationArrangementsOverallDescription_c20200301__20200326__us-gaap--AwardTypeAxis__us-gaap--OptionMember" title="Equity Compensation Plan description"><ix:nonNumeric contextRef="From2020-03-012020-03-26_us-gaap_OptionMember" name="us-gaap:DeferredCompensationArrangementsOverallDescription">Board of Directors and a majority of the Company&#8217;s shareholders approved an amendment to the 2019 Plan to (i) increase the
number of shares of common stock authorized for issuance under the 2019 Plan by 1,174,000 shares, such that a total of 2,500,000
shares of common stock are now authorized for issuance under the 2019 Plan; (ii) increase the maximum aggregate number of shares,
options and/or other awards that may be granted to any one person during any calendar year from 500,000 to 1,300,000; and (iii)
clarify the availability of cashless exercise as a form of consideration.</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On July 16, 2020,
the Company granted the following <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20200701__20200716__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveChairmanMember_zDwfPoyCxvQc" title="Option grant term" style="display: none"><ix:nonNumeric contextRef="From2020-07-012020-07-16_us-gaap_OptionMember_custom_ExecutiveChairmanMember" format="ixt-sec:duryear" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">10</ix:nonNumeric></span> ten-year options to purchase shares of common stock at an exercise price of $<span id="xdx_901_eus-gaap--StockOptionExercisePriceIncrease_c20200701__20200716__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveChairmanMember_pdd" title="Option exercise price"><ix:nonFraction name="us-gaap:StockOptionExercisePriceIncrease" contextRef="From2020-07-012020-07-16_us-gaap_OptionMember_custom_ExecutiveChairmanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.50</ix:nonFraction></span> per share to
the Company&#8217;s then Executive Chairman and Acting Chief Executive Officer under the 2019 Plan: (i) an option to purchase <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200701__20200716__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveChairmanMember_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-07-012020-07-16_us-gaap_OptionMember_custom_ExecutiveChairmanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">600,000</ix:nonFraction></span>
shares of common stock that vests ratably on a monthly basis over one year and (ii) an option to purchase <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200701__20200716__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-07-012020-07-16_us-gaap_OptionMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> shares of common
stock that vests based on specified performance criteria.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On September 16, 2020,
the Board of Directors and a majority of the Company&#8217;s shareholders approved an amendment to the 2019 Plan to increase the
number of shares of common stock authorized for issuance under the 2019 Plan from <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_c20200915__us-gaap--PlanNameAxis__custom--AmendedN2019EquityCompensationPlanMember_pdd" title="Number of Shares Authorized"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" contextRef="AsOf2020-09-15_custom_AmendedN2019EquityCompensationPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,500,000</ix:nonFraction></span> shares to <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_c20200916__us-gaap--PlanNameAxis__custom--AmendedN2019EquityCompensationPlanMember_pdd" title="Number of Shares Authorized"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" contextRef="AsOf2020-09-16_custom_AmendedN2019EquityCompensationPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,600,000</ix:nonFraction></span> shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On September 22, 2020,
the Company granted a <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20200901__20200922__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_zNUIbQCWlfs5" title="Option grant term" style="display: none"><ix:nonNumeric contextRef="From2020-09-012020-09-22_us-gaap_OptionMember_srt_ChiefExecutiveOfficerMember" format="ixt-sec:duryear" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">10</ix:nonNumeric></span> ten-year options to purchase shares <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200901__20200922__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-09-012020-09-22_us-gaap_OptionMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,637,410</ix:nonFraction></span> shares of common stock at an exercise price of $<span id="xdx_909_eus-gaap--StockOptionExercisePriceIncrease_c20200901__20200922__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_pdd" title="Option exercise price"><ix:nonFraction name="us-gaap:StockOptionExercisePriceIncrease" contextRef="From2020-09-012020-09-22_us-gaap_OptionMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.50</ix:nonFraction></span> per
share to the Company&#8217;s then Chairman and Chief Executive Officer under the 2019 Plan that vests ratably on a monthly basis
over two years commencing March 11, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">From June 1 to June 22,
2021, the Company granted five and <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20210601__20210622__us-gaap--AwardTypeAxis__us-gaap--OptionMember_zs5pNAVPuXn2" title="Option grant term" style="display: none"><ix:nonNumeric contextRef="From2021-06-012021-06-22_us-gaap_OptionMember" format="ixt-sec:duryear" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">10</ix:nonNumeric></span> ten-year options to purchase <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20210601__20210622__us-gaap--AwardTypeAxis__us-gaap--OptionMember_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2021-06-012021-06-22_us-gaap_OptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">388,246</ix:nonFraction></span>
shares of common stock at an exercise price of $<span id="xdx_906_eus-gaap--StockOptionExercisePriceIncrease_c20210601__20210622__us-gaap--AwardTypeAxis__us-gaap--OptionMember__srt--RangeAxis__srt--MinimumMember_pdd" title="Option exercise price"><ix:nonFraction name="us-gaap:StockOptionExercisePriceIncrease" contextRef="From2021-06-012021-06-22_us-gaap_OptionMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.90</ix:nonFraction></span>
to $<span id="xdx_904_eus-gaap--StockOptionExercisePriceIncrease_c20210601__20210622__us-gaap--AwardTypeAxis__us-gaap--OptionMember__srt--RangeAxis__srt--MaximumMember_pdd" title="Option exercise price"><ix:nonFraction name="us-gaap:StockOptionExercisePriceIncrease" contextRef="From2021-06-012021-06-22_us-gaap_OptionMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.93</ix:nonFraction></span>
per share to employees, an advisory board member and board members under the 2019 Plan that vest over two to five years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-size: 10pt">On
September 22, 2021, upon the resignation of our then Chief Executive Officer and Chairman, a total of </span><span style="font-size: 10pt"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20210922__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zGiy6QxyV04g" title="Unvested options"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AsOf2021-09-22_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,911,160</ix:nonFraction></span></span> <span style="font-size: 10pt">unvested
options that he received on September 25, 2019, March 11, 2020, July 16, 2020 and September 22, 2020 were forfeited as of such
da<span style="font-family: Times New Roman, Times, Serif">te. On such date, the Company also provided the acceleration of <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20210925__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zvEFdTZ1gop4" title="Unvested options"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AsOf2021-09-25_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span>
unvested stock options issued on September 25, 2019, which were to vest as of September 25, 2021. The impact of the modification of
the stock option was not material.</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<ix:exclude><p id="xdx_230_zhxbO5LxSVfh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 16; Value: 3 -->
    <div id="xdx_233_zlH8QuKEXlk5" style="border-bottom: Black 2pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" id="xdx_232_znwTd1DmreS8" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td></tr></table></div>
    <div id="xdx_239_zHlTQd3jxNI6" style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" id="xdx_238_zUs1Xrl1EUxj" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr><td id="xdx_232_z5zgf3jLxpJl" style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_23F_ze7T8RitEMUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_232_zRcsLAAWsrh8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES</b></p></ix:exclude>

<ix:exclude><p id="xdx_23B_zv9ufYFWcLk6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>NOTES TO&#160;CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</b></p></ix:exclude>

<ix:exclude><p id="xdx_230_zlP7kd2SRGJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_236_zCajguH7T6e8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_238_zYNC9omyxiG" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Note 7 &#8211; Equity Compensation Plan &#8211; continued</b>&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23E_zfMUqnYBiHsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The stock option activity from January 1, 2021 through September 30, 2021
is as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_897_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zi7h0jWMkZf3" summary="xdx: Disclosure - Equity Compensation Plan (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span id="xdx_8B5_z7azoc88zd5l" style="display: none">Schedule of stock option activity</span></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td title="Options Granted" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Options granted</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Options exercised</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Options converted</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Options forfeited or expired</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Balance, September 30, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Vested shares at September 30, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</table>

</ix:nonNumeric><p id="xdx_8A8_z662ZlApoZv8" style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has estimated the fair value of
all stock option awards as of the date of grant by applying the Black-Scholes option-pricing model. In applying the Black-Scholes
option pricing model, the Company used the following assumptions for 2021 and 2020 issuances:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><table cellspacing="0" cellpadding="0" id="xdx_89F_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zjC51WahhRM8" summary="xdx: Disclosure - Equity Compensation Plan (Details 1)" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="padding-left: 20pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="padding-left: 20pt; text-align: right">&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
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<tr style="vertical-align: bottom; background-color: white">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td><span style="font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-left: 10pt; text-indent: -10pt"><span style="font-size: 10pt">Expected dividends</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td><span style="font-size: 10pt">%</span></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 10pt; text-indent: -10pt"><span style="font-size: 10pt">Grant date fair value of common stock</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
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    <td><span style="font-size: 10pt">/share</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
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    <td><span style="font-size: 10pt">/share</span></td></tr>
</table>
</ix:nonNumeric><p id="xdx_8A8_zCjd2TP43oi7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the nine months ended September 30,
2021, the Company recognized stock-based compensation expense related to stock options of approximately $<span id="xdx_90B_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20210101__20210930_pp0p0" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,123,000</ix:nonFraction></span> ($<span id="xdx_905_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20210930_pp0p0" title="General and administrative expenses"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,023,000</ix:nonFraction></span>
of which was included within general and administrative expenses, $<span id="xdx_90B_eus-gaap--OtherResearchAndDevelopmentExpense_c20210101__20210930_pp0p0" title="Research and development expenses"><ix:nonFraction name="us-gaap:OtherResearchAndDevelopmentExpense" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">69,000</ix:nonFraction></span> of which was included in research and development expenses
and $<span id="xdx_905_eus-gaap--CostOfRevenue_c20210101__20210930_pp0p0" title="Cost of revenues"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">31,000</ix:nonFraction></span> of which was included within cost of revenues on the consolidated statements of operations). During the nine months
ended September 30, 2020, the Company recognized stock-based compensation expense related to stock options of approximately $<span id="xdx_909_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20200101__20200930_pp0p0" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">329,000</ix:nonFraction></span>
($<span id="xdx_907_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20200930_pp0p0" title="General and administrative expenses"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">198,000</ix:nonFraction></span> of which was included within general and administrative expenses, $<span id="xdx_909_eus-gaap--OtherResearchAndDevelopmentExpense_c20200101__20200930_pp0p0" title="Research and development expenses"><ix:nonFraction name="us-gaap:OtherResearchAndDevelopmentExpense" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">70,000</ix:nonFraction></span> of which was included in research and development
expenses and $<span id="xdx_903_eus-gaap--CostOfRevenue_c20200101__20200930_pp0p0" title="Cost of revenues"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">61,000</ix:nonFraction></span> of which was included within cost of revenues on the consolidated statements of operations).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:exclude><p id="xdx_23E_z2x17IkJ6KHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 17; Value: 3 -->
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<ix:exclude><p id="xdx_23F_zmrM6GFA8ZPf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_237_zWEVhpYcWSrf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES</b></p></ix:exclude>

<ix:exclude><p id="xdx_23B_zcGR0rD4MUY6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>NOTES TO&#160;CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</b></p></ix:exclude>

<ix:exclude><p id="xdx_23E_z1v33JvUPj17" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_238_zWWDrSKLiQ6b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_238_zPUJqU7WFV52" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Note 7 &#8211; Equity Compensation Plan &#8211; continued</b>&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23D_zjHFSwWiWw81" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended September 30,
2021, the Company recognized stock-based compensation expense related to stock options of approximately $<span id="xdx_901_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20210701__20210930_pp0p0" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">221,000</ix:nonFraction></span> ($<span id="xdx_900_eus-gaap--GeneralAndAdministrativeExpense_c20210701__20210930_pp0p0" title="General and administrative expenses"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">192,000</ix:nonFraction></span> of which
was included within general and administrative expenses, $<span id="xdx_900_eus-gaap--OtherResearchAndDevelopmentExpense_c20210701__20210930_pp0p0" title="Research and development expenses"><ix:nonFraction name="us-gaap:OtherResearchAndDevelopmentExpense" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">27,000</ix:nonFraction></span> of which was included in research and development expenses and
$<span id="xdx_90B_eus-gaap--CostOfRevenue_c20210701__20210930_pp0p0" title="Cost of revenues"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000</ix:nonFraction></span> of which was included within cost of revenues on the consolidated statements of operations).<b>&#160;</b>During the three
months ended September 30, 2020, the Company recognized stock-based compensation expense related to stock options of approximately
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2021, there was unamortized
stock-based compensation of approximately $<span id="xdx_90B_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_c20210930_pp0p0" title="Unamortized stock-based compensation"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,300,000</ix:nonFraction></span> which the Company expects to recognize over <span id="xdx_909_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20210101__20210930_z4fYqeFsgYqc" title="Unamortized stock-based compensation period"><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" format="ixt-sec:duryear" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1">1.7</ix:nonNumeric></span> years. At September 30, 2021,
the intrinsic value of outstanding and vested stock options was approximately $<span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_c20210930_pp0p0" title="Intrinsic value of outstanding"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">547,000</ix:nonFraction></span> and $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_c20210930_pp0p0" title="Intrinsic value of vested stock options"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">413,000</ix:nonFraction></span>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80A_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zSZxZtDrz0lc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 8 - <span id="xdx_82D_z4WkoMhEs2Vk">Commitments and Contingencies</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Litigations, Claims, and Assessments</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, the Company is involved
in various disputes, claims, liens and litigation matters arising out of the normal course of business which could result in a
material adverse effect on the Company&#8217;s combined financial position, results of operations or cash flows. Liabilities for
loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is
probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. As of September 30, 2021
and December 31, 2020, the Company had no outstanding claims or litigation and had no liabilities recorded for loss contingencies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Operating Lease</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 21, 2019, the Company entered into
a lease for a 10,000 square foot facility consisting of lab and office space. The lease requires monthly payments of $<span id="xdx_90A_eus-gaap--OperatingLeasePayments_c20210101__20210930_pp0p0" title="Periodic payments"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,667</ix:nonFraction></span> and
expires on <span id="xdx_909_eus-gaap--LeaseExpirationDate1_dd_c20210101__20210930_zvstoB4kVjRd" title="Lease expiration date"><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" format="ixt:datemonthdayyearen" name="us-gaap:LeaseExpirationDate1">November 30, 2025</ix:nonNumeric></span>. The Company has arranged for a $<span id="xdx_909_eus-gaap--LineOfCredit_c20210930_pp0p0" title="Letter of credit"><span id="xdx_900_eus-gaap--LineOfCredit_c20201231_pp0p0" title="Letter of credit"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction></ix:nonFraction></span></span> letter of credit in favor of the landlord in lieu of a security
deposit, which is included as restricted cash on the condensed consolidated balance sheet as of September 30, 2021 and December
31, 2020. The minimum lease payments for the years ending December 31 are approximately as follows: $<span id="xdx_90E_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInTwoYears_c20210930_pp0p0" title="Minimum lease payments for 2020"><span id="xdx_90D_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInThreeYears_c20210930_pp0p0" title="Minimum lease payments for 2021"><span id="xdx_90A_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInFourYears_c20210930_pp0p0" title="Minimum lease payments for 2022"><span id="xdx_90B_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInFiveYears_c20210930_pp0p0" title="Minimum lease payments for 2023"><ix:nonFraction name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">200,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> in each of 2020 to
2023 and $<span id="xdx_908_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueThereafter_c20210930_pp0p0" title="Minimum lease payments for thereafter"><ix:nonFraction name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueThereafter" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">350,000</ix:nonFraction></span> thereafter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p id="xdx_809_eus-gaap--ConcentrationRiskDisclosureTextBlock_zXCbupXosKZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 9 &#8211; <span id="xdx_821_zTVDuU6Bm4M9">Concentrations</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">During the nine months
ended September 30, 2021, approximately <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20210930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--EntitiesAMember_zp8dUWtsACii" title="Concentration Risk, Percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-09-30_us-gaap_SalesRevenueNetMember_custom_EntitiesAMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>% of revenues were generated from two government entities. Both of these contracts were
completed as September 30, 2021. At September 30, 2021, deferred costs and deferred revenues are attributable to one customer contract.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">During the three
and nine months ended September 30, 2020, substantially all revenues were generated from a government entity pursuant to our contract
with a governmental entity and amounted to approximately <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20200701__20200930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--EntitiesAMember_zYRsIlmz5oI9" title="Concentration Risk, Percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-07-012020-09-30_us-gaap_SalesRevenueNetMember_custom_EntitiesAMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>% and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp_c20200101__20200930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--EntitiesAMember_zxhg6CxOvGL6" title="Concentration Risk, Percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-09-30_us-gaap_SalesRevenueNetMember_custom_EntitiesAMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">83</ix:nonFraction></span>% of total revenues, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<ix:exclude><p id="xdx_236_zeDQraaIhIGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 18; Value: 3 -->
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    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_233_zMOHQHlXw0Ab" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23D_zdCCKLnWhb4h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES</b></p></ix:exclude>

<ix:exclude><p id="xdx_238_zBNUHoRtTI14" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>NOTES TO&#160;CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</b></p></ix:exclude>

<ix:exclude><p id="xdx_239_z0fvZPmxQbb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_239_zC2v7IbiugRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="odii:GovernmentLoansTextBlock"><p id="xdx_803_ecustom--GovernmentLoansTextBlock_zKndnB1v90Tc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 10 &#8211; <span id="xdx_823_zcV3zBCGmht7">Government Loans</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Paycheck Protection Program Loan</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 1, 2020, the Company received loan proceeds
in the amount of approximately $<span id="xdx_907_eus-gaap--ProceedsFromLoans_c20200430__20200501__us-gaap--LongtermDebtTypeAxis__custom--PaycheckProtectionProgramMember_pp0p0" title="Proceeds from loan"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2020-04-302020-05-01_custom_PaycheckProtectionProgramMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">211,000</ix:nonFraction></span> under the Paycheck Protection Program (&#8220;PPP&#8221;). The PPP, established as part
of the Coronavirus Aid, Relief and Economic Security Act, as amended (&#8220;CARES Act&#8221;), provides for loans to qualifying
businesses for amounts up to 2.5 times of the average monthly payroll expenses of such qualifying business. The loans and accrued
interest are forgivable after certain time periods further defined in the CARES Act (the &#8220;Covered Period&#8221;) as long
as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its
payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during
the Covered Period. The outstanding balance was included in long term loans payable at December 31, 2020. On March 6, 2021, the
entire loan balance was forgiven.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 24, 2021, the Company received
$<span id="xdx_90A_eus-gaap--ProceedsFromLoans_c20210201__20210224__us-gaap--LongtermDebtTypeAxis__custom--PaycheckProtectionProgram2Member_pp0p0" title="Proceeds from loan"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2021-02-012021-02-24_custom_PaycheckProtectionProgram2Member" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">193,625</ix:nonFraction></span> pursuant to a promissory note issued under the Paycheck Protection Program Part 2 (&#8220;PPP2&#8221;). Interest accrues
at <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20210201__20210224__us-gaap--LongtermDebtTypeAxis__custom--PaycheckProtectionProgram2Member_zQUlEYQaXr3j" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2021-02-012021-02-24_custom_PaycheckProtectionProgram2Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% per annum and the note is payable in 60 <span id="xdx_90F_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20210201__20210224__us-gaap--LongtermDebtTypeAxis__custom--PaycheckProtectionProgram2Member" title="Frequency of payment"><ix:nonNumeric contextRef="From2021-02-012021-02-24_custom_PaycheckProtectionProgram2Member" name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment">monthly</ix:nonNumeric></span> installments of $<span id="xdx_90F_eus-gaap--DebtInstrumentPeriodicPayment_c20210201__20210224__us-gaap--LongtermDebtTypeAxis__custom--PaycheckProtectionProgram2Member_pp0p0" title="Periodic payments"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-02-012021-02-24_custom_PaycheckProtectionProgram2Member" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,300</ix:nonFraction></span> commencing May 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Economic Injury Disaster Loan Advance</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 1, 2020, the Company received an advance
in the amount of $<span id="xdx_904_eus-gaap--ProceedsFromLoans_c20200430__20200501__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SmallBusinessAdministrationMember_pp0p0" title="Proceeds from loan"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2020-04-302020-05-01_custom_SmallBusinessAdministrationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">10,000</ix:nonFraction></span> from the U.S. Small Business Administration (&#8220;SBA&#8221;) under the Economic Injury Disaster Loan
(&#8220;EIDL&#8221;) program administered by the SBA, which program was expanded pursuant to the CARES Act. Such advance amount
will reduce the Company&#8217;s PPP loan forgiveness amount described above. The Company received an additional $<span id="xdx_90D_eus-gaap--ProceedsFromLoans_c20200801__20200830__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SmallBusinessAdministrationMember_pp0p0" title="Proceeds from loan"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2020-08-012020-08-30_custom_SmallBusinessAdministrationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">138,900</ix:nonFraction></span> under
this program on August 30, 2020. The loan is payable in <span id="xdx_90E_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20200801__20200830__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SmallBusinessAdministrationMember" title="Frequency of payment"><ix:nonNumeric contextRef="From2020-08-012020-08-30_custom_SmallBusinessAdministrationMember" name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment">monthly</ix:nonNumeric></span> payments of $<span id="xdx_909_eus-gaap--DebtInstrumentPeriodicPayment_c20200801__20200830__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SmallBusinessAdministrationMember_pp0p0" title="Periodic payments"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-08-012020-08-30_custom_SmallBusinessAdministrationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">678</ix:nonFraction></span> including interest at <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200801__20200830__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SmallBusinessAdministrationMember_zfrwP9vDHbGl" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2020-08-012020-08-30_custom_SmallBusinessAdministrationMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.75</ix:nonFraction></span>% payable over <span id="xdx_90B_eus-gaap--DebtInstrumentTerm_dtY_c20200801__20200830__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SmallBusinessAdministrationMember_zbh77pPUOfth" title="Loan term"><ix:nonNumeric contextRef="From2020-08-012020-08-30_custom_SmallBusinessAdministrationMember" format="ixt-sec:duryear" name="us-gaap:DebtInstrumentTerm">30</ix:nonNumeric></span> years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Tomkins County Area Development Loan</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">On May 27, 2020,
the Company received loan proceeds in the amount of $<span id="xdx_902_eus-gaap--ProceedsFromLoans_c20200430__20200527__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_pp0p0" title="Proceeds from loan"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2020-04-302020-05-27_custom_TomkinsCountyAreaDevelopmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">50,000</ix:nonFraction></span> from the Tomkins County Area Development (&#8220;TCAD&#8221;) Emergency
Relief Loan Fund. The loan matures after four years and bears interest in the amount of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200430__20200527__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_z74fgb34evK8" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2020-04-302020-05-27_custom_TomkinsCountyAreaDevelopmentMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.5</ix:nonFraction></span>% per annum, with one year of no interest
or principal payments, followed by three years of <span id="xdx_90F_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20200430__20200527__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember" title="Frequency of payment"><ix:nonNumeric contextRef="From2020-04-302020-05-27_custom_TomkinsCountyAreaDevelopmentMember" name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment">monthly</ix:nonNumeric></span> payments of principal and interest in the amount of $<span id="xdx_904_eus-gaap--DebtInstrumentPeriodicPayment_c20200430__20200527__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_pp0p0" title="Periodic payments"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-04-302020-05-27_custom_TomkinsCountyAreaDevelopmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,443</ix:nonFraction></span> per month.
The loan is collateralized by certain assets of the Company. The outstanding balance is included in long term loans payable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">E<span style="text-decoration: underline">quipment Loans</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On August 20, 2020, the Company received a loan of $<span id="xdx_906_eus-gaap--ProceedsFromLoans_c20200801__20200820__us-gaap--LongtermDebtTypeAxis__custom--EquipmentLoansMember_pp0p0" title="Proceeds from loan"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2020-08-012020-08-20_custom_EquipmentLoansMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction></span> from
Broome County Industrial Development Agency (<span id="xdx_90C_eus-gaap--DebtInstrumentTerm_dtY_c20200801__20200820__us-gaap--LongtermDebtTypeAxis__custom--EquipmentLoansMember_zVvYIKwbKZBg" title="Loan term"><ix:nonNumeric contextRef="From2020-08-012020-08-20_custom_EquipmentLoansMember" format="ixt-sec:duryear" name="us-gaap:DebtInstrumentTerm">5</ix:nonNumeric></span> year facility, <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200801__20200820__us-gaap--LongtermDebtTypeAxis__custom--EquipmentLoansMember_zfxkppzwo0c8" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2020-08-012020-08-20_custom_EquipmentLoansMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.5</ix:nonFraction></span>% annual interest rate, <span id="xdx_90B_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20200801__20200820__us-gaap--LongtermDebtTypeAxis__custom--EquipmentLoansMember" title="Frequency of payment"><ix:nonNumeric contextRef="From2020-08-012020-08-20_custom_EquipmentLoansMember" name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment">monthly</ix:nonNumeric></span> payment of $<span id="xdx_90F_eus-gaap--DebtInstrumentPeriodicPayment_c20200801__20200820__us-gaap--LongtermDebtTypeAxis__custom--EquipmentLoansMember_pp0p0" title="Periodic payments"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-08-012020-08-20_custom_EquipmentLoansMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,775</ix:nonFraction></span>); on September
2, 2020, the Company received a loan of $<span id="xdx_905_eus-gaap--ProceedsFromLoans_c20200807__20200902__us-gaap--LongtermDebtTypeAxis__custom--SouthernTierRegionEconomicDevelopmentCorporationMember_pp0p0" title="Proceeds from loan"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2020-08-072020-09-02_custom_SouthernTierRegionEconomicDevelopmentCorporationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction></span> from Southern Tier Region Economic Development Corporation (<span id="xdx_90D_eus-gaap--DebtInstrumentTerm_dtY_c20200807__20200902__us-gaap--LongtermDebtTypeAxis__custom--SouthernTierRegionEconomicDevelopmentCorporationMember_zhGbl5wc3Cv7" title="Loan term"><ix:nonNumeric contextRef="From2020-08-072020-09-02_custom_SouthernTierRegionEconomicDevelopmentCorporationMember" format="ixt-sec:duryear" name="us-gaap:DebtInstrumentTerm">5</ix:nonNumeric></span> year facility, <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200807__20200902__us-gaap--LongtermDebtTypeAxis__custom--SouthernTierRegionEconomicDevelopmentCorporationMember_zGIjhr10pfj6" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2020-08-072020-09-02_custom_SouthernTierRegionEconomicDevelopmentCorporationMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.0</ix:nonFraction></span>%
annual interest rate, <span id="xdx_90E_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20200807__20200902__us-gaap--LongtermDebtTypeAxis__custom--SouthernTierRegionEconomicDevelopmentCorporationMember" title="Frequency of payment"><ix:nonNumeric contextRef="From2020-08-072020-09-02_custom_SouthernTierRegionEconomicDevelopmentCorporationMember" name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment">monthly</ix:nonNumeric></span> payment of $<span id="xdx_905_eus-gaap--DebtInstrumentPeriodicPayment_c20200807__20200902__us-gaap--LongtermDebtTypeAxis__custom--SouthernTierRegionEconomicDevelopmentCorporationMember_pp0p0" title="Periodic payments"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-08-072020-09-02_custom_SouthernTierRegionEconomicDevelopmentCorporationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,072</ix:nonFraction></span>) ; and on August 28, 2020, the Company received a loan of $<span id="xdx_908_eus-gaap--ProceedsFromLoans_c20200801__20200828__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_pp0p0" title="Proceeds from loan"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2020-08-012020-08-28_custom_TomkinsCountyAreaDevelopmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">75,000</ix:nonFraction></span> from TCAD (<span id="xdx_90B_eus-gaap--DebtInstrumentTerm_dtY_c20200801__20200828__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_zNOGQpxXJkzc" title="Loan term"><ix:nonNumeric contextRef="From2020-08-012020-08-28_custom_TomkinsCountyAreaDevelopmentMember" format="ixt-sec:duryear" name="us-gaap:DebtInstrumentTerm">5</ix:nonNumeric></span>
year facility, <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200801__20200828__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_zMnH2NFn7ERb" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2020-08-012020-08-28_custom_TomkinsCountyAreaDevelopmentMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.5</ix:nonFraction></span>% annual interest rate, <span id="xdx_904_eus-gaap--DebtInstrumentFrequencyOfPeriodicPayment_c20200801__20200828__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember" title="Frequency of payment"><ix:nonNumeric contextRef="From2020-08-012020-08-28_custom_TomkinsCountyAreaDevelopmentMember" name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment">monthly</ix:nonNumeric></span> payment of $<span id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPayment_c20200801__20200828__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_pp0p0" title="Periodic payments"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-08-012020-08-28_custom_TomkinsCountyAreaDevelopmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,331</ix:nonFraction></span>). These loans were used to acquire equipment used in the laboratory,
and are secured by the underlying assets of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<ix:exclude><p id="xdx_23D_zPT6tKTnp7Gc" style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 19; Value: 3 -->
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    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_231_z9DA6zkKMXsl" style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_232_zXiy1yaaoRQ" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES</b></p></ix:exclude>

<ix:exclude><p id="xdx_230_zPGHK6pF9RXb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>NOTES TO&#160;CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</b></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zRfgVE1DvX35" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_238_z8mRvKf0AId5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_232_z21kUgtD2il2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Note 10 &#8211; Government Loans - continued</b>&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23F_zl52HYac3m6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The loans are summarized as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="us-gaap:ScheduleOfDebtTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_882_eus-gaap--ScheduleOfDebtTableTextBlock_zhC0WunLSuUh" summary="xdx: Disclosure - Government Loans (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"><span id="xdx_8B0_zR6vr83bJBcf" style="display: none">Schedule of loans</span></td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_498_20210930_zrd4oN7u96nl" style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_49C_20201231_z3ZesdxVQCzl" style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">September
    30, 2021</span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">December
    31, 2020</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="width: 56%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Principal
    outstanding</span></td><td style="width: 8%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">635,855</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="width: 8%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Deferred
    loan costs, net of amortization</span></td><td style="padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,724</ix:nonFraction></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_401_eus-gaap--LoansPayable_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Subtotal</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40C_eus-gaap--OtherLoansPayableCurrent_iNI_pp0p0_di_zSqgGGegN4tb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Less
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    <td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OtherLoansPayableCurrent" contextRef="AsOf2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">77,278</ix:nonFraction></span></td><td style="text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">)</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Total
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest expense on the above debt instruments was
approximately $<span id="xdx_900_eus-gaap--InterestExpenseDebt_pp0p0_c20210101__20210930_zbDnfKroaZqg" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-01-01to2021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">14,000</ix:nonFraction></span> and $<span id="xdx_90A_eus-gaap--InterestExpenseDebt_pp0p0_c20210701__20210930_zyCE0DVAcdX1" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-07-012021-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,000</ix:nonFraction></span> was recognized for the nine and three months ended September 30, 2021,respectively.&#160; Interest expense
of approximately $<span id="xdx_90E_eus-gaap--InterestExpenseDebt_c20200101__20200930_pp0p0" title="Interest expense"><span id="xdx_903_eus-gaap--InterestExpenseDebt_pp0p0_c20200101__20200930_zLMM5pfqnrl6" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2020-01-012020-09-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,400</ix:nonFraction></ix:nonFraction></span></span> was recognized for the quarter and nine-months ended September 30, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-09-30" escape="true" name="odii:RestatementOfStockCompensationExpenseTextBlock"><p id="xdx_808_ecustom--RestatementOfStockCompensationExpenseTextBlock_zrNQmNx7tGV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 11 &#8211; <span id="xdx_829_zDO3N0PRNHV2">Restatement of stock compensation
expense</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">In calculating our stock
based compensation expense for the quarter ended June 30, 2021, we identified errors in our previously issued financial statements
as of June 30, 2021 related to the measurement of vested stock options. We assessed the materiality of this error in accordance
with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) Staff Accounting Bulletin (&#8220;SAB&#8221;) No. 99, &#8220;Materiality&#8221;
and SAB No. 108, &#8220;Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial
Statements&#8221; (&#8220;SAB 108&#8221;), using both the rollover method and the iron curtain method, as defined in SAB 108, and
concluded the error were immaterial to the prior period but, if corrected in the current period, would have been material to the
current quarter. Under SAB 108, such prior-period misstatements which, if corrected in the current period would be material to
the current period, must be corrected by adjusting the prior-period financial statements. Correcting prior-period financial statements
for such immaterial misstatements does not require previously filed reports to be amended.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">For the three and six
months ended June 30, 2021, correction of this error decreased our stock based compensation expense, general and administrative
expenses, total operating expenses and net loss by $<span id="xdx_901_eus-gaap--NetIncomeLoss_iN_di_c20210401__20210630_zJADJno8hYK6" title="Net loss"><span id="xdx_900_eus-gaap--NetIncomeLoss_iN_di_c20210101__20210630_zpt23OjHDtEi" title="Net loss"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">313,323</ix:nonFraction></ix:nonFraction></span></span>.&#160; Loss per share decreased in the three and six months ended
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has evaluated events that have
occurred after the balance sheet and through November 17, 2021. Based upon the evaluation, the Company did not identify any recognized
or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements.</p>

</ix:nonNumeric><p id="xdx_81F_zK79dWhooDga" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span id="a_008"></span>Item&#160;2. Management&#8217;s Discussion and Analysis of
Financial Condition and Results of Operations</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>The following discussion and analysis of
our financial condition and results of operations should be read together with our financial statements and the related notes and
the other financial information included elsewhere in this report, as well as our Annual Report on Form 10-K for the year ended
December 31, 2020 filed on April 8, 2021, as amended on Form 10-K/A on May 28, 2021. This discussion contains forward-looking statements
that involve risks and uncertainties. Forward looking statements are statements not based on historical information and which relate
to future operations, strategies, financial results or other developments. Forward looking statements,&#160;particularly those
identified with the words, &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;plans,&#8221; &#8220;intends,&#8221;
&#8220;objectives,&#8221; and similar expressions, are necessarily based upon estimates and assumptions that are inherently subject
to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many
of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual
results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or
on our behalf. We disclaim any obligation to update forward looking statements, except as required by law. Dollars in tabular format
are presented in thousands, except per share data, or otherwise indicated. When used herein, unless the context requires otherwise,
references to the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; refer to Odyssey Semiconductor
Technologies, Inc., a Delaware corporation, collectively with its wholly-owned subsidiary, Odyssey Semiconductor, Inc, a Delaware
corporation.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>OVERVIEW</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Odyssey Semiconductor Technologies, Inc. (the
&#8220;Company&#8221;) was formed as a Delaware corporation on April 12, 2019. The Company acquired its wholly-owned subsidiary,
Odyssey Semiconductor, Inc., a Delaware corporation (&#8220;Odyssey Semiconductor&#8221;), on June 21, 2019.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are a semiconductor device company developing
revolutionary high-voltage power switching components and systems based on proprietary Gallium Nitride (GaN) processing technology.
The premium power switching device market, which is described as applications where silicon-based (Si) systems perform insufficiently,
is projected to reach over $3.5 billion by 2025 and is currently dominated by the semiconductor material silicon carbide (SiC).
GaN-based systems outperform Si and SiC based systems in every way due to the superior material properties of GaN. However, GaN
devices have, to-date, proven difficult to process using standard semiconductor processing methods that are used to create Si and
SiC based devices. We have developed a novel processing modification that allows GaN to be processed in a manner that for the first
time, makes high voltage GaN power switching devices viably manufacturable. Our mission is to disrupt the rapidly growing premium
power switching device market using our newly developed GaN high voltage power transistor for switching applications.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>RECENT DEVELOPMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 22, 2021, Alex Behfar resigned as our
Chief Executive Officer, Chairman of the Board of Directors and a Director. On the same day, Richard Brown was appointed as our Interim
Chief Executive Officer and John Edmunds as our Chairman. As of the date of such resignation, Mr. Behfar owned stock options to purchase
2,672,000 shares of common stock, of which 1,911,000 unvested options were forfeited.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 6, 2021, in connection with Mr. Behfar&#8217;s
resignation, the Company entered into a separation agreement with Mr. Behfar. Pursuant to the separation agreement, among other things,
Mr. Behfar agreed to certain waiver and release of claims in favor of the Company, and the Company agreed to pay Mr. Behfar certain severance
consideration, including payment of three months of health insurance premium and acceleration of vesting of 25,000 non-qualified stock
options (granted on September 25, 2019 and exercisable at $1.50 per share) which were to vest as of September 25, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Governmental Assistance</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Paycheck Protection Program</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 1, 2020, the Company received loan proceeds
in the amount of approximately $211,000 under the Paycheck Protection Program (&#8220;PPP&#8221;). The PPP, established as part
of the Coronavirus Aid, Relief and Economic Security Act, as amended (&#8220;CARES Act&#8221;), provides for loans to qualifying
businesses for amounts up to 2.5 times of the average monthly payroll expenses of such qualifying business. The loans and accrued
interest are forgivable after certain time periods further defined in the CARES Act (&#8220;Covered Period&#8221;) as long as the
borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll
levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the Covered
Period. On March 6, 2021, the entire loan balance was forgiven.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unforgiven portion of the PPP loan, if
any, is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months. The Company intends
to use the proceeds for purposes consistent with the PPP. While the Company currently believes that its use of the loan proceeds
will meet the conditions for forgiveness of the loan, there can be no assurance that the Company will not take actions that could
cause the Company to be ineligible for forgiveness of the loan, in whole or in part.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 24, 2021, the Company received
$193,625 pursuant to a promissory note issued under the Paycheck Protection Program Part 2 (&#8220;PPP2&#8221;). Interest accrues
at 1% per annum and the note is payable in 60 monthly installments of $3,300 commencing May 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Economic Injury Disaster Loan Advance</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 1, 2020, the Company received an advance
in the amount of $10,000 from the U.S. Small Business Administration (&#8220;SBA&#8221;) under the Economic Injury Disaster Loan
(&#8220;EIDL&#8221;) program administered by the SBA, which program was expanded pursuant to the CARES Act. Such advance amount
will reduce the Company&#8217;s PPP loan forgiveness amount described above. The Company received an additional $138,900 under
this program on August 30, 2020. The loan is payable in monthly payments of $678 including interest at 3.75% payable over 30 years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline">Tomkins County Area Development Loan</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">On May 27, 2020,
the Company received loan proceeds in the amount of $50,000 from the Tomkins County Area Development (&#8220;TCAD&#8221;) Emergency
Relief Loan Fund. The loan matures after four years and bears interest in the amount of 2.5% per annum, with one year of no interest
or principal payments, followed by three years of monthly payments of principal and interest in the amount of $1,443 per month.
The loan is collateralized against certain assets of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">E<span style="text-decoration: underline">quipment Loans</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On August 20, 2020, the Company received a loan of $100,000 from
Broome County Industrial Development Agency (5 year facility, 2.5% annual interest rate, monthly payment of $1,775); on September
2, 2020, the Company received a loan of $100,000 from Southern Tier Region Economic Development Corporation (5 year facility, 5.0%
annual interest rate, monthly payment of $2,072) ; and on August 28, 2020, the Company received a loan of $75,000 from TCAD (5
year facility, 2.5% annual interest rate, monthly payment of $1,331). These loans were used to acquire equipment used in the laboratory,
and are secured by the underlying assets of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Consulting Service </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 18, 2019, the Company entered into an exclusive
two-year consulting agreement with Akash Systems, Inc. (&#8220;Akash&#8221;), pursuant to which the Company agreed to provide certain
consulting services to Akash in connection with process development and fabrication of GaN-on-Diamond high-electron-mobility transistors
and monolithic microwave integrated circuits. Pursuant to the agreement, Akash guarantees to purchase at least one wafer per month from
the Company for a total of 24 wafers during the term of the agreement, at a price of $85,000 per wafer. The Company delivered 2 wafers
as of September 30, 2020, and the contract expired as of October 18, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>COMPONENTS OF OUR RESULTS OF OPERATIONS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenues</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our revenues are derived from contracts with
customers that require us to design, develop, manufacture, test and integrate complex equipment and to provide engineering and
technical services according to customer specifications. These contracts are often priced on a time and material type basis. Revenues
on time and material type contracts are generally recognized in each period based on the amount billable to the customer which
is based on direct labor hours expended multiplied by the contractual fixed rate per hour, plus the actual costs of materials and
other direct non-labor costs. We bill customers based upon contractual terms, and accordingly, we have deferred revenues and contract
assets depending upon whether we can bill in advance of earnings or in arrears, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cost of Revenues</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cost of revenues consist of material, labor,
a portion of occupancy expenses, and other expenses directly related to our revenue contracts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Research and Development </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Research and development includes expenses,
primarily material, labor, a portion of occupancy expenses, and other expenses incurred in connection with the research and development
of certain exploratory projects. Research and development expenses are expensed as they are incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><br />
</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Selling, General, and Administrative </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Selling, general, and administrative expenses
consist of salaries, payroll taxes and other benefits, legal and professional fees, stock- based compensation, rent and office
expenses, marketing and travel and other costs associated with our operation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Other Income </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other income (expense) consists primarily of
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>RESULTS OF OPERATIONS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Nine months ended September 30, 2021 compared
with nine months ended September 30, 2020</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Overview</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents certain information
from the condensed consolidated statements of operations:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; color: black; font-weight: bold">Revenues</td><td style="width: 3%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 10%; color: black; text-align: right">693,074</td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 3%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 10%; color: black; text-align: right">1,102,071</td><td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 3%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left; padding-bottom: 2.5pt">$</td><td style="width: 10%; color: black; text-align: right; padding-bottom: 2.5pt">(408,997</td><td style="width: 1%; color: black; text-align: left; padding-bottom: 2.5pt">)</td><td style="width: 3%; color: black">&#160;</td>
    <td style="width: 1%; color: black; text-align: left">&#160;</td><td style="width: 10%; color: black; text-align: right">-37</td><td style="width: 1%; color: black; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenues</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues for the nine months ended September
30, 2021 and 2020 were approximately $693,000 and $1,102,000, respectively, which represented a decrease of $409,000, or 37%. The
timing of revenue recognition is driven by the completion of specified deliverables and the billing of time and materials over
periods of time. Accordingly, the recognition of revenue for these contracts will vary from time to time. In the nine months ended
September 30, 2021, we recognized substantially all of our revenue under three customer contracts. During the nine months ended
September 30, 2020, the Company also recognized substantially all of our revenue from one of our government contract customers.
The customer contracts with governmental entities have concluded. We have a few other customers and several outstanding proposals
to new customers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cost of Revenues</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cost of revenues for the nine months ended
September 30, 2021 and 2020 were approximately $792,000 and $1,107,000, respectively, which represented a decrease of $314,000,
or 28%. The base salary, facility and equipment usage fees to operate the fabrication facility during the 2021 and 2020 periods
are and allocated between research and development and cost of revenues based upon the specific projects worked on during the
period. During the nine months ended September 30, 2021, we also incurred a loss of $60,000 on one government customer contract
due to costs exceeding the contract revenues. We have operated at a gross loss for the past year as our revenues are not yet significant
to cover our fixed costs of the facility.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Research and Development </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Research and development expenses for the nine
months ended September 30, 2021 and 2020 were approximately $1,074,000 and $431,000, respectively, which represented an increase
of $643,000, or 149 %. The increase was primarily attributable to an overall increase in our focus on research and development
activities, which resulted in increased wage allocation of approximately $230,000 as well as increased rent, facility fees, equipment
usage costs and general lab supplies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>General and Administrative </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Selling, general, and administrative expenses
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</span></span>and $870,000, respectively, which represented an increase of $789,000, or 91%. The increase was primarily driven by
an increase in stock-based compensation costs related to options granted to the Chief Executive Officer (including performance
awards that related to the private placement that occurred in March 2021) and board members of approximately $866,000 as compared
to the 2020 period. Legal and professional fees were approximately $254,000 in the 2021 period as compared to $336,000 for the
2020 period.</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Other Income</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other income for the nine months ended September
30, 2021 includes the forgiveness of our PPP loan of $ 239,000. Other income (expense) for the nine months ended September 30,
2021 includes to the sale of miscellaneous tools, and in 2020 was insignificant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Net (Loss) Income</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net (loss) income for the nine months ended September
30, 2021 and 2020 was approximately $(2,607,000) and $(1,304,000), respectively, which represented a decrease of $(1,303,000), or 100%.
The decrease was primarily attributable to the increase in research and development and general and administrative expenses of approximately
$1,432,000 driven in turn by an increase in non-cash stock compensation expense of $794,000.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span>&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Three months ended September 30, 2021
compared with three months ended September 30, 2020</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Overview</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents certain information
from the condensed consolidated statements of operations:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="color: black; font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenues</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues for the three months ended September
30, 2021 and 2020 were approximately $175,000 and $636,000, respectively, which represented a decrease of $461,000, or 72%. We
had several clients as of September 30, 2020 and two government contracts with clients concluded as of September 30, 2021. The
timing of revenue recognition is driven by the completion of specified deliverables and the billing of time and materials over
periods of time. Accordingly, the recognition of revenue for these contracts will vary from time to time. In the three months
ended September 30, 2021 and 2020, we recognized 0% and 88% respectively of our revenue under one of these government contracts.
The government contracts have concluded prior to September 30, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cost of Revenues</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cost of revenues for the three months ended
September 30, 2021 and 2020 were approximately $48,000 and $496,000, respectively, which represented a decrease of $448,000, or
90%. The decrease was attributable to decrease labor and allocated facilities costs associated with our client projects in 2021,
as major client projects finished in earlier quarters.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Research and Development </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Research and development expenses for the three
months ended September 30, 2021 and 2020 were approximately $455,000 and $107,000, respectively, which represented an increase
of $347,000, or 324%. The increase was primarily attributable to an overall increase in our focus on research and development activities,
which resulted in increased wage allocation as well as increased rent, facility fees, equipment usage costs and general lab supplies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>General and Administrative </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Selling, general, and administrative expenses
for the three months ended September 30, 2021 and 2020 were approximately $<span style="text-underline-style: double"><span style="text-decoration: none">403,000
</span></span>and $339,000, respectively, which represented an increase of $64,000, or 19%. The 2021 period had an increase of approximately
$192,000 in stock-based compensation due to awards issued to the&#160;then Chief Executive Officer and board members as compared
to $56,000 in the corresponding 2020 period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Other Income</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other income (expense) for the three months
ended September 30, 2021 and 2020 was insignificant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Net (Loss) Income</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net (loss) income for the three months ended September
30, 2021 and 2020 was approximately $(711,000) and $(307,000), respectively, which represented a decrease of $(404,000), or 131%. The
increase in the loss was primarily attributable to the increase in research and development and general and administrative expenses of
approximately $412,000 &#8211; driven in part by an increase of $82,000 in stock compensation expense.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>LIQUIDITY AND CAPITAL RESOURCES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We measure our liquidity in a number of ways,
including the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 85%; margin-right: auto">
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; text-indent: -10pt; padding-left: 10pt">Cash</td><td style="width: 10%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">3,409,429</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Working Capital</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,271,191</td><td style="text-align: left">&#160;</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30, 2021, we had cash and working
capital of $3,409,429 and $3,271,191, respectively. We received approximately $194,000 in funding from the PPP2 government loan
in February 2021 &#8211; see &#8220;RECENT DEVELOPMENTS &#8211; Governmental Assistance&#8221; above. We expect our current cash
on hand to be sufficient to meet our operating and capital requirements for at least the next twelve months from the date of this
filing. Thereafter, we may need to raise further capital, through the sale of additional equity or debt securities, to support
our future operations. Our operating needs include the planned costs to operate our business, including amounts required to fund
working capital and capital expenditures as well as research and development. Our future capital requirements and the adequacy
of our available funds will depend on many factors, including our ability to successfully commercialize our products and services,
competing technological and market developments, and the need to enter into collaborations with other companies or acquire other
companies or technologies to enhance or complement our product and service offerings. If we are unable to secure additional capital,
we may be required to curtail our research and development initiatives and take additional measures to reduce costs in order to
conserve our cash.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Our sources and uses of cash were as follows:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash (used in) provided by operating activities
for the nine months ended September 30, 2021 and 2020 was approximately $(1,665,000) and $(583,000), respectively. Net cash used
in operating activities for the nine months ended September 30, 2021 includes cash used to fund a net loss of approximately $<span style="text-underline-style: double"><span style="text-decoration: none">2,608,000</span></span>,
reduced by $1,037,000 of non-cash expenses, and reduced by $95,000 of net cash provided by changes in the levels of operating
assets and liabilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash provided by operating activities for
the nine months ended September 30, 2020 included cash provided by net loss of approximately $(1,304,000) partially offset by $402,000
of non-cash expenses and reduced by $319,000 of net cash used in changes in the levels of operating assets and liabilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash used in investing activities for the
nine months ended September 30, 2021 and 2020 was approximately $(33,000) and $(610,000), respectively. Net cash used in investing
activities for the nine months ended September 30, 2020 was primarily attributable to the purchase property and equipment, and
leasehold improvements in the laboratory.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash provided by financing activities
for the nine months ended September 30, 2021 and 2020 was approximately $4,834,000 and $869,000, respectively. Net cash used in
financing activities for the nine months ended September 30, 2021 was primarily attributable to expenditures to the private placement
of our common stock which yielded approximately $4.6 million in net proceeds, and the proceeds from the PPP2 loan and proceeds
from the exercise of stock options. Net cash used in financing activities for the nine months ended September
30, 2020 was primarily attributable proceeds under government loan programs of $684,000 and proceeds from the exercise of stock options
of $231,000.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>OFF-BALANCE SHEET ARRANGEMENTS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not have any off-balance sheet arrangements
(as that term is defined in Item 303 of Regulation S-K) that are reasonably likely to have a current or future material effect
on our financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>CRITICAL ACCOUNTING POLICIES </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our critical accounting policies are included
in Note 2 of our financial statements included elsewhere in this registration statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>RECENTLY ISSUED ACCOUNTING STANDARDS </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our recently issued accounting standards are
included in Note 2 of our financial statements included elsewhere in this registration.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span id="a_009"></span>Item 3. Quantitative and Qualitative Disclosures About Market
Risk</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are a smaller reporting company and are
not required to provide the information under this item pursuant to Regulation S-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span id="a_019"></span>Item 4. Controls and Procedures. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Evaluation of Disclosure Controls and
Procedures</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We maintain disclosure controls and procedures
(as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;))
that are designed to be effective in providing reasonable assurance that information required to be disclosed in our reports under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the
SEC, and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In designing and evaluating disclosure controls
and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only
reasonable, not absolute assurance of achieving the desired objectives. Also, the design of a control system must reflect the fact
that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent
limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances
of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be
faulty and that breakdowns can occur because of simple error or mistake. The design of any system of controls is based, in part,
upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving
its stated goals under all potential future conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the preparation of this
Quarterly Report on Form 10-Q, we carried out an evaluation based on the criteria in Internal Control &#8212; Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, under the supervision and with the participation
of management, including our chief executive officer, of the effectiveness of the design and operation of our disclosure controls
and procedures as of the end of the period covered by this report. Based upon that evaluation, due to a material weakness in our
internal control over financial reporting that we previously identified relating to a lack of segregation of duties as disclosed
in our Annual Report on Form 10-K for the year ended December 31, 2020, management concluded that our disclosure controls and procedures
were ineffective as of&#160;September 30, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that a reasonable possibility exists that a material misstatement
of our annual or interim financial statements would not be prevented or detected on a timely basis.&#160;The Company is considering
various&#160;remediation&#160;methods to mitigate such material weakness, but has not yet adopted or implemented any plan to remedy
such deficiency.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based upon that continuing evaluation of our disclosure
controls and procedures, <span style="background-color: white">management is actively engaged in the planning for, and implementation
of, remediation efforts to address our material weakness and improve our </span>internal control over financial reporting and <span style="background-color: white">disclosure
controls and procedures.</span> We are developing new procedures that we are implementing and testing in the fourth quarters of 2021.
We hope to complete the implementation, remediation and test of the new procedures by the end of the year.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><b>Changes
in Internal Controls over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the September 30, 2021, there have been no changes
in the internal controls over financial reporting that materially affected, or are reasonably likely to materially affect, our internal
control over financial despite the fact that virtually all of our employees are working remotely due to the COVID-19 pandemic. We are
continually monitoring and assessing the COVID-19 situation on our internal controls over financial reporting to minimize any related
impact on their effectiveness.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>PART II &#8211; OTHER INFORMATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span id="a_011"></span>Item 1. Legal Proceedings</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span id="a_012"></span>Item 1A. Risk Factors</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As a smaller reporting company, we are not required to provide the
information required by this item.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span id="a_013"></span>Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span id="a_014"></span>Item 3. Defaults upon Senior Securities</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span id="a_015"></span>Item 4. Mine Safety Disclosures</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span id="a_016"></span>Item 5. Other Information</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span id="a_017"></span>Item 6. Exhibits</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following exhibits are included and filed
with this report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="padding: 0; width: 10%; text-indent: 0"><span style="font-size: 10pt"><b>Exhibit</b></span></td>
<td style="padding: 0; width: 2%; text-align: center; text-indent: 0">&#160;</td>
<td style="padding: 0; width: 88%; text-align: center; text-indent: 0"><span style="font-size: 10pt"><b>Exhibit Description</b></span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">3.1</span></td>
<td style="padding: 0; text-indent: 0">&#160;</td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-size: 10pt; background-color: #CCEEFF"><a href="http://www.sec.gov/Archives/edgar/data/1781405/000173112219000712/e1574_3-1.htm">Certificate of Incorporation of Odyssey Semiconductor Technologies, Inc. (Incorporated by reference to Exhibit 3.1 to Registration Statement on Form S-1 filed on November 15, 2019, File No. 333- 234741)</a></span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">3.2</span></td>
<td style="padding: 0; text-indent: 0">&#160;</td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-size: 10pt; background-color: white"><a href="http://www.sec.gov/Archives/edgar/data/1781405/000173112219000712/e1574_3-2.htm">Bylaws of Odyssey Semiconductor Technologies, Inc. (Incorporated by reference to Exhibit 3.2 to Registration Statement on Form S-1 filed on November 15, 2019, File No. 333- 234741)</a></span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; text-indent: 0">10.1</td>
<td style="padding: 0; text-indent: 0">&#160;</td>
<td style="padding: 0; text-align: left; text-indent: 0; vertical-align: top"><span style="font: normal 10pt Times New Roman, Times, Serif">Form of Separation
Agreement, dated October 6, 2021, by and between Alex Behfar and Odyssey Semiconductor Technologies,Inc. (Filed herewith.)</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">31.1</span></td>
<td style="padding: 0; text-indent: 0">&#160;</td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-size: 10pt"><a href="e3271_ex31-1.htm">Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer and Principal Financial and Accounting Officer</a></span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">32.1</span></td>
<td style="padding: 0; text-indent: 0">&#160;</td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-size: 10pt"><a href="e3271_ex32-1.htm">Section&#160;1350 Certification of Principal Executive Officer and Principal Financial and Accounting Officer *</a></span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">101</span></td>
<td style="padding: 0; text-indent: 0">&#160;</td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-size: 10pt">Interactive Data Files</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">101.INS</span></td>
<td style="padding: 0; text-indent: 0">&#160;</td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-size: 10pt">XBRL Instance Document</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">101.SCH</span></td>
<td style="padding: 0; text-indent: 0">&#160;</td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-size: 10pt">XBRL Taxonomy Extension Schema Document</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">101.CAL</span></td>
<td style="padding: 0; text-indent: 0">&#160;</td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-size: 10pt">XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">101.LAB</span></td>
<td style="padding: 0; text-indent: 0">&#160;</td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-size: 10pt">XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">101.PRE</span></td>
<td style="padding: 0; text-indent: 0">&#160;</td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-size: 10pt">XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0; text-indent: 0"><span style="font-size: 10pt">101.DEF</span></td>
<td style="padding: 0; text-indent: 0">&#160;</td>
<td style="padding: 0; text-align: justify; text-indent: 0"><span style="font-size: 10pt">XBRL Taxonomy Extension Definition Linkbase Definition</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">*</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Furnished and not filed.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<!-- Field: Page; Sequence: 31; Value: 3 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="a_018"></span>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly
authorized on November 17, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<tr style="vertical-align: top">
    <td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="padding-bottom: 1pt"><span style="font-size: 10pt"><b>Odyssey Semiconductor Technologies, Inc.</b></span></td></tr>
<tr style="vertical-align: top">
    <td style="width: 50%; padding-bottom: 1pt">&#160;</td>
    <td style="width: 5%; padding-bottom: 1pt">&#160;</td>
    <td style="width: 45%">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt">/s/ Richard Brown</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Richard Brown</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Interim Chief Executive Officer</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">32</p>

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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
September
30, 2021
OR
☐
TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to
______
Commission file number:
333-234741
Odyssey Semiconductor Technologies, Inc.
(Exact name of registrant as specified in
its charter)
Delaware
84-1766761
(State or other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
9 Brown Road
Ithaca
,
NY
14850
(
607
)
351-9768
(Address, including zip code, and telephone
number, including area code, of registrant's principal executive offices)
Securities
registered pursuant to Section 12(b) of the Act: None.
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☒
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.
☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No
☒
As of
November 17, 2021, there were
12,726,911
shares of the registrant's common stock, $0.0001 par value, issued and outstanding.
Table
of Contents
Page
PART I- FINANCIAL INFORMATION
Item 1: Condensed Consolidated Financial Statements for the nine months ended September 30, 2021 and 2020
4
Condensed Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020
4
Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020
5
Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2021 and 2020
7
Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020
8
Notes to Unaudited Condensed Consolidated Financial Statements
9
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
21
Item 3: Quantitative and Qualitative Disclosures about Market Risk
29
Item 4: Controls and Procedures
29
PART II - OTHER INFORMATION
Item 1: Legal Proceedings
30
Item 1A: Risk Factors
30
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
30
Item 3: Defaults Upon Senior Securities
31
Item 4: Mine Safety Disclosures
31
Item 5: Other Information
31
Item 6: Exhibits
31
SIGNATURES
32
3
Part
I – FINANCIAL INFORMATION
Item 1. Financial Statements
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,
December 31,
2021 (unaudited)
2020
Assets
Current Assets:
Cash
$
3,409,429
$
272,705
Contract assets
—
62,273
Accounts receivable
48,045
10,877
Deferred expenses
4,941
185,084
Prepaid expenses and other current assets
35,261
33,569
Total Current Assets
3,497,676
564,508
Restricted cash
103,188
103,149
Property and equipment, net
894,967
986,407
Total Assets
$
4,495,831
$
1,654,064
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses
$
119,205
$
187,046
Loan payable - short term
77,278
53,858
Deferred revenue
30,000
260,447
Total Current Liabilities
226,483
501,351
Loans payable - long term
554,853
621,600
Total liabilities
781,336
1,122,951
Commitments and contingencies (Note 8)
—
—
Stockholders' Equity:
Preferred stock, $
0.0001
par value,
5,000,000
shares authorized;
0
shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
—
—
Common stock, $
0.0001
par value,
45,000,000
shares authorized,
12,726,911
and
11,429,661
shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
1,272
1,143
Additional paid-in capital
9,837,157
4,046,370
Accumulated deficit
(
6,123,934
)
(
3,516,400
)
Total Stockholders' Equity
3,714,495
531,113
Total Liabilities and Stockholders' Equity
$
4,495,831
$
1,654,064
See notes to these condensed consolidated financial
statements.
4
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For
    The Nine Months Ended September 30,
2021
2020
Revenues
$
693,074
$
1,102,071
Cost
    of Revenues
792,239
1,106,569
Gross
    Loss
(
99,165
)
(
4,498
)
Operating
    Expenses:
Research
    and development
1,073,737
430,592
Selling,
    general, and administrative
1,658,994
869,643
Total
    Operating Expenses
2,732,681
1,300,235
Loss from
    Operations
(
2,831,846
)
(
1,304,733
)
Other
    Income (Expense):
Forgiveness
    of PPP loan and other income
238,719
1
Interest
    expense
(
14,407
)
—
Total Other Income (Expense)
224,312
1
Net
    Loss
$
(
2,607,534
)
$
(
1,304,732
)
Net Loss Per Share:
Basic
$
(
0.21
)
$
(
0.12
)
Diluted
$
(
0.21
)
$
(
0.12
)
Weighted
    Average Number of Common Shares Outstanding:
Basic
12,320,979
11,173,008
Diluted
12,320,979
11,173,008
See notes to these condensed consolidated
financial statements.
5
For
    The three months Ended September 30,
2021
2020
Revenues
$
174,952
$
636,070
Cost
    of Revenues
47,969
495,915
Gross
    Profit
126,983
140,155
Operating
    Expenses:
Research
    and development
454,658
107,323
Selling,
    general, and administrative
403,441
339,090
Total
    Operating Expenses
858,099
446,413
Loss From Operations
(
731,116
)
(
306,258
)
Other Income (expense):
Other
    income
25,013
—
Interest
    expense
(
4,560
)
(
893
)
Total Other Income (Expense)
20,453
(
893
)
Net
    Loss
$
(
710,663
)
$
(
307,151
)
Net Loss Per Share:
Basic
$
(
0.06
)
$
(
0.03
)
Diluted
$
(
0.06
)
$
(
0.03
)
Weighted Average Number
    of Common Shares Outstanding:
Basic
12,726,911
11,199,703
Diluted
12,726,911
11,199,703
See notes to these condensed consolidated financial
statements.
6
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
IN STOCKHOLDERS' EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER
30, 2021 AND 2020
(Unaudited)
Additional
Total
Common Stock
Paid-In
Accumulated
Stockholders'
Shares
Amount
Capital
Deficit
Equity
Balance  December 31, 2020
11,429,661
$
1,143
$
4,046,370
$
(
3,516,400
)
$
531,113
Stock-based compensation
—
—
678,918
—
678,918
Exercise of stock options
45,625
4
68,434
—
68,438
Sale of shares of common stock
1,251,625
125
5,006,375
—
5,006,500
Costs of stock sale
—
—
(
407,445
)
—
(
407,445
)
Net loss three months ended March 31, 2021
—
—
—
(
895,111
)
(
895,111
)
Balance  March 31, 2021
12,726,911
1,272
9,392,652
(
4,411,511
)
4,982,413
—
Stock-based compensation
—
—
223,155
—
223,155
Net loss three months ended June 30, 2021
—
—
—
(
1,001,760
)
(
1,001,760
)
Balance  June 30, 2021
12,726,911
1,272
9,615,807
(
5,413,271
)
4,203,808
Stock-based compensation
—
—
221,350
—
221,350
Net loss three months ended September 30, 2021
—
—
(
710,663
)
(
710,663
)
Balance  September 30, 2021
12,726,911
$
1,272
$
9,837,157
$
(
6,123,934
)
$
3,714,495
Additional
Total
Common Stock
Paid-In
Accumulated
Stockholders'
Shares
Amount
Capital
Deficit
Equity
Balance  December 31, 2019
11,159,661
1,116
3,017,940
(
1,473,292
)
1,545,764
Stock-based compensation
—
—
63,880
—
63,880
Net loss three months ended March 31, 2020
—
—
—
(
502,495
)
(
502,495
)
Balance  March 31, 2020
11,159,661
1,116
3,081,820
(
1,975,787
)
1,107,149
Stock-based compensation
—
—
116,613
—
116,613
Net loss three months ended June 30, 2020
—
—
—
(
495,086
)
(
495,086
)
Balance  June 30, 2020
11,159,661
1,116
3,198,433
(
2,470,873
)
728,676
Exercise of stock options
153,750
15
230,609
—
230,624
Stock-based compensation
—
—
148,781
—
148,781
Net loss three months ended September 30, 2020
—
—
—
(
307,151
)
(
307,151
)
Balance  September 30, 2020
11,313,411
$
1,131
$
3,577,823
$
(
2,778,024
)
$
800,930
See notes to these condensed consolidated financial
statements.
7
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(Unaudited)
For The Nine Months Ended
September 30,
2021
2020
Cash Flows From Operating Activities:
Net loss
$
(
2,607,534
)
$
(
1,304,732
)
Adjustments to reconcile net loss to net cash used in
    operating activities:
Stock-based compensation
1,123,423
329,274
Forgiveness of PPP loan and other
(
210,680
)
—
Depreciation and amortization
124,631
72,811
Changes in operating assets and liabilities:
Contract assets
62,273
430,732
Accounts receivable
(
37,168
)
(
184,418
)
Prepaid expenses and other current assets
(
1,693
)
55,657
Deferred expenses
180,143
29,547
Accounts payable and accrued expenses
(
67,843
)
93,636
Deferred revenue
(
230,447
)
(
106,000
)
Total Adjustments
942,639
721,239
Net Cash Used In Operating Activities
(
1,664,895
)
(
583,493
)
Cash Flows Used In Investing Activities:
Purchases of property and equipment
(
32,505
)
(
610,487
)
Net Cash from Investing Activities
(
32,505
)
(
610,487
)
Cash Flows From Financing Activities:
Proceeds from sale of common stock, net of costs
4,599,055
—
Proceeds from government loans
193,625
684,580
Repayment of government loans
(
26,956
)
(
1,175
)
Proceeds from exercise of stock options
68,438
230,624
Payment of deferred offering costs
—
(
40,742
)
Payment of deferred loan costs
—
(
4,560
)
Net Cash Provided By Financing Activities
4,834,162
868,727
Net Increase (Decrease) In Cash and Restricted Cash
3,136,762
(
325,253
)
Cash and Restricted Cash - Beginning Of Period
375,855
798,283
Cash and Restricted Cash - End Of Period
$
3,512,617
$
473,030
Cash and Restricted Cash Consisted of the Following:
Cash
$
3,409,429
$
370,220
Restricted cash
103,188
102,810
Cash and Restricted Cash
$
3,512,617
$
473,030
Supplemental Disclosures of Cash Flow Information:
Cash paid during the year for:
Interest
$
6,911
$
100
See notes to these condensed consolidated financial
statements.
8
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020
Note 1 –
Nature of Operations and Liquidity
Organization and Operations
Odyssey Semiconductor Technologies, Inc. ("Odyssey
Technologies") was incorporated on April 12, 2019 under the laws of the State of Delaware. Odyssey Technologies, through
its wholly-owned subsidiary, Odyssey Semiconductor, Inc. ("Odyssey Semiconductor") and Odyssey Semiconductor's
wholly owned subsidiary, JR2J, LLC ("JR2J") (collectively, the "Company"), is a semiconductor device company
developing high-voltage power switching components and systems based on proprietary Gallium Nitride ("GaN") processing
technology.
COVID-19
The extent of the impact and effects of the
recent outbreak of the coronavirus (COVID-19) on the operation and financial performance of our business will depend on future
developments, including the duration and spread of the outbreak, related travel advisories and restrictions, the consequential
potential of staff shortages, and project development delays, all of which are highly uncertain and cannot be predicted. If demand
for the Company's services or the Company's ability to service customers are impacted for an extended period, especially
as it relates to major customers, our financial condition and results of operations may be materially adversely affected.
Liquidity and Financial Condition
As of September 30, 2021, the Company had a cash
balance, working capital and accumulated deficit of approximately $
3,410,000
,
$
3,270,000
and $6,100,000,
respectively. During the nine months ended September 30, 2021, the Company generated a net loss of approximately $
2,600,000
.
The Company believes its current cash on hand
is sufficient to meet its operating obligations and capital requirements for at least twelve months from the issuance of these
financial statements. Thereafter, the Company may need to raise further capital through the sale of additional equity or debt securities
or other debt instruments to support its future operations. The Company's operating needs include the planned costs to operate
its business, including amounts required to fund working capital and capital expenditures. The Company's future capital requirements
and the adequacy of its available funds will depend on many factors, including the Company's ability to successfully commercialize
its products and services, competing technological and market developments, and the need to enter into collaborations with other
companies or acquire other companies or technologies to enhance or complement its product and service offerings. There is also
no assurance that the amount of funds the Company might raise will enable the Company to complete its development initiatives or
attain profitable operations. If the Company is unable to obtain additional financing on a timely basis, it may have to curtail
its development, marketing and promotional activities, which would have a material adverse effect on the Company's business,
financial condition and results of operations, and ultimately, the Company could be forced to discontinue its operations and liquidate.
9
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020
Note 2 -
Summary of Significant Accounting
Policies
There have been no material changes to the
significant accounting policies included in the condensed consolidated financial statements as of September 30, 2021  and for the
year then ended, which were previously filed, except as disclosed in this note.
Basis of Presentation
The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America
("U.S. GAAP") for interim financial information. Accordingly, they do not include all of the information and footnotes
required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments
(consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated
financial statements of the Company as of September 30, 2021 and for the nine months ended September 30, 2021 and 2020. The results
of operations for the nine months ended September 30, 2021 are not necessarily indicative of the operating results for the full
year ending December 31, 2021 or any other period. These unaudited condensed consolidated financial statements should be read in
conjunction with the audited financial statements and related disclosures included in the Company's Annual Report on Form
10-K for fiscal year ended December 31, 2020 which have been filed with the Securities and Exchange Commission on April 8, 2021,
as amended on Form 10-K/A on May 28, 2021.
Use of Estimates
Preparation of financial statements in conformity
with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial
statements and the amounts disclosed in the related notes to the financial statements. The Company's significant estimates
used in these financial statements include, but are not limited to, fair value calculations for equity securities, stock-based
compensation, the collectability of receivables, the recoverability and useful lives of long-lived assets, and the valuation allowance
related to the Company's deferred tax assets. Certain of the Company's estimates could be affected by external conditions,
including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could
have an effect on the Company's estimates and could cause actual results to differ from those estimates.
Cash and Cash Equivalents
The Company considers all highly liquid investments
purchased with an original maturity of three months or less to be cash equivalents in the financial statements. As of September
30, 2021 and December 31, 2020, the Company had
no
cash equivalents. The Company has cash on deposits in several financial institutions
which, at times, may be in excess of Federal Deposit Insurance Corporation ("FDIC") insurance limits. The Company has
not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. The Company
reduces its credit risk by placing its cash and cash equivalents with major financial institutions.
10
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020
Note 2 - Summary of Significant Accounting
Policies – continued
Restricted Cash
Restricted cash was comprised of cash held
as a security deposit in connection with the Company's operating lease. See Note 8 – Commitments and Contingencies
- Operating Lease for additional details.
Property and Equipment
Property and equipment are stated at cost,
net of accumulated depreciation using the straight-line method over their estimated useful lives, once the asset is placed in service.
Expenditures for maintenance and repairs, which do not extend the economic useful life of the related assets, are charged to operations
as incurred, and expenditures which extend the economic life are capitalized. Leasehold improvements are depreciated over the lesser
of their estimated useful lives or the remaining term of their respective lease. When assets are retired or otherwise disposed
of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal
is recognized in the statement of operations for the respective period.
The Company's long-lived assets are reviewed
for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.
An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual
disposition are less than its carrying amount.
The estimated useful lives of property and
equipment are as follows:
Asset
Useful lives (years)
Computer and office equipment
5
Lab equipment
5
Leasehold improvements
shorter of useful life or lease term
Machinery
7
-
15
Furniture
7
Fair Value of Stock Options and Warrant
s
The risk-free interest rate was determined
from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument
being valued. Option forfeitures are accounted for at the time of occurrence. The expected term used is the estimated period of
time that warrants or options are expected to be outstanding. The Company utilizes the "simplified" method to develop
an estimate of the expected term of "plain vanilla" employee options. For investor warrants and non-employee options,
the expected term used is the contractual life of the instrument being valued. The Company does not yet have a trading history
to support its historical volatility calculations. Accordingly, the Company is utilizing an expected volatility figure based on
a review of the historical volatility of comparable entities over a period of time equivalent to the expected life of the instrument
being valued.
11
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020
Note 2 - Summary of Significant Accounting
Policies – continued
Revenue Recognition
The Company recognizes
revenue under ASC Topic 606, "Revenue from Contracts with Customers" ("ASC 606"). The Company determines
revenue recognition through the following steps:
●
Step 1:
Identify the contract with the customer;
●
Step 2:
Identify the performance obligations in the contract;
●
Step 3:
Determine the transaction price;
●
Step 4:
Allocate the transaction price to the performance obligations in the contract; and
●
Step 5:
Recognize revenue when the company satisfies a performance obligation.
A majority of the
Company's revenues are generated from contracts with customers that require it to design, develop, manufacture, test and
integrate complex equipment and to provide engineering and technical services according to customer specifications. These contracts
are often priced on a time and material type basis. Revenues on time and material type contracts are generally recognized in each
period based on the amount billable to the customer which is based on direct labor hours expended multiplied by the contractual
fixed rate per hour, plus the actual costs of materials and other direct non-labor costs.
The timing of the Company's revenue recognition
may differ from the timing of payment by its customers. A receivable is recorded when revenue is recognized prior to payment and
the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services,
the Company records deferred revenue until the performance obligations are satisfied. Contract assets are comprised of unbilled
contract receivables related to revenues earned but not yet invoiced to customers.
During the nine months ended September 30,
2021 and 2020, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods.
The Company generates
revenue from government contracts that reimburse the Company for certain allowable costs for funded projects. For contracts with
government agencies, when the Company has concluded that it is the principal in conducting the research and development expenses
and where the funding arrangement is considered central to the Company's ongoing operations, the Company classifies the recognized
funding received as revenue. The Company has determined that revenue generated from government grants is outside the scope of ASC
606 and, as a result, the Company recognizes revenue upon incurring qualifying, reimbursable expenses. During the nine months ended
September 30, 2021 and 2020, the Company recognized approximately $
418,000
and $
900,000
, respectively, of grant revenue. During
the three months ended September 30, 2021 and 2020, the Company recognized approximately $
0
and $
450,000
, respectively, of grant
revenue.
Deferred Expenses
Deferred expenses consist of labor, materials
and other costs that are attributable to customer contracts that the Company has not completed its performance obligation under
the contract and, as a result, has not recognized revenue. As of September 30, 2021 and December 31, 2020, deferred expenses were
approximately $
5,000
and $
185,000
, respectively
.
12
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020
Note 2 - Summary of Significant Accounting
Policies – continued
Stock-Based Compensation
The Company measures the cost of services received
in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on
the grant date. The fair value amount is then recognized over the period during which services are required to be provided in exchange
for the award, usually the vesting period. Upon the exercise of an award, the Company issues new shares of common stock out of
its authorized shares.
Net (Loss) Income per share of Common Stock
Basic net (loss) income per share of common
stock is computed by dividing net (loss) income by the weighted average number of vested shares of common stock outstanding during
the period. Diluted net income per share of common stock is computed by dividing net income by the weighted average number
of common and dilutive common-equivalent shares outstanding during each period.
The following shares were excluded from the
calculation of weighted average dilutive shares of common stock because their inclusion would have been anti-dilutive:
As of  September 30,
2021
2020
Warrants
245,696
155,966
Options
2,042,857
1,736,250
Total
2,288,553
1,892,216
Income Taxes
The Company recognizes deferred tax assets
and liabilities for the expected future tax consequences of items that have been included or excluded in the financial statements
or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets
and liabilities and their respective financial reporting amounts ("temporary differences") at enacted tax rates in
effect for the years in which the temporary differences are expected to reverse. The Company has recorded a full valuation allowance
against its deferred tax assets for all periods, due to the uncertainty of future utilization.
The Company utilizes a recognition threshold
and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in
a tax return. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition
in the Company's financial statements as of September 30, 2021 and December 31, 2020. The Company does not expect any significant
changes in its unrecognized tax benefits within twelve months of the reporting date. The Company's policy is to classify
assessments, if any, for tax related interest as interest expense and penalties as selling, general and administrative expenses
in the consolidated statements of operations.
13
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020
Note 2 - Summary of Significant Accounting
Policies – continued
Recently Issued Accounting Standards
In February 2016, the FASB issued ASU No. 2016-02,
"Leases (Topic 842)," ("ASU 2016-02"). ASU 2016-02 requires an entity to recognize assets and liabilities
arising from a lease for both financing and operating leases. ASU 2016-02 will also require new qualitative and quantitative disclosures
to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising
from leases. The FASB issued ASU No. 2018-10 "Codification Improvements to Topic 842, Leases" ("ASU 2018-10"),
ASU No. 2018-11 "Leases (Topic 842) Targeted Improvements" ("ASU 2018-11") in July 2018, and ASU No. 2018-20
"Leases (Topic 842) - Narrow Scope Improvements for Lessors" ("ASU 2018-20") in December 2018. ASU 2018-10
and ASU 2018-20 provide certain amendments that affect narrow aspects of the guidance issued in ASU 2016-02. ASU 2018-11 allows
all entities adopting ASU 2016-02 to choose an additional (and optional) transition method of adoption, under which an entity initially
applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained
earnings in the period of adoption. Pursuant to ASU 2019-10 the effective date for ASC 842 was deferred an additional year. The
Company expects to recognize operating lease right-of-use assets and lease liabilities on the balance sheet upon adoption of this
ASU. The Company is currently evaluating these ASUs and their impact on its consolidated financial statements.
Note 3 -
Prepaid Expenses and Other Current
Assets
Prepaid expenses consisted of the following:
September 30, 2021
December 31, 2020
Insurance
$
35,261
$
33,569
Total
$
35,261
$
33,569
Note 4 -
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted
of the following:
September 30, 2021
December 31, 2020
Accounts payable
$
29,850
$
80,548
Accrued payroll
61,803
46,650
Credit cards payable
13,130
49,045
Other
14,422
10,803
Total
$
119,205
$
187,046
14
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020
Note 5 –
Property and Equipment
Property and equipment consisted of the following:
September 30, 2021
December 31, 2020
Computer and office equipment
$
2,807
$
2,807
Lab equipment
15,606
15,606
Furniture
43,705
43,705
Leasehold improvements
450,374
422,318
Machinery
627,641
623,190
Subtotal
1,140,133
1,107,626
Accumulated Depreciation
(
245,166
)
(
121,219
)
Property and Equipment, net
$
894,967
$
986,407
Depreciation and amortization expense related
to property and equipment was approximately $
42,000
and $
30,400
(which was primarily recorded within cost of sales) for the quarters
ended September 30, 2021 and 2020, respectively. Depreciation and amortization expense related to property and equipment was approximately
$
125,000
and $
73,000
(which was primarily recorded within cost of sales) for the nine months ended September 30, 2021 and 2020,
respectively.
Note 6 –
Stockholders' Equity
Authorized Capital
The Company is authorized to issue
45,000,000
shares of common stock, $
0.0001
par value per share, and
5,000,000
shares of preferred stock, $
0.0001
par value per share. The
holders of the Company's common stock are entitled to one vote per share. No preferred shares have been issued through September
30, 2021.
Common Stock Transactions
In March 2021, the Company sold
1,251,625
shares
of common stock at $
4.00
per share for gross proceeds of $
5,006,500
in connection with a private placement of securities. The costs
associated with such issuance were $
407,445
in cash and warrants to purchase
89,730
shares of Common Stock of the Company with
a term of
5
years and an exercise price of $
4.00
per share. An aggregate of $
480,000
of proceeds were raised from related parties
(including an aggregate of $430,000 from Alex Behfar's family member, Richard Brown, Richard Ogawa and James Shealy), representing
approximately 10% of the total gross proceeds.
15
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020
Note 7 –
Equity Compensation Plan
On June 18, 2019, the Board of Directors
and a majority of the Company's shareholders, respectively, approved the 2019 Equity Compensation Plan (the "2019
Plan"). Under the 2019 Plan,
1,326,000
shares of common stock of the Company were authorized for issuance. The 2019 Plan
provides for the issuance of incentive stock options, non-statutory stock options, rights to purchase common stock, stock appreciation
rights, restricted stock, restricted stock, performance shares and performance units to employees, directors and consultants of
the Company and its affiliates. The 2019 Plan requires the exercise price of stock options to be not less than the fair value of
the Company's common stock on the date of grant, or 110% of fair value in the case of incentive options granted to a ten-percent
stockholder.
On March 11, 2020,
the Company granted the following
ten-year options to purchase shares of common stock at an exercise price of $1.50 per share to
the Company's then newly appointed Executive Chairman and Acting Chief Executive Officer under the 2019 Plan: (i) an option
to purchase
965,850
shares of common stock that vests ratably on a monthly basis over two years and (ii) an option to purchase
321,950
shares of common stock that vests based on performance criteria to be mutually agreed to by the Board and the executive.
The grant was reduced to 500,000 options, including 375,000 options and 125,000 options respectively under the two categories,
due to limitations under the 2019 Plan. The terms of the 125,000 performance based options were established in the quarter ended
September 30, 2020. The terms of the performance based options were met during the quarter ended March 31, 2021.
On May 26, 2020, the
Board of Directors and a majority of the Company's shareholders approved an amendment to the 2019 Plan to (i) increase the
number of shares of common stock authorized for issuance under the 2019 Plan by 1,174,000 shares, such that a total of 2,500,000
shares of common stock are now authorized for issuance under the 2019 Plan; (ii) increase the maximum aggregate number of shares,
options and/or other awards that may be granted to any one person during any calendar year from 500,000 to 1,300,000; and (iii)
clarify the availability of cashless exercise as a form of consideration.
On July 16, 2020,
the Company granted the following
ten-year options to purchase shares of common stock at an exercise price of $
1.50
per share to
the Company's then Executive Chairman and Acting Chief Executive Officer under the 2019 Plan: (i) an option to purchase
600,000
shares of common stock that vests ratably on a monthly basis over one year and (ii) an option to purchase
200,000
shares of common
stock that vests based on specified performance criteria.
On September 16, 2020,
the Board of Directors and a majority of the Company's shareholders approved an amendment to the 2019 Plan to increase the
number of shares of common stock authorized for issuance under the 2019 Plan from
2,500,000
shares to
4,600,000
shares.
On September 22, 2020,
the Company granted a
ten-year options to purchase shares
1,637,410
shares of common stock at an exercise price of $
1.50
per
share to the Company's then Chairman and Chief Executive Officer under the 2019 Plan that vests ratably on a monthly basis
over two years commencing March 11, 2022.
From June 1 to June 22,
2021, the Company granted five and
ten-year options to purchase
388,246
shares of common stock at an exercise price of $
2.90
to $
3.93
per share to employees, an advisory board member and board members under the 2019 Plan that vest over two to five years.
On
September 22, 2021, upon the resignation of our then Chief Executive Officer and Chairman, a total of
1,911,160
unvested
options that he received on September 25, 2019, March 11, 2020, July 16, 2020 and September 22, 2020 were forfeited as of such
da
te. On such date, the Company also provided the acceleration of
25,000
unvested stock options issued on September 25, 2019, which were to vest as of September 25, 2021. The impact of the modification of
the stock option was not material.
16
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020
Note 7 – Equity Compensation Plan – continued
The stock option activity from January 1, 2021 through September 30, 2021
is as follows:
Shares
Weighted-Average Exercise
Price per share
Weighted-Average Remaining
Contractual Life (years)
Balance, January 1, 2021
3,257,410
$
1.50
9.0
Options granted
388,246
3.69
9.4
Options exercised
(
45,625
)
1.50
—
Options converted
—
—
—
Options forfeited or expired
(
1,911,160
)
1.50
—
Balance, September 30, 2021
1,688,871
$
2.00
7.5
Vested shares at September 30, 2021
983,667
1.50
8.1
The Company has estimated the fair value of
all stock option awards as of the date of grant by applying the Black-Scholes option-pricing model. In applying the Black-Scholes
option pricing model, the Company used the following assumptions for 2021 and 2020 issuances:
Risk-free interest rate
1.1
%
1.75
%
Expected term
7.5
years
10
years
Expected volatility
81
%
78
%
Expected dividends
0
0.00
%
Grant date fair value of common stock
$
2.45
/share
$
1.50
/share
During the nine months ended September 30,
2021, the Company recognized stock-based compensation expense related to stock options of approximately $
1,123,000
($
1,023,000
of which was included within general and administrative expenses, $
69,000
of which was included in research and development expenses
and $
31,000
of which was included within cost of revenues on the consolidated statements of operations). During the nine months
ended September 30, 2020, the Company recognized stock-based compensation expense related to stock options of approximately $
329,000
($
198,000
of which was included within general and administrative expenses, $
70,000
of which was included in research and development
expenses and $
61,000
of which was included within cost of revenues on the consolidated statements of operations).
17
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020
Note 7 – Equity Compensation Plan – continued
During the three months ended September 30,
2021, the Company recognized stock-based compensation expense related to stock options of approximately $
221,000
($
192,000
of which
was included within general and administrative expenses, $
27,000
of which was included in research and development expenses and
$
2,000
of which was included within cost of revenues on the consolidated statements of operations).
During the three
months ended September 30, 2020, the Company recognized stock-based compensation expense related to stock options of approximately
$
180,000
($
101,000
of which was included within general and administrative expenses, $
36,000
of which was included in research
and development expenses and $
43,000
of which was included within cost of revenues on the consolidated statements of operations).
As of September 30, 2021, there was unamortized
stock-based compensation of approximately $
1,300,000
which the Company expects to recognize over
1.7
years. At September 30, 2021,
the intrinsic value of outstanding and vested stock options was approximately $
547,000
and $
413,000
, respectively.
Note 8 -
Commitments and Contingencies
Litigations, Claims, and Assessments
From time to time, the Company is involved
in various disputes, claims, liens and litigation matters arising out of the normal course of business which could result in a
material adverse effect on the Company's combined financial position, results of operations or cash flows. Liabilities for
loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is
probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. As of September 30, 2021
and December 31, 2020, the Company had no outstanding claims or litigation and had no liabilities recorded for loss contingencies.
Operating Lease
On August 21, 2019, the Company entered into
a lease for a 10,000 square foot facility consisting of lab and office space. The lease requires monthly payments of $
16,667
and
expires on
November 30, 2025
. The Company has arranged for a $
100,000
letter of credit in favor of the landlord in lieu of a security
deposit, which is included as restricted cash on the condensed consolidated balance sheet as of September 30, 2021 and December
31, 2020. The minimum lease payments for the years ending December 31 are approximately as follows: $
200,000
in each of 2020 to
2023 and $
350,000
thereafter.
Note 9 –
Concentrations
During the nine months
ended September 30, 2021, approximately
60
% of revenues were generated from two government entities. Both of these contracts were
completed as September 30, 2021. At September 30, 2021, deferred costs and deferred revenues are attributable to one customer contract.
During the three
and nine months ended September 30, 2020, substantially all revenues were generated from a government entity pursuant to our contract
with a governmental entity and amounted to approximately
60
% and
83
% of total revenues, respectively.
18
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020
Note 10 –
Government Loans
Paycheck Protection Program Loan
On May 1, 2020, the Company received loan proceeds
in the amount of approximately $
211,000
under the Paycheck Protection Program ("PPP"). The PPP, established as part
of the Coronavirus Aid, Relief and Economic Security Act, as amended ("CARES Act"), provides for loans to qualifying
businesses for amounts up to 2.5 times of the average monthly payroll expenses of such qualifying business. The loans and accrued
interest are forgivable after certain time periods further defined in the CARES Act (the "Covered Period") as long
as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its
payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during
the Covered Period. The outstanding balance was included in long term loans payable at December 31, 2020. On March 6, 2021, the
entire loan balance was forgiven.
On February 24, 2021, the Company received
$
193,625
pursuant to a promissory note issued under the Paycheck Protection Program Part 2 ("PPP2"). Interest accrues
at
1
% per annum and the note is payable in 60
monthly
installments of $
3,300
commencing May 2022.
Economic Injury Disaster Loan Advance
On May 1, 2020, the Company received an advance
in the amount of $
10,000
from the U.S. Small Business Administration ("SBA") under the Economic Injury Disaster Loan
("EIDL") program administered by the SBA, which program was expanded pursuant to the CARES Act. Such advance amount
will reduce the Company's PPP loan forgiveness amount described above. The Company received an additional $
138,900
under
this program on August 30, 2020. The loan is payable in
monthly
payments of $
678
including interest at
3.75
% payable over
30
years.
Tomkins County Area Development Loan
On May 27, 2020,
the Company received loan proceeds in the amount of $
50,000
from the Tomkins County Area Development ("TCAD") Emergency
Relief Loan Fund. The loan matures after four years and bears interest in the amount of
2.5
% per annum, with one year of no interest
or principal payments, followed by three years of
monthly
payments of principal and interest in the amount of $
1,443
per month.
The loan is collateralized by certain assets of the Company. The outstanding balance is included in long term loans payable.
E
quipment Loans
On August 20, 2020, the Company received a loan of $
100,000
from
Broome County Industrial Development Agency (
5
year facility,
2.5
% annual interest rate,
monthly
payment of $
1,775
); on September
2, 2020, the Company received a loan of $
100,000
from Southern Tier Region Economic Development Corporation (
5
year facility,
5.0
%
annual interest rate,
monthly
payment of $
2,072
) ; and on August 28, 2020, the Company received a loan of $
75,000
from TCAD (
5
year facility,
2.5
% annual interest rate,
monthly
payment of $
1,331
). These loans were used to acquire equipment used in the laboratory,
and are secured by the underlying assets of the Company.
19
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2021
AND 2020
Note 10 – Government Loans - continued
The loans are summarized as follows:
September
    30, 2021
December
    31, 2020
Principal
    outstanding
$
635,855
$
679,866
Deferred
    loan costs, net of amortization
(
3,724
)
(
4,408
)
Subtotal
632,131
675,458
Less
    current portion
(
77,278
)
(
53,858
)
Total
    long term portion
$
554,853
$
621,600
Interest expense on the above debt instruments was
approximately $
14,000
and $
5,000
was recognized for the nine and three months ended September 30, 2021,respectively.  Interest expense
of approximately $
1,400
was recognized for the quarter and nine-months ended September 30, 2020.
Note 11 –
Restatement of stock compensation
expense
In calculating our stock
based compensation expense for the quarter ended June 30, 2021, we identified errors in our previously issued financial statements
as of June 30, 2021 related to the measurement of vested stock options. We assessed the materiality of this error in accordance
with the U.S. Securities and Exchange Commission ("SEC") Staff Accounting Bulletin ("SAB") No. 99, "Materiality"
and SAB No. 108, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial
Statements" ("SAB 108"), using both the rollover method and the iron curtain method, as defined in SAB 108, and
concluded the error were immaterial to the prior period but, if corrected in the current period, would have been material to the
current quarter. Under SAB 108, such prior-period misstatements which, if corrected in the current period would be material to
the current period, must be corrected by adjusting the prior-period financial statements. Correcting prior-period financial statements
for such immaterial misstatements does not require previously filed reports to be amended.
For the three and six
months ended June 30, 2021, correction of this error decreased our stock based compensation expense, general and administrative
expenses, total operating expenses and net loss by $
313,323
.  Loss per share decreased in the three and six months ended
June 30, 2021 by $
0.02
in each period, to $
0.08
per share and $0.16 per share, respectively. Further, additional paid in capital
and accumulated deficit at June 30, 2021 also decreased by $
313,323
.
Note 12 -
Subsequent Events
The Company has evaluated events that have
occurred after the balance sheet and through November 17, 2021. Based upon the evaluation, the Company did not identify any recognized
or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements.
20
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
The following discussion and analysis of
our financial condition and results of operations should be read together with our financial statements and the related notes and
the other financial information included elsewhere in this report, as well as our Annual Report on Form 10-K for the year ended
December 31, 2020 filed on April 8, 2021, as amended on Form 10-K/A on May 28, 2021. This discussion contains forward-looking statements
that involve risks and uncertainties. Forward looking statements are statements not based on historical information and which relate
to future operations, strategies, financial results or other developments. Forward looking statements, particularly those
identified with the words, "anticipates," "believes," "expects," "plans," "intends,"
"objectives," and similar expressions, are necessarily based upon estimates and assumptions that are inherently subject
to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many
of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual
results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or
on our behalf. We disclaim any obligation to update forward looking statements, except as required by law. Dollars in tabular format
are presented in thousands, except per share data, or otherwise indicated. When used herein, unless the context requires otherwise,
references to the "Company," "we," "our" and "us" refer to Odyssey Semiconductor
Technologies, Inc., a Delaware corporation, collectively with its wholly-owned subsidiary, Odyssey Semiconductor, Inc, a Delaware
corporation.
OVERVIEW
Odyssey Semiconductor Technologies, Inc. (the
"Company") was formed as a Delaware corporation on April 12, 2019. The Company acquired its wholly-owned subsidiary,
Odyssey Semiconductor, Inc., a Delaware corporation ("Odyssey Semiconductor"), on June 21, 2019.
We are a semiconductor device company developing
revolutionary high-voltage power switching components and systems based on proprietary Gallium Nitride (GaN) processing technology.
The premium power switching device market, which is described as applications where silicon-based (Si) systems perform insufficiently,
is projected to reach over $3.5 billion by 2025 and is currently dominated by the semiconductor material silicon carbide (SiC).
GaN-based systems outperform Si and SiC based systems in every way due to the superior material properties of GaN. However, GaN
devices have, to-date, proven difficult to process using standard semiconductor processing methods that are used to create Si and
SiC based devices. We have developed a novel processing modification that allows GaN to be processed in a manner that for the first
time, makes high voltage GaN power switching devices viably manufacturable. Our mission is to disrupt the rapidly growing premium
power switching device market using our newly developed GaN high voltage power transistor for switching applications.
21
RECENT DEVELOPMENTS
On September 22, 2021, Alex Behfar resigned as our
Chief Executive Officer, Chairman of the Board of Directors and a Director. On the same day, Richard Brown was appointed as our Interim
Chief Executive Officer and John Edmunds as our Chairman. As of the date of such resignation, Mr. Behfar owned stock options to purchase
2,672,000 shares of common stock, of which 1,911,000 unvested options were forfeited.
On October 6, 2021, in connection with Mr. Behfar's
resignation, the Company entered into a separation agreement with Mr. Behfar. Pursuant to the separation agreement, among other things,
Mr. Behfar agreed to certain waiver and release of claims in favor of the Company, and the Company agreed to pay Mr. Behfar certain severance
consideration, including payment of three months of health insurance premium and acceleration of vesting of 25,000 non-qualified stock
options (granted on September 25, 2019 and exercisable at $1.50 per share) which were to vest as of September 25, 2021.
Governmental Assistance
Paycheck Protection Program
On May 1, 2020, the Company received loan proceeds
in the amount of approximately $211,000 under the Paycheck Protection Program ("PPP"). The PPP, established as part
of the Coronavirus Aid, Relief and Economic Security Act, as amended ("CARES Act"), provides for loans to qualifying
businesses for amounts up to 2.5 times of the average monthly payroll expenses of such qualifying business. The loans and accrued
interest are forgivable after certain time periods further defined in the CARES Act ("Covered Period") as long as the
borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll
levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the Covered
Period. On March 6, 2021, the entire loan balance was forgiven.
The unforgiven portion of the PPP loan, if
any, is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months. The Company intends
to use the proceeds for purposes consistent with the PPP. While the Company currently believes that its use of the loan proceeds
will meet the conditions for forgiveness of the loan, there can be no assurance that the Company will not take actions that could
cause the Company to be ineligible for forgiveness of the loan, in whole or in part.
On February 24, 2021, the Company received
$193,625 pursuant to a promissory note issued under the Paycheck Protection Program Part 2 ("PPP2"). Interest accrues
at 1% per annum and the note is payable in 60 monthly installments of $3,300 commencing May 2022.
Economic Injury Disaster Loan Advance
On May 1, 2020, the Company received an advance
in the amount of $10,000 from the U.S. Small Business Administration ("SBA") under the Economic Injury Disaster Loan
("EIDL") program administered by the SBA, which program was expanded pursuant to the CARES Act. Such advance amount
will reduce the Company's PPP loan forgiveness amount described above. The Company received an additional $138,900 under
this program on August 30, 2020. The loan is payable in monthly payments of $678 including interest at 3.75% payable over 30 years.
Tomkins County Area Development Loan
On May 27, 2020,
the Company received loan proceeds in the amount of $50,000 from the Tomkins County Area Development ("TCAD") Emergency
Relief Loan Fund. The loan matures after four years and bears interest in the amount of 2.5% per annum, with one year of no interest
or principal payments, followed by three years of monthly payments of principal and interest in the amount of $1,443 per month.
The loan is collateralized against certain assets of the Company.
22
E
quipment Loans
On August 20, 2020, the Company received a loan of $100,000 from
Broome County Industrial Development Agency (5 year facility, 2.5% annual interest rate, monthly payment of $1,775); on September
2, 2020, the Company received a loan of $100,000 from Southern Tier Region Economic Development Corporation (5 year facility, 5.0%
annual interest rate, monthly payment of $2,072) ; and on August 28, 2020, the Company received a loan of $75,000 from TCAD (5
year facility, 2.5% annual interest rate, monthly payment of $1,331). These loans were used to acquire equipment used in the laboratory,
and are secured by the underlying assets of the Company.
Consulting Service
On October 18, 2019, the Company entered into an exclusive
two-year consulting agreement with Akash Systems, Inc. ("Akash"), pursuant to which the Company agreed to provide certain
consulting services to Akash in connection with process development and fabrication of GaN-on-Diamond high-electron-mobility transistors
and monolithic microwave integrated circuits. Pursuant to the agreement, Akash guarantees to purchase at least one wafer per month from
the Company for a total of 24 wafers during the term of the agreement, at a price of $85,000 per wafer. The Company delivered 2 wafers
as of September 30, 2020, and the contract expired as of October 18, 2021.
COMPONENTS OF OUR RESULTS OF OPERATIONS
Revenues
Our revenues are derived from contracts with
customers that require us to design, develop, manufacture, test and integrate complex equipment and to provide engineering and
technical services according to customer specifications. These contracts are often priced on a time and material type basis. Revenues
on time and material type contracts are generally recognized in each period based on the amount billable to the customer which
is based on direct labor hours expended multiplied by the contractual fixed rate per hour, plus the actual costs of materials and
other direct non-labor costs. We bill customers based upon contractual terms, and accordingly, we have deferred revenues and contract
assets depending upon whether we can bill in advance of earnings or in arrears, respectively.
Cost of Revenues
Cost of revenues consist of material, labor,
a portion of occupancy expenses, and other expenses directly related to our revenue contracts.
Research and Development
Research and development includes expenses,
primarily material, labor, a portion of occupancy expenses, and other expenses incurred in connection with the research and development
of certain exploratory projects. Research and development expenses are expensed as they are incurred.
23
Selling, General, and Administrative
Selling, general, and administrative expenses
consist of salaries, payroll taxes and other benefits, legal and professional fees, stock- based compensation, rent and office
expenses, marketing and travel and other costs associated with our operation.
Other Income
Other income (expense) consists primarily of
interest income on cash balances, forgiveness of PPP loan and other miscellaneous items.
RESULTS OF OPERATIONS
Nine months ended September 30, 2021 compared
with nine months ended September 30, 2020
Overview
The following table presents certain information
from the condensed consolidated statements of operations:
For The Nine Months Ended September 30
Difference $
Difference %
2021
2020
Revenues
$
693,074
$
1,102,071
$
(408,997
)
-37
%
Cost of Revenues
792,239
1,106,569
$
(314,330
)
-28
%
Gross Loss
(99,165
)
(4,498
)
$
(94,667
)
2105
%
Operating Expenses:
Research and development
1,073,737
430,592
$
643,145
149
%
Selling, general, and administrative
1,658,944
869,643
$
789,301
91
%
Total Operating Expenses
2,732,681
1,300,235
$
1,432,446
110
%
Loss From Operations
(2,831,846
)
(1,304,733
)
$
(1,527,113
)
117
%
Other Income:
Forgiveness of PPP loan and other income
238,719
1
$
238,718
1000
%
Interest expense
(14,407
)
—
$
(14,407
)
—
Net Loss
$
(2,607,534
)
$
(1,304,732
)
$
(1,299,802
)
100
%
24
Revenues
Revenues for the nine months ended September
30, 2021 and 2020 were approximately $693,000 and $1,102,000, respectively, which represented a decrease of $409,000, or 37%. The
timing of revenue recognition is driven by the completion of specified deliverables and the billing of time and materials over
periods of time. Accordingly, the recognition of revenue for these contracts will vary from time to time. In the nine months ended
September 30, 2021, we recognized substantially all of our revenue under three customer contracts. During the nine months ended
September 30, 2020, the Company also recognized substantially all of our revenue from one of our government contract customers.
The customer contracts with governmental entities have concluded. We have a few other customers and several outstanding proposals
to new customers.
Cost of Revenues
Cost of revenues for the nine months ended
September 30, 2021 and 2020 were approximately $792,000 and $1,107,000, respectively, which represented a decrease of $314,000,
or 28%. The base salary, facility and equipment usage fees to operate the fabrication facility during the 2021 and 2020 periods
are and allocated between research and development and cost of revenues based upon the specific projects worked on during the
period. During the nine months ended September 30, 2021, we also incurred a loss of $60,000 on one government customer contract
due to costs exceeding the contract revenues. We have operated at a gross loss for the past year as our revenues are not yet significant
to cover our fixed costs of the facility.
Research and Development
Research and development expenses for the nine
months ended September 30, 2021 and 2020 were approximately $1,074,000 and $431,000, respectively, which represented an increase
of $643,000, or 149 %. The increase was primarily attributable to an overall increase in our focus on research and development
activities, which resulted in increased wage allocation of approximately $230,000 as well as increased rent, facility fees, equipment
usage costs and general lab supplies.
General and Administrative
Selling, general, and administrative expenses
for the nine months ended September 30, 2021 and 2020 were approximately $
1,659,000
and $870,000, respectively, which represented an increase of $789,000, or 91%. The increase was primarily driven by
an increase in stock-based compensation costs related to options granted to the Chief Executive Officer (including performance
awards that related to the private placement that occurred in March 2021) and board members of approximately $866,000 as compared
to the 2020 period. Legal and professional fees were approximately $254,000 in the 2021 period as compared to $336,000 for the
2020 period.
Other Income
Other income for the nine months ended September
30, 2021 includes the forgiveness of our PPP loan of $ 239,000. Other income (expense) for the nine months ended September 30,
2021 includes to the sale of miscellaneous tools, and in 2020 was insignificant.
25
Net (Loss) Income
Net (loss) income for the nine months ended September
30, 2021 and 2020 was approximately $(2,607,000) and $(1,304,000), respectively, which represented a decrease of $(1,303,000), or 100%.
The decrease was primarily attributable to the increase in research and development and general and administrative expenses of approximately
$1,432,000 driven in turn by an increase in non-cash stock compensation expense of $794,000.
Three months ended September 30, 2021
compared with three months ended September 30, 2020
Overview
The following table presents certain information
from the condensed consolidated statements of operations:
For The three months Ended September 30,
Difference $
Difference %
2021
2020
Revenues
$
174,952
$
636,070
$
(461,118
)
-72
%
Cost of Revenues
47,969
495,915
$
(447,946
)
-90
%
Gross Profit
126,983
140,155
$
(13,172
)
-9
%
Operating Expenses:
Research and development
454,658
107,323
$
347,335
324
%
Selling, general, and administrative
403,441
339,090
$
64,351
19
%
Total Operating Expenses
858,099
446,413
$
411,686
92
%
Loss From Operations
(731,116
)
(306,258
)
$
(424,858
)
391
%
Other Income:
Forgiveness of PPP loan and other income
25,013
—
$
25,013
—
Interest expense
(4,560
)
-893
$
(3,667
)
411
%
Net Loss
$
(710,663
)
$
(307,151
)
$
(403,512
)
131
%
26
Revenues
Revenues for the three months ended September
30, 2021 and 2020 were approximately $175,000 and $636,000, respectively, which represented a decrease of $461,000, or 72%. We
had several clients as of September 30, 2020 and two government contracts with clients concluded as of September 30, 2021. The
timing of revenue recognition is driven by the completion of specified deliverables and the billing of time and materials over
periods of time. Accordingly, the recognition of revenue for these contracts will vary from time to time. In the three months
ended September 30, 2021 and 2020, we recognized 0% and 88% respectively of our revenue under one of these government contracts.
The government contracts have concluded prior to September 30, 2021.
Cost of Revenues
Cost of revenues for the three months ended
September 30, 2021 and 2020 were approximately $48,000 and $496,000, respectively, which represented a decrease of $448,000, or
90%. The decrease was attributable to decrease labor and allocated facilities costs associated with our client projects in 2021,
as major client projects finished in earlier quarters.
Research and Development
Research and development expenses for the three
months ended September 30, 2021 and 2020 were approximately $455,000 and $107,000, respectively, which represented an increase
of $347,000, or 324%. The increase was primarily attributable to an overall increase in our focus on research and development activities,
which resulted in increased wage allocation as well as increased rent, facility fees, equipment usage costs and general lab supplies.
General and Administrative
Selling, general, and administrative expenses
for the three months ended September 30, 2021 and 2020 were approximately $
403,000
and $339,000, respectively, which represented an increase of $64,000, or 19%. The 2021 period had an increase of approximately
$192,000 in stock-based compensation due to awards issued to the then Chief Executive Officer and board members as compared
to $56,000 in the corresponding 2020 period.
Other Income
Other income (expense) for the three months
ended September 30, 2021 and 2020 was insignificant.
Net (Loss) Income
Net (loss) income for the three months ended September
30, 2021 and 2020 was approximately $(711,000) and $(307,000), respectively, which represented a decrease of $(404,000), or 131%. The
increase in the loss was primarily attributable to the increase in research and development and general and administrative expenses of
approximately $412,000 – driven in part by an increase of $82,000 in stock compensation expense.
27
LIQUIDITY AND CAPITAL RESOURCES
Liquidity
We measure our liquidity in a number of ways,
including the following:
September 30, 2021
Cash
$
3,409,429
Working Capital
$
3,271,191
As of September 30, 2021, we had cash and working
capital of $3,409,429 and $3,271,191, respectively. We received approximately $194,000 in funding from the PPP2 government loan
in February 2021 – see "RECENT DEVELOPMENTS – Governmental Assistance" above. We expect our current cash
on hand to be sufficient to meet our operating and capital requirements for at least the next twelve months from the date of this
filing. Thereafter, we may need to raise further capital, through the sale of additional equity or debt securities, to support
our future operations. Our operating needs include the planned costs to operate our business, including amounts required to fund
working capital and capital expenditures as well as research and development. Our future capital requirements and the adequacy
of our available funds will depend on many factors, including our ability to successfully commercialize our products and services,
competing technological and market developments, and the need to enter into collaborations with other companies or acquire other
companies or technologies to enhance or complement our product and service offerings. If we are unable to secure additional capital,
we may be required to curtail our research and development initiatives and take additional measures to reduce costs in order to
conserve our cash.
Our sources and uses of cash were as follows:
Net cash (used in) provided by operating activities
for the nine months ended September 30, 2021 and 2020 was approximately $(1,665,000) and $(583,000), respectively. Net cash used
in operating activities for the nine months ended September 30, 2021 includes cash used to fund a net loss of approximately $
2,608,000
,
reduced by $1,037,000 of non-cash expenses, and reduced by $95,000 of net cash provided by changes in the levels of operating
assets and liabilities.
Net cash provided by operating activities for
the nine months ended September 30, 2020 included cash provided by net loss of approximately $(1,304,000) partially offset by $402,000
of non-cash expenses and reduced by $319,000 of net cash used in changes in the levels of operating assets and liabilities.
Net cash used in investing activities for the
nine months ended September 30, 2021 and 2020 was approximately $(33,000) and $(610,000), respectively. Net cash used in investing
activities for the nine months ended September 30, 2020 was primarily attributable to the purchase property and equipment, and
leasehold improvements in the laboratory.
Net cash provided by financing activities
for the nine months ended September 30, 2021 and 2020 was approximately $4,834,000 and $869,000, respectively. Net cash used in
financing activities for the nine months ended September 30, 2021 was primarily attributable to expenditures to the private placement
of our common stock which yielded approximately $4.6 million in net proceeds, and the proceeds from the PPP2 loan and proceeds
from the exercise of stock options. Net cash used in financing activities for the nine months ended September
30, 2020 was primarily attributable proceeds under government loan programs of $684,000 and proceeds from the exercise of stock options
of $231,000.
28
OFF-BALANCE SHEET ARRANGEMENTS
We do not have any off-balance sheet arrangements
(as that term is defined in Item 303 of Regulation S-K) that are reasonably likely to have a current or future material effect
on our financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources.
CRITICAL ACCOUNTING POLICIES
Our critical accounting policies are included
in Note 2 of our financial statements included elsewhere in this registration statement.
RECENTLY ISSUED ACCOUNTING STANDARDS
Our recently issued accounting standards are
included in Note 2 of our financial statements included elsewhere in this registration.
Item 3. Quantitative and Qualitative Disclosures About Market
Risk
We are a smaller reporting company and are
not required to provide the information under this item pursuant to Regulation S-K.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and
Procedures
We maintain disclosure controls and procedures
(as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"))
that are designed to be effective in providing reasonable assurance that information required to be disclosed in our reports under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the
SEC, and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure.
In designing and evaluating disclosure controls
and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only
reasonable, not absolute assurance of achieving the desired objectives. Also, the design of a control system must reflect the fact
that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent
limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances
of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be
faulty and that breakdowns can occur because of simple error or mistake. The design of any system of controls is based, in part,
upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving
its stated goals under all potential future conditions.
29
In connection with the preparation of this
Quarterly Report on Form 10-Q, we carried out an evaluation based on the criteria in Internal Control — Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, under the supervision and with the participation
of management, including our chief executive officer, of the effectiveness of the design and operation of our disclosure controls
and procedures as of the end of the period covered by this report. Based upon that evaluation, due to a material weakness in our
internal control over financial reporting that we previously identified relating to a lack of segregation of duties as disclosed
in our Annual Report on Form 10-K for the year ended December 31, 2020, management concluded that our disclosure controls and procedures
were ineffective as of September 30, 2021.
A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that a reasonable possibility exists that a material misstatement
of our annual or interim financial statements would not be prevented or detected on a timely basis. The Company is considering
various remediation methods to mitigate such material weakness, but has not yet adopted or implemented any plan to remedy
such deficiency.
Based upon that continuing evaluation of our disclosure
controls and procedures,
management is actively engaged in the planning for, and implementation
of, remediation efforts to address our material weakness and improve our
internal control over financial reporting and
disclosure
controls and procedures.
We are developing new procedures that we are implementing and testing in the fourth quarters of 2021.
We hope to complete the implementation, remediation and test of the new procedures by the end of the year.
Changes
in Internal Controls over Financial Reporting
As of the September 30, 2021, there have been no changes
in the internal controls over financial reporting that materially affected, or are reasonably likely to materially affect, our internal
control over financial despite the fact that virtually all of our employees are working remotely due to the COVID-19 pandemic. We are
continually monitoring and assessing the COVID-19 situation on our internal controls over financial reporting to minimize any related
impact on their effectiveness.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 1A. Risk Factors
As a smaller reporting company, we are not required to provide the
information required by this item.
Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds
None.
30
Item 3. Defaults upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None.
Item 6. Exhibits
The following exhibits are included and filed
with this report.
Exhibit
Exhibit Description
3.1
Certificate of Incorporation of Odyssey Semiconductor Technologies, Inc. (Incorporated by reference to Exhibit 3.1 to Registration Statement on Form S-1 filed on November 15, 2019, File No. 333- 234741)
3.2
Bylaws of Odyssey Semiconductor Technologies, Inc. (Incorporated by reference to Exhibit 3.2 to Registration Statement on Form S-1 filed on November 15, 2019, File No. 333- 234741)
10.1
Form of Separation
Agreement, dated October 6, 2021, by and between Alex Behfar and Odyssey Semiconductor Technologies,Inc. (Filed herewith.)
31.1
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer and Principal Financial and Accounting Officer
32.1
Section 1350 Certification of Principal Executive Officer and Principal Financial and Accounting Officer *
101
Interactive Data Files
101.INS
XBRL Instance Document
101.SCH
XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB
XBRL Taxonomy Extension Label Linkbase Document
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF
XBRL Taxonomy Extension Definition Linkbase Definition
*
Furnished and not filed.
31
SIGNATURES
Pursuant to the requirements of the Securities
and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly
authorized on November 17, 2021.
Odyssey Semiconductor Technologies, Inc.
By:
/s/ Richard Brown
Richard Brown
Interim Chief Executive Officer
32