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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of registrant&#8217;s principal executive offices)</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">Securities registered pursuant to Section 12(b) of the Act: 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; text-align: justify">Indicate by check mark whether the re<span style="font: 10pt Times New Roman, Times, Serif">gistrant
(1)&#160;has filed all reports required to be filed by Section&#160;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)&#160;has been subject to such filing
requirements for the past 90 days. <span id="xdx_907_edei--EntityCurrentReportingStatus_c20210101__20210630_zuLSK38uKS1e"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9746; No&#160;&#9744;</span></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></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>

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<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></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">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 (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). <span id="xdx_905_edei--EntityInteractiveDataCurrent_c20210101__20210630_zqQsPPu51GB3"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>&#160;&#9746; No &#9744;</span></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;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">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 &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221;
&#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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    <td><span style="font: 10pt Times New Roman, Times, Serif">&#9746;</span></td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: top">
    <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><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt 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: 10pt 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_90A_edei--EntityExTransitionPeriod_c20210101__20210630_zdRpW1gKZZU7"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" 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: 10pt 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: 10pt 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_904_edei--EntityShellCompany_c20210101__20210630_zB1XmOUPuy0g"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" 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: 10pt Times New Roman, Times, Serif">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">As
of August 13, 2021, there were <span id="xdx_90F_edei--EntityCommonStockSharesOutstanding_iI_c20210809_zatUNrg8dvE6"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2021-08-09" 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"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></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: 0pt; width: 93%; text-indent: 0pt">&#160;</td>
<td style="padding: 0pt; width: 7%; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">Page&#160;</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-size: 10pt">PART I- FINANCIAL INFORMATION</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-indent: 0pt">&#160;</td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_001">Item 1: Condensed Consolidated Financial Statements for the six months ended June 30, 2021 and 2020</a></span></td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">4</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_002">Condensed Consolidated Balance Sheets as of June 30, 2021 (Unaudited) and December 31, 2020</a></span></td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">4</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_003">Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020</a></span></td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">5</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_004">Unaudited Condensed Consolidated Statements of Changes in Stockholders&#8217; Equity for the three and six months ended June 30, 2021 and 2020</a></span></td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">6</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_005">Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020</a></span></td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">8</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_006">Notes to Unaudited Condensed Consolidated Financial Statements</a></span></td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">9</span></td></tr>
<tr style="background-color: White">
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_007">Item 2: Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">21</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_008">Item 3: Quantitative and Qualitative Disclosures about Market Risk</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">29</span></td></tr>
<tr style="background-color: White">
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_009">Item 4: Controls and Procedures</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">29</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt">PART II - OTHER INFORMATION</span></td>
<td style="padding: 0pt; text-indent: 0pt">&#160;</td></tr>
<tr style="background-color: White">
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_010">Item 1:&#160;Legal Proceedings</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">30</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_011">Item 1A: Risk Factors</a></span></td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">30</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_012">Item 2: Unregistered Sales of Equity Securities and Use of Proceeds</a></span></td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">30</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_013">Item 3: Defaults Upon Senior Securities</a></span></td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">31</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_014">Item 4: Mine Safety Disclosures</a></span></td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">31</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_015">Item 5: Other Information</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">31</span></td></tr>
<tr style="background-color: White">
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_016">Item 6: Exhibits</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><span style="font-size: 10pt">31</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-size: 10pt"><a href="#a_017">SIGNATURES</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><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_001"></span>Item 1.&#160;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_002"></span>CONDENSED CONSOLIDATED BALANCE SHEETS</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_30A_111_zb4qFam9Zhu6" summary="xdx: Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49B_20210630_zT1nq0Ednjcj" 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_495_20201231_zfvevDHKw3r4" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">December</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#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">2021</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">31, 2020</td></tr>
  <tr id="xdx_40C_eus-gaap--AssetsAbstract_iB_z6uugyFCdxuh" 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_409_eus-gaap--AssetsCurrentAbstract_i01B_znh33llrcUJe" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Current Assets:</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_408_eus-gaap--Cash_i02I_maCz5U0_z0FXpJfV0Xji" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; width: 56%; text-indent: -10pt">Cash</td><td style="width: 8%">&#160;</td>
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  <tr id="xdx_405_eus-gaap--CommodityContractAssetCurrent_i02I_d0_maCz5U0_zsYQcVO4ntng" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:CommodityContractAssetCurrent" contextRef="AsOf2021-06-30" format="ixt:zerodash" decimals="0" unitRef="USD">&#8212;</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:CommodityContractAssetCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">62,273</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--AccountsReceivableNetCurrent_i02I_maCz5U0_zItc6lTYnH81" 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"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,545</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:AccountsReceivableNetCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,877</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_401_eus-gaap--LiabilitiesCurrentAbstract_i01B_zttnI2ItAZG3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40E_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_i02I_maCzcC2_z7csl6cXgDEi" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_eus-gaap--DeferredRevenueCurrent_i02I_maCzcC2_zZQk9j3GV5Wl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--LoansPayableCurrent_i02I_maCzcC2_zsPJX7NhGJbi" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--LiabilitiesCurrent_i02TI_mtCzcC2_maCzVOD_maLzj6L_zq6pWDVrZIOh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--LongTermLoansPayable_i02I_pp0p0_maLzj6L_zdcM1BMAO8S8" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--Liabilities_i02TI_maCzotJ_mtLzj6L_zeT9am5K8iv" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40F_eus-gaap--CommitmentsAndContingencies_i02I_maCzotJ_zh5W0O8cWN4a" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Commitments and contingencies (Note 8)</td><td>&#160;</td>
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  <tr id="xdx_40B_eus-gaap--StockholdersEquityAbstract_i01B_zTwioHcNXuZ7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--PreferredStockValue_i02I_d0_maCzo9e_ziHpesmNIY7h" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_eus-gaap--CommonStockValue_i02I_maCzo9e_zA6uqec0XIm6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <td>&#160; &#160;</td>
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  <td>&#160; &#160;</td>
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</tr>
<tr id="xdx_402_eus-gaap--AdditionalPaidInCapital_i02I_maCzo9e_zevRowCyYGS1" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_maCzo9e_zJVWSaXOZ2Ib" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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; 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></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="a_003"></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_304_113_z1Nh6I3a2Cw" summary="xdx: Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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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_400_eus-gaap--ResearchAndDevelopmentExpense_i01_maCzVuc_z9aff86d1g1e" 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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  </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_004"></span>CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS&#8217; EQUITY&#160;</b></p>

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

<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"><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_305_114_zRxD5f4mkvm5" 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">
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<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#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>
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    <td colspan="3" style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="3" style="font-weight: bold; text-align: center">Accumulated</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <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>
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    <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>
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    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
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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><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)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#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_40F_eus-gaap--IncomeLossAttributableToParent_z6HSy7BCoEHk" style="vertical-align: bottom; background-color: White">
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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: xdx2ixbrl0266">&#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: xdx2ixbrl0267">&#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_439_c20210401__20210630_eus-gaap--StockholdersEquity_iS_zpzXV0UppPli" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-indent: -10pt">Balance - March 31, 2021</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#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_409_eus-gaap--ShareBasedCompensation_zDTlycyzHkRk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Stock-based compensation</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"><span style="-sec-ix-hidden: xdx2ixbrl0278">&#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"><span style="-sec-ix-hidden: xdx2ixbrl0280">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#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_401_eus-gaap--IncomeLossAttributableToParent_zlyqyuwR2Rmi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Net loss - three months ended June 30, 2021</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; 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><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><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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#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></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 CASH FLOWS</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_30A_112_zhSvUFIelUO6" 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 style="padding: 0pt 0pt 0pt 40pt; text-align: left; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49B_20210101__20210630_zDLt1pUm6REg" 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_49D_20200101__20200630_z5cakKaYxNE8" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="7" style="font-weight: bold; text-align: center">For The Six Months Ended</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="7" style="font-weight: bold; text-align: center">June 30,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#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">2021</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-align: left; text-indent: -10pt">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>
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    <td style="padding: 0pt 0pt 0pt 20pt; width: 56%; text-align: left; text-indent: -10pt">Net (loss)</td><td style="width: 8%; padding-bottom: 1pt">&#160;</td>
    <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:NetIncomeLoss" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,210,194</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 8%; padding-bottom: 1pt">&#160;</td>
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  <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Adjustments to reconcile net (loss)&#160;to net cash used in operating activities:</td>
  <td>&#160; &#160;</td>
  <td style="text-align: left">&#160; &#160;</td>
  <td style="text-align: right">&#160; &#160;</td>
  <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; &#160;</td>
  <td style="text-align: left">&#160; &#160;</td>
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    <td style="padding: 0pt 0pt 0pt 40pt; text-align: left; text-indent: -10pt">Stock-based compensation</td><td>&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 40pt; text-align: left; text-indent: -10pt">Depreciation and amortization</td><td>&#160;</td>
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  <tr id="xdx_402_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_z56wWnsAuHWa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">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_409_eus-gaap--IncreaseDecreaseInContractWithCustomerAsset_i03N_di_msCzFLJ_zGZ0mE1rNv7k" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 40pt; text-align: left; text-indent: -10pt">Contract assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerAsset" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">62,273</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msCzFLJ_zMcRJD784mrg" 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"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,332</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 40pt; text-align: left; text-indent: -10pt">Prepaid expenses and other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,288</ix:nonFraction></td><td style="text-align: left">)</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:IncreaseDecreaseInDeferredCharges" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">163,302</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:IncreaseDecreaseInDeferredCharges" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">145,334</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_i03_maCzFLJ_zUs92erS7Gg9" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">42,211</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">103,940</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInDeferredRevenue_i03_maCzFLJ_zhUl16grWYV9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 40pt; text-align: left; text-indent: -10pt">Deferred revenue</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:IncreaseDecreaseInDeferredRevenue" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">158,467</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:IncreaseDecreaseInDeferredRevenue" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">62,000</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_i03T_mtCzFLJ_maCzMZK_zBH4JdHvjMd1" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 40pt; text-align: left; text-indent: -10pt">Total Adjustments</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:AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,112,255</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 40pt; font-weight: bold; text-align: left; text-indent: -10pt">Net Cash Used In Operating Activities</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:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,097,939</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:NetCashProvidedByUsedInOperatingActivities" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">393,386</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zt7iAJHPDQOc" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; font-weight: bold; text-align: left; text-indent: -10pt">Cash Flows From 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_40F_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msCzJZD_zWcrYQ7J8XC6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Purchases of property and equipment</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:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,161</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zMN37X7tXEnb" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; font-weight: bold; text-align: left; text-indent: -10pt">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_408_eus-gaap--PaymentsOfFinancingCosts_i01N_di0_msCzNzR_ziGrVo8KsR5e" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Payment of deferred offering costs</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:PaymentsOfFinancingCosts" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,742</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_eus-gaap--ProceedsFromLoans_i01_maCzNzR_zhPk8NSq9Pyi" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Proceeds from government loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">193,625</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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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">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_006"></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 JUNE 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="From2021-01-01to2021-06-30" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_80D_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zAnLnIB5iKv" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 1 &#8211; <span id="xdx_820_z69zAVJYSXP8">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 June 30, 2021, the Company had a cash
balance, working capital and accumulated deficit of approximately $<span id="xdx_906_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20210630_ziBmge2kZ26b" title="Cash balance"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,000,000</ix:nonFraction></span>,
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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_234_zgeDQv6OiYQi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 9; Value: 3 -->
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<ix:exclude><p id="xdx_232_zNhOgvmZEqN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23C_zuH0jhnE2sse" 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_zhha94yZ4PCi" 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_23A_zHqNjq1ZW0w3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_238_zKIld0WyTCMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>


</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_801_eus-gaap--SignificantAccountingPoliciesTextBlock_ztcvB4mXzuCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 2 - <span id="xdx_82D_zwqCsSy1eHKe">Summary of Significant Accounting Policies</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></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&#160;condensed consolidated financial statements as of December 31, 2020 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="From2021-01-01to2021-06-30" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_842_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zobbZaMRyhnc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_866_zCHUbPkGmLC6">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 June 30, 2021 and for the six months ended June 30, 2021 and 2020. The results of operations for the six months
ended June 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.&#160;</p>

<ix:exclude><p id="xdx_237_zElPoU7WHbJl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23B_z4eiThWeNNc5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: justify"><b>&#160;</b></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_843_eus-gaap--UseOfEstimates_z2ugyT6dCTha" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="text-decoration: underline"><span id="xdx_867_zORoBGS6bVx6">Use of Estimates</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">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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_849_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zPGn2hnqvpse" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_868_zcLO57lPCTu6">Cash and Cash Equivalents</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 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 June 30, 2021 and
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may be in excess of Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) 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.</p>

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

<ix:exclude><p id="xdx_234_zvmzBAGpiZV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 10; Value: 3 -->
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<ix:exclude><p id="xdx_23A_zoZxMr1Kkdef" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_239_zZeUdB9neXm2" 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_233_z83sO77RzRb4" 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_zzAScO77yPi9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_232_zagRNRuOvsOh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>


</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy"><p id="xdx_84C_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_znRy0Eg7mtwi" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="text-decoration: underline"><span id="xdx_863_zH9zlka2pQ06">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="From2021-01-01to2021-06-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_844_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zWy7j7uVhr2k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_864_zSInYVO7Qbu">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, 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.</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 equipment
are as follows:</p>

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

<ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="odii:ScheduleOfEstimatedUsefulLivesOfPropertyAndEquipmentTableTextBlock"><table cellspacing="0" cellpadding="0" id="xdx_89A_ecustom--ScheduleOfEstimatedUsefulLivesOfPropertyAndEquipmentTableTextBlock_z8kAwboMMxMe" summary="xdx: Disclosure - Summary of Significant Accounting Policies (Details)" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: White">
<td><span id="xdx_8BB_zwkWTmy5SmWc" 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: rgb(204,238,255)">
<td style="width: 49%"><span style="font: 10pt Times New Roman, Times, Serif">Asset</span></td>
<td style="width: 51%"><span style="font: 10pt Times New Roman, Times, Serif">Useful lives (years)</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td><span style="font: 10pt Times New Roman, Times, Serif">Computer and office equipment</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zEfyFd3HlQz3" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2021-01-012021-06-30_us-gaap_OfficeEquipmentMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td><span style="font: 10pt Times New Roman, Times, Serif">Lab equipment</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LabEquipmentMember_zFxyRvK6HzHi" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_LabEquipmentMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td><span style="font: 10pt Times New Roman, Times, Serif">Leasehold improvements</span></td>
<td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember" title="Property, plant and equipment, estimated useful lives"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2021-01-012021-06-30_us-gaap_LeaseholdImprovementsMember" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">shorter of useful life or lease term</ix:nonNumeric></span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td><span style="font: 10pt Times New Roman, Times, Serif">Machinery</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MachineryMember__srt--RangeAxis__srt--MinimumMember_zbChFDg11oy8" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_MachineryMember_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">7</ix:nonNumeric></span>-<span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MachineryMember__srt--RangeAxis__srt--MaximumMember_zuO0c0sChgkb" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_MachineryMember_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">15</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td><span style="font: 10pt Times New Roman, Times, Serif">Furniture</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20210630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureMember_zIVxRFg9OPii" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_FurnitureMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">7</ix:nonNumeric></span></span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A5_zQ9FJM191uCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

<ix:exclude><p id="xdx_23C_z16HyOj9LPoa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: justify"><b>&#160;</b></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="odii:FairValueOfStockOptionsAndWarrantsPoliciesTextBlock"><p id="xdx_84B_ecustom--FairValueOfStockOptionsAndWarrantsPoliciesTextBlock_zjkIHisp68Ek" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_865_zEw0BBIJxZgl">Fair Value of Stock Options and Warrants</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 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_zxyOC0X4fQId" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 11; Value: 3 -->
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<ix:exclude><p id="xdx_235_zImPSgnKby8i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_231_zWrHrZtTwym" 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_z6uT1AO3ICu4" 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_232_zSraIbIxsMx9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_234_z71NqkUPaRBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>


</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_848_eus-gaap--RevenueRecognitionPolicyTextBlock_zii5OLkv78b2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_868_zm3U1WHY0tTc">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"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="width: 24px"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Step 1:</span>&#160;Identify
the contract with the customer;</span></td></tr>
<tr style="vertical-align: top">
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Step 2:</span>&#160;Identify
the performance obligations in the contract;</span></td></tr>
<tr style="vertical-align: top">
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Step 3:</span>&#160;Determine
the transaction price;</span></td></tr>
<tr style="vertical-align: top">
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline">Step 4:</span>&#160;Allocate
the transaction price to the performance obligations in the contract; and</span></td></tr>
<tr style="vertical-align: top">
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><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 six months ended June 30, 2021 and 2020,
there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods.</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 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 six months ended
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="odii:DeferredExpensesPoliciesTextBlock"><p id="xdx_843_ecustom--DeferredExpensesPoliciesTextBlock_zSQGerWYwszg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="text-decoration: underline"><span id="xdx_866_zq9oj3UeppMa">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
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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_237_zLr4giIVTald" 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_235_zgttFsLIfMQe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_231_zzbmclhENS1k" 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_231_z6zAxQRyX3Ua" 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_238_zQu7WAYvjPhe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_237_z3ieOqMRlPu3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>


</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:CompensationRelatedCostsPolicyTextBlock"><p id="xdx_84B_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zExPsL9SK7J2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_864_zZty0C7V7VMj">Stock-Based Compensation</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 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.</p>

<ix:exclude><p id="xdx_231_z0O65tgUy7A3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_231_zWIqatuX26F6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: justify"><b>&#160;</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">Basic net (loss) income per share of common stock
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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.</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 shares were excluded from the calculation
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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">
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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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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210101__20210630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--OptionMember_pdd" title="Total potentially dilutive shares" style="border-bottom: Black 1pt solid; text-align: center"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-06-30_us-gaap_OptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,550,031</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)">
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</ix:nonNumeric><p id="xdx_8A9_z7X2IPhZj3Bc" style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_845_eus-gaap--IncomeTaxPolicyTextBlock_zhHt6yUUyxah" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="text-decoration: underline"><span id="xdx_86A_zifVaF1nheJ5">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 June 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_232_z4u5Fy2U1LY4" 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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    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_234_zV5QjnnRG4Sa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23A_z0jC1jIqKOT1" 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_23A_zSTSj7eiCIAh" 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_zFnfEvQnyfF6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_237_zw2I6a4jGczh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>


</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zG51dFCKsaP4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="text-decoration: underline"><span id="xdx_863_z4RcKoafDu6f">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="From2021-01-01to2021-06-30" escape="true" name="us-gaap:OtherCurrentAssetsTextBlock"><p id="xdx_80F_eus-gaap--OtherCurrentAssetsTextBlock_z68ODJcYz8m7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 3 - <span id="xdx_82E_z5mAU6SHTS4l">Prepaid Expenses and Other Current Assets</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></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="From2021-01-01to2021-06-30" escape="true" name="us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_886_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_zhLAaViBzoTg" 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: 70%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span id="xdx_8BF_ziu6LIlud9ta" 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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  <tr style="vertical-align: bottom">
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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="From2021-01-01to2021-06-30" escape="true" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p id="xdx_805_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zrF39yTmnmR1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 4 - <span id="xdx_82B_z1A7H5vffmP7">Accounts Payable and Accrued Expenses</span></b></p>

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

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

<ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_88C_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zk8Lr16QmJo4" summary="xdx: Disclosure - Accounts Payable and Accrued Expenses (Details)" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto">
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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_40C_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iTI_pp0p0_mtAPAALzng0_zsBodWANHon2" 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_239_zzZPcoVkJD4b" 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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    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_235_zr78KX1XjWy7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23D_z4oYK1TmbUah" 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_23A_zLkbN9KnFRW" 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_23D_z2QutCVaDjpl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_237_z2YozVGdxNg3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80D_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zCHdFOcRM4bc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 5 &#8211; <span id="xdx_829_zBbmbHxVR9uk">Property and Equipment</span></b></p>

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

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

<ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_884_eus-gaap--PropertyPlantAndEquipmentTextBlock_zTwTsPivd5v7" summary="xdx: Disclosure - Property and Equipment (Details)" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto">
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<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <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)">
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    <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20210331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_za54lPHQQCxd" title="Subtotal" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-03-31_us-gaap_OfficeEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,807</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#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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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentGross_c20201231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MachineryMember_pp0p0" title="Subtotal" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2020-12-31_custom_MachineryMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">623,190</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <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: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Accumulated Depreciation</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -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)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Property and Equipment, net</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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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_90E_eus-gaap--Depreciation_pp0p0_c20210101__20210331_zwKHNUXdRaPl" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">40,000</ix:nonFraction></span>
and $<span id="xdx_90A_eus-gaap--Depreciation_pp0p0_c20200101__20200630_zlRDF4GC6t9l" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">13,000</ix:nonFraction></span>
(which was primarily recorded within cost of sales) for the quarters ended June 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="From2021-01-01to2021-06-30" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80A_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zLIg79JXdh4a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 6 &#8211; <span id="xdx_82C_zV18LeVJ4UU1">Stockholders&#8217; Equity</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></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_907_eus-gaap--CommonStockSharesAuthorized_iI_c20210630_z1hsAiEjnjp9" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">45,000,000</ix:nonFraction></span> shares
of common stock, $<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20210630_zhP5g7lNoofe" title="Common stock, par value per share"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> par value per share, and <span id="xdx_902_eus-gaap--PreferredStockSharesAuthorized_iI_c20210630_z2HUzZSsrC5c" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> shares of preferred stock, $<span id="xdx_90C_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20210630_zy9WNo3fha2i" title="Preferred stock, par value per share"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-06-30" 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 June 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_zFZIe7rnU3ec" 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_90F_eus-gaap--SharePrice_iI_c20210331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zTcNJW3aw7uc" 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 $480,000 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_234_z5u0GsfYsMCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 15; Value: 3 -->
    <div id="xdx_236_z5I48VdtLJ65" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_23E_zAvKC1PSqyxc" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div>
    <div id="xdx_23F_z9kyI1nBqhX" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_234_zLnfTa0UL1Kl" style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_23F_zQA9l2cVNW9e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23E_zgwnyr4pZDu3" 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_23D_zewkreAIfCGe" 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_23A_zPeJUyC3X6yc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_239_zkTv3Jw3TXra" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>


</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:ShareholdersEquityAndShareBasedPaymentsTextBlock"><p id="xdx_80E_eus-gaap--ShareholdersEquityAndShareBasedPaymentsTextBlock_ziRkTFDYZNre" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 7 &#8211; <span id="xdx_829_zbN4XgSFua91">Equity Compensation Plan</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></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_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20200301__20200311__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveChairmanMember_zAms0bHtnE4a" 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 $<span id="xdx_90B_eus-gaap--StockOptionExercisePriceIncrease_c20200301__20200311__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveChairmanMember_pdd" title="Option exercise price"><ix:nonFraction name="us-gaap:StockOptionExercisePriceIncrease" contextRef="From2020-03-012020-03-11_us-gaap_OptionMember_custom_ExecutiveChairmanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.50</ix:nonFraction></span>
per share to the Company&#8217;s 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. 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.</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_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20200701__20200716__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveChairmanMember_z0leKXNQxcq9" 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 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_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20200901__20200922__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_z1ODb3697tu1" 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 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>

<ix:exclude><p id="xdx_231_z4HzVfa9xPWh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p></ix:exclude>

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    <div id="xdx_23C_zizpwg1oW0Li" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_232_z7ZU9utdQdk" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div>
    <div id="xdx_23A_z8DTwv4sNQN" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_230_zUh6RookrGr9" style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_23C_zVCyuDgNqdf4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23F_zFCjJeLHTufg" 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_23A_zIl2LF1NhSle" 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_zvJKABt55Gmh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_238_zLhYBLVq7S16" 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">From June 1 to June 22,
2021, the Company granted five and <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20210601__20210622__us-gaap--AwardTypeAxis__us-gaap--OptionMember_z4OBNQo5An55" 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 shares <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
vests 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>

<ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_896_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zI97f231jvai" 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="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8BB_zXoj5jJIaaii" 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 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">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#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>
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  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#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">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Options granted</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Options exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_di_c20210101__20210630_zQLnkPuzTzTf" title="Options Exercised" style="text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">45,625</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Options converted</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_988_ecustom--WeightedAverageExercisePricePerShareOptionsConverted_d0_c20210101__20210630_zttbUqyS44Aa" title="Options converted" style="text-align: right"><ix:nonFraction name="odii:WeightedAverageExercisePricePerShareOptionsConverted" contextRef="From2021-01-01to2021-06-30" format="ixt:zerodash" decimals="INF" unitRef="USDPShares">&#8212;</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">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Options forfeited or expired</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_d0_c20210101__20210630_zVYNWDodO6Hk" title="Options forfeited or expired" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" contextRef="From2021-01-01to2021-06-30" format="ixt:zerodash" decimals="INF" unitRef="Shares">&#8212;</ix:nonFraction></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_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_d0_c20210101__20210630_z49MfXnPKkK" title="Options forfeited or expired" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-01to2021-06-30" format="ixt:zerodash" decimals="INF" unitRef="USDPShares">&#8212;</ix:nonFraction></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">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">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_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_c20210630_pdd" title="Options Outstanding, Ending" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,600,031</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">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_c20210630_pdd" title="Options Outstanding, Ending" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.74</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"><span id="xdx_905_ecustom--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm1_dtY_c20210101__20210630_zTX7NJR9vDR4" title="Options Outstanding, Ending"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" format="ixt-sec:duryear" name="odii:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm1">8.5</ix:nonNumeric></span></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 style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Vested shares at 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_98D_ecustom--VestedShares_c20210630_pdd" title="Vested shares at period end" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="odii:VestedShares" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">570,031</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 id="xdx_983_ecustom--WeightedAverageExercisePriceVestedSharesAtPeriodEnd_c20210630_pdd" title="Vested shares, at period end" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="odii:WeightedAverageExercisePriceVestedSharesAtPeriodEnd" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.50</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"><span id="xdx_901_ecustom--OptionVested_dtY_c20210101__20210630_zYjjGwGyx3G4" title="Options vested"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" format="ixt-sec:duryear" name="odii:OptionVested">8.5</ix:nonNumeric></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A8_zxY3vE6yD5Zi" 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="From2021-01-01to2021-06-30" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_89D_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_z8KLvrRZHoTl" summary="xdx: Disclosure - Equity Compensation Plan (Details 1)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8BE_zPIUIGjx7XCb" style="display: none">Schedule of Valuation Assumptions</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="padding-left: 20pt; text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="padding-left: 20pt; text-align: right">&#160;</td><td style="text-align: left">&#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: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Grant date fair value of common stock</td><td>&#160;</td>
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  </table>


</ix:nonNumeric><p id="xdx_8AA_zZnlB89lzxNd" 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 six months ended June 30, 2021, the Company
recognized stock-based compensation expense related to stock options of approximately $<span id="xdx_908_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_pp0p0_c20210101__20210630_zJ0BLbZeher7" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,215,000</ix:nonFraction></span> ($<span id="xdx_908_eus-gaap--GeneralAndAdministrativeExpense_c20210101__20210630_pp0p0" title="General and administrative expenses"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,144,000</ix:nonFraction></span> of which was included within
general and administrative expenses, $<span id="xdx_906_eus-gaap--OtherResearchAndDevelopmentExpense_c20210101__20210630_pp0p0" title="Research and development expenses"><ix:nonFraction name="us-gaap:OtherResearchAndDevelopmentExpense" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">42,000</ix:nonFraction></span> of which was included in research and development expenses and $<span id="xdx_900_eus-gaap--CostOfRevenue_pp0p0_c20210101__20210630_z6tWh5gbfAjf" title="Cost of revenues"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">29,000</ix:nonFraction></span> of which was included
within cost of revenues on the consolidated statements of operations). During the six months ended June 30, 2020, the Company recognized
stock-based compensation expense related to stock options of approximately $<span id="xdx_90C_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_pp0p0_c20200101__20200630_zxvaPNQ85vI3" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">180,000</ix:nonFraction></span> ($<span id="xdx_90A_eus-gaap--GeneralAndAdministrativeExpense_c20200101__20200630_pp0p0" title="General and administrative expenses"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">101,000</ix:nonFraction></span> of which was included within general and
administrative expenses, $<span id="xdx_904_eus-gaap--OtherResearchAndDevelopmentExpense_c20200101__20200630_pp0p0" title="Research and development expenses"><ix:nonFraction name="us-gaap:OtherResearchAndDevelopmentExpense" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">36,000</ix:nonFraction></span> of which was included in research and development expenses and $<span id="xdx_909_eus-gaap--CostOfRevenue_pp0p0_c20200101__20200630_zDNKgSCkQcYg" title="Cost of revenues"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">43,000</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_23C_z8McNhu4Ae6c" 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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    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_23B_zSpLHAcxuDt9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23E_zbgjcFMrAO78" 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_ztbnhFhkLWhf" 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_zCrqNU7D9bc5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_230_ztnrLCFAte6j" 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 June 30, 2021, the Company
recognized stock-based compensation expense related to stock options of approximately $<span id="xdx_907_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_pp0p0_c20210401__20210630_zkBcMEIyXVW4" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">545,000</ix:nonFraction></span> ($<span id="xdx_905_eus-gaap--GeneralAndAdministrativeExpense_c20210401__20210630_pp0p0" title="General and administrative expenses"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">501,000</ix:nonFraction></span> of which was included within
general and administrative expenses, $<span id="xdx_90B_eus-gaap--OtherResearchAndDevelopmentExpense_c20210401__20210630_pp0p0" title="Research and development expenses"><ix:nonFraction name="us-gaap:OtherResearchAndDevelopmentExpense" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">39,000</ix:nonFraction></span> of which was included in research and development expenses and $<span id="xdx_901_eus-gaap--CostOfRevenue_pp0p0_c20210401__20210630_zAoAJACWZL74" title="Cost of revenues"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,000</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 June 30, 2020, the Company
recognized stock-based compensation expense related to stock options of approximately $<span id="xdx_905_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_pp0p0_c20200401__20200630_z3Sassq6a962" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" contextRef="From2020-04-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">79,000</ix:nonFraction></span> ($<span id="xdx_907_eus-gaap--GeneralAndAdministrativeExpense_c20200401__20200630_pp0p0" title="General and administrative expenses"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2020-04-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">69,000</ix:nonFraction></span> of which was included within general
and administrative expenses, $<span id="xdx_909_eus-gaap--OtherResearchAndDevelopmentExpense_c20200401__20200630_pp0p0" title="Research and development expenses"><ix:nonFraction name="us-gaap:OtherResearchAndDevelopmentExpense" contextRef="From2020-04-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,000</ix:nonFraction></span> of which was included in research and development expenses and $<span id="xdx_90F_eus-gaap--CostOfRevenue_pp0p0_c20200401__20200630_zMo1wEIDSsla" title="Cost of revenues"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2020-04-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,000</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"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2021, there was unamortized stock-based
compensation of approximately $<span id="xdx_90C_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_c20210630_pp0p0" title="Unamortized stock-based compensation"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,100,000</ix:nonFraction></span> which the Company expects to recognize over <span id="xdx_909_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20210101__20210630_zRjXZGVXRAEe" title="Unamortized stock-based compensation period"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" format="ixt-sec:duryear" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1">2.0</ix:nonNumeric> </span>years. At June 30, 2021, the intrinsic value
of outstanding and vested stock options was approximately $<span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_c20210630_pp0p0" title="Intrinsic value of outstanding"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,300,000</ix:nonFraction></span> and $<span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_c20210630_pp0p0" title="Intrinsic value of vested stock options"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,400,000</ix:nonFraction></span>, respectively.</p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_805_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zW6kqktuL09i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 8 - <span id="xdx_820_zJLZIqCTif04">Commitments and Contingencies</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></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 June 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_904_eus-gaap--OperatingLeasePayments_c20210101__20210630_pp0p0" title="Periodic payments"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,667</ix:nonFraction></span> and expires on <span id="xdx_90F_eus-gaap--LeaseExpirationDate1_dd_c20210101__20210630_zcaGi0EDWzXd" title="Lease expiration date"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" format="ixt:datemonthdayyearen" name="us-gaap:LeaseExpirationDate1">November
30, 2025</ix:nonNumeric></span>. The Company has arranged for a $<span id="xdx_907_eus-gaap--LineOfCredit_c20210630_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="AsOf2021-06-30" 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 June 30, 2021 and December 31, 2020. The minimum lease payments for
the years ending December 31 are approximately as follows: $<span id="xdx_901_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInTwoYears_c20210630_pp0p0" title="Minimum lease payments for 2020"><span id="xdx_90E_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInThreeYears_c20210630_pp0p0" title="Minimum lease payments for 2021"><span id="xdx_909_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInFourYears_c20210630_pp0p0" title="Minimum lease payments for 2022"><span id="xdx_904_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInFiveYears_c20210630_pp0p0" title="Minimum lease payments for 2023"><ix:nonFraction name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears" contextRef="AsOf2021-06-30" 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_90D_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueThereafter_c20210630_pp0p0" title="Minimum lease payments for thereafter"><ix:nonFraction name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueThereafter" contextRef="AsOf2021-06-30" 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="From2021-01-01to2021-06-30" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p id="xdx_808_eus-gaap--ConcentrationRiskDisclosureTextBlock_zdWzdzNTPtla" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 9 &#8211; <span id="xdx_828_zt0NGodgzPx1">Concentrations</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">During the three and
six months ended June 30, 2021, substantially all revenues were generated from two government entities. Both of these contracts were completed as June 30, 2021. At June 30, 2021, deferred costs and deferred
revenues are attributable to three separate entities.</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
six months ended June 30, 2020, substantially all revenues were generated from a government entity pursuant to our contract with
such entity and amounted to approximately <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_dp_c20200101__20200630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--EntitiesAMember_zx6msYU2Ete9" title="Concentration Risk, Percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2020-01-012020-06-30_us-gaap_SalesRevenueNetMember_custom_EntitiesAMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">97</ix:nonFraction></span>%
of total revenues.</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_231_zsfyzoaexhE5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p></ix:exclude>

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    <div id="xdx_23F_z7RuQZEvtMok" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_233_zUydijTcuRu6" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div>
    <div id="xdx_237_zNftxVmcwxP6" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_232_zSccoNF9g2k" style="margin: 0pt">&#160;</p></div>
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<ix:exclude><p id="xdx_23B_zwuONbAMsHg5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23E_z5yCVQBXkr5" 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_zlPCEmFi0HHj" 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_23A_zbCvRiY9o3Rd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_239_zVvcsS2hq5yi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p></ix:exclude>


</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="odii:GovernmentLoansTextBlock"><p id="xdx_804_ecustom--GovernmentLoansTextBlock_zm8I5Uf3ZDd3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 10 &#8211; <span id="xdx_824_zXBznBoQJLj8">Government Loans</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></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_90F_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20210201__20210224__us-gaap--LongtermDebtTypeAxis__custom--PaycheckProtectionProgram2Member_zKgkzoCK275c" 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_900_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200801__20200830__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SmallBusinessAdministrationMember_zo2NPzKugVql" 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_90A_eus-gaap--DebtInstrumentTerm_dtY_c20200801__20200830__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SmallBusinessAdministrationMember_zZrLDF366fh7" 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">&#160;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_90C_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200430__20200527__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_zO63FiSCVbOb" 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_901_eus-gaap--DebtInstrumentTerm_dtY_c20200801__20200820__us-gaap--LongtermDebtTypeAxis__custom--EquipmentLoansMember_zPhUZfPZQt4e" 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_zsBlDP9Y67uh" 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_909_eus-gaap--ProceedsFromLoans_pp0p0_dtY_c20200807__20200902__us-gaap--LongtermDebtTypeAxis__custom--SouthernTierRegionEconomicDevelopmentCorporationMember_zWfg5RV8Bbma" 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_907_eus-gaap--DebtInstrumentTerm_dtY_c20200807__20200902__us-gaap--LongtermDebtTypeAxis__custom--SouthernTierRegionEconomicDevelopmentCorporationMember_zX5yqUoi48K7" 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_901_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200807__20200902__us-gaap--LongtermDebtTypeAxis__custom--SouthernTierRegionEconomicDevelopmentCorporationMember_zyhXH9Cu9VTb" 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_90B_eus-gaap--ProceedsFromLoans_pp0p0_dtY_c20200801__20200828__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_zXZPd8AeZ898" 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_904_eus-gaap--DebtInstrumentTerm_dtY_c20200801__20200828__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_zNZ9xDBGVn9k" 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_90B_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200801__20200828__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_zTVuenx8ccx1" 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_235_z6xbOH7rESwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></ix:exclude>

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    <div id="xdx_23B_z9MsMoXG54Qf" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_23A_zbafDIvwj3Si" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div>
    <div id="xdx_234_zpzW31JNmojd" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_238_zb5fK34TB4Je" style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_238_z1sseqUfmtbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_230_zMua8gztVMwe" 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_zf3mpHJLVm08" 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_zed1o9Lhuuu7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020</b></p></ix:exclude>

<ix:exclude><p id="xdx_238_ztxuRiRsihWi" 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;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:ScheduleOfDebtTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_882_eus-gaap--ScheduleOfDebtTableTextBlock_zNEAWjuwClad" summary="xdx: Disclosure - Government Loans (Details)" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B2_zp6hfCHqe0T7" style="display: none">Schedule of loans</span></td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_490_20210630_zjDLut3oVGJj" style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#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">June 30, 2021</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-align: left; text-indent: -10pt">Principal outstanding</td><td style="width: 10%">&#160;</td>
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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">Interest expense on the above debt instruments was
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_809_eus-gaap--SubsequentEventsTextBlock_zJPYvAdTPxTh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 11 - <span id="xdx_82E_z6Fa5B09q6u3">Subsequent Events</span></b></p>

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<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 August 13, 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>

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

</ix:nonNumeric><p id="xdx_813_zX3UQDl8qlI9" 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_007"></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>

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<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"><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.&#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">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">&#160;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>

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<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 currently, the Company is awaiting new substrates to arrive from Akash so it may perform services on the
remaining wafers pursuant to the agreement.</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
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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>Research and Development </b></p>

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<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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company currently has a working prototype in the lab and is continuing to work on further refining the product
to enable sampling with potential customers.&#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"></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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Selling, general, and administrative expenses consist
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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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other income (expense) consists primarily of interest
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<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>RESULTS OF OPERATIONS </b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Six months ended June 30, 2021 Compared with
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<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>

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  <tr 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">&#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 six months ended June 30, 2021 and
2020 were approximately $518,000 and $466,000, respectively, which represented an increase of $52,000, or 11%. 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 six months ended June 30, 2021, we recognized substantially all of
our revenue under two customer contracts which were completed prior to June 30, 2021. During the six months ended June 30, 2020, the Company
also recognized substantially all of our revenue from one of these customers. Both of these customer contracts 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">Cost of revenues for the six months ended June 30,
2021 and 2020 were approximately $744,000 and $610,000, respectively, which represented an increase of $134,000, or 22%. The base salary,
facility and equipment usage fees to operate the fabrication facility during the 2021 and 2020 periods are relatively consistent and allocated
between research and development and cost of revenues based upon the specific projects worked on during the period. During the first quarter
of 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.</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 six months
ended June 30, 2021 and 2020 were approximately $619,000 and $323,000, respectively, which represented an increase of $296,000, or 92
%. 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 $97,000 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;&#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">Selling, general, and administrative expenses for
the six months ended June 30, 2021 and 2020 were approximately $1,569,000 and $531,000, respectively, which represented an increase of
$1,038,000, or 196%. 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 $1,043,000 as compared to the 2020 period. The 2021 period legal and professional fees were approximately $219,000 as compared
to $253,000 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 three months ended March 31,
2021 represents the forgiveness of our PPP loan. Other income (expense) for the six months ended June 30, 2021 and 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">Net (loss) income for the six months ended June 30,
2021 and 2020 was approximately $(2,210,000) and $(998,000), respectively, which represented a decrease of $(1,213,000), or 122%. The
decrease was primarily attributable to the decrease in gross profit of approximately $82,000 and the increase in research and development
and general and administrative expenses of approximately $296,000. This reflects the establishment of the fabrication facility costs associated
with being a public company, and increase of headcount from 2 to 12.</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>Three months ended June 30, 2021 Compared with
three months ended June 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>

<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; 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 three months ended June 30, 2021
and 2020 were approximately $287,000 and $260,000, respectively, which represented an increase of $27,000, or 10%. We had several clients
as of June 30, 2020 and two contracts with clients concluded as of June 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 both three months ended June 30, 2021 and 2020, we recognized 78% and 97% of our revenue respectively
under one of these customer 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>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 June 30,
2021 and 2020 were approximately $361,000 and $398,000, respectively, which represented a decrease of $36,000, or 9%. The decrease was
attributable to increased labor costs associated with our internal research and development projects in 2021, as major client projects
finished.</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 June 30, 2021 and 2020 were approximately $466,000 and $141,000, respectively, which represented an increase of $325,000, or 231%.
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;&#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">Selling, general, and administrative expenses for
the three months ended June 30, 2021 and 2020 were approximately $772,000 and $218,000, respectively, which represented an increase of
$555,000, or 255%. The 2021 period had an increase of $432,000 in stock based compensation due to awards issued to the Chief Executive
Officer and board members as compared to the corresponding 2020 period. We increased our headcount in 2021, which led to an increase in
general and administrative related payroll expenses.</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) for the three months ended
June 30, 2021 and 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"><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">Net (loss) income for the three months ended June
30, 2021 and 2020 was approximately $(1,315,000) and $(495,000), respectively, which represented a decrease of $(820,000), or 166%. The
increase in the loss was primarily attributable to the increase in non-cash compensation charge of approximately $466,000 in the 2020
period, offset the decrease in gross profit of approximately $63,000 and the increase in research and development and general and administrative
expenses of approximately $325,000.</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>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: 70%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#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">June 30, 2021</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">4,002,228</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <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">As of June 30, 2021, we had cash and working capital
of $4,002,228 and $3,753,741, respectively. We received approximately $193,000 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">Net cash (used in) provided by operating activities
for the six months ended June 30, 2021 and 2020 was approximately $(1,098,000) and $(393,000), respectively. Net cash used in operating
activities for the six months ended June 30, 2021 includes cash used to fund a net loss of approximately $2,210,000, reduced by $1,087,000
of non-cash expenses, and reduced by $25,000 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
six months ended June 30, 2020 included cash provided by net loss of approximately $(998,000) partially offset by $223,000 of non-cash
expenses and reduced by $381,000 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 six
months ended June 30, 2021 and 2020 was approximately $(21,000) and $(287,000), respectively. Net cash used in investing activities for
the six months ended June 30, 2021 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
six months ended June 30, 2021 and 2020 was approximately $4,861,000 and $230,000, respectively. Net cash used in financing activities
for the six months ended June 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.</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_008"></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_009"></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;June 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 have developed new procedures that we plan to implement and test in the third and 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"><b><span style="text-decoration: underline">Changes in Internal Controls over Financial
Reporting</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">As of the end of the period covered by this
report, 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 reporting 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.&#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: 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_010"></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_011"></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_012"></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_013"></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_014"></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_015"></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_016"></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="border-bottom: Black 1pt solid; width: 8%"><span style="font: 10pt Times New Roman, Times, Serif"><b>Exhibit</b></span></td>
<td style="padding-bottom: 1pt; width: 1%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; width: 91%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Exhibit
Description</b></span></td></tr>
<tr style="vertical-align: top; background-color: #CCEEFF">
<td><span style="font: 10pt Times New Roman, Times, Serif">3.1</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1781405/000173112219000712/e1574_3-1.htm"><span style="background-color: #CCEEFF">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)</span></a></span></td></tr>
<tr style="vertical-align: top; background-color: white">
<td><span style="font: 10pt Times New Roman, Times, Serif">3.2</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1781405/000173112219000712/e1574_3-2.htm"><span style="background-color: white">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)</span></a></span></td></tr>
<tr style="vertical-align: top; background-color: #CCEEFF">
<td><span style="font: 10pt Times New Roman, Times, Serif">31.1</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><a href="e3010_ex31-1.htm">Rule
13a-14(a)/15d-14(a) certification of Chief Executive Officer and Principal Financial and Accounting Officer</a></span></td></tr>
<tr style="vertical-align: top; background-color: white">
<td><span style="font: 10pt Times New Roman, Times, Serif">32.1</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><a href="e3010_ex32-1.htm">Section
1350 certification of Chief Executive Officer and Principal Financial and Accounting Officer *</a></span></td></tr>
<tr style="vertical-align: top; background-color: #CCEEFF">
<td><span style="font: 10pt Times New Roman, Times, Serif">101</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Interactive Data Files</span></td></tr>
<tr style="vertical-align: top; background-color: white">
<td><span style="font: 10pt Times New Roman, Times, Serif">101.INS</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">XBRL Instance Document</span></td></tr>
<tr style="vertical-align: top; background-color: #CCEEFF">
<td><span style="font: 10pt Times New Roman, Times, Serif">101.SCH</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Schema
Document</span></td></tr>
<tr style="vertical-align: top; background-color: white">
<td><span style="font: 10pt Times New Roman, Times, Serif">101.CAL</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Calculation
Linkbase Document</span></td></tr>
<tr style="vertical-align: top; background-color: #CCEEFF">
<td><span style="font: 10pt Times New Roman, Times, Serif">101.LAB</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Label
Linkbase Document</span></td></tr>
<tr style="vertical-align: top; background-color: white">
<td><span style="font: 10pt Times New Roman, Times, Serif">101.PRE</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Presentation
Linkbase Document</span></td></tr>
<tr style="vertical-align: top; background-color: #CCEEFF">
<td><span style="font: 10pt Times New Roman, Times, Serif">101.DEF</span></td>
<td><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Definition
Linkbase Definition</span></td></tr>
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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"></p>

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&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="a_017"></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 August 13, 2021.</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-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td colspan="2" style="padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>Odyssey Semiconductor
Technologies, Inc.</b></span></td></tr>
<tr style="vertical-align: top">
<td style="width: 50%; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="width: 5%; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="width: 45%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding-bottom: 1pt"><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">By:</span></td>
<td style="border-bottom: black 1pt solid"><span style="font: 10pt Times New Roman, Times, Serif">/s/ Alex Behfar</span></td></tr>
<tr style="vertical-align: top">
<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><span style="font: 10pt Times New Roman, Times, Serif">Alex Behfar</span></td></tr>
<tr style="vertical-align: top">
<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><span style="font: 10pt Times New Roman, Times, Serif">Chairman and 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; text-align: center; margin-top: 0; margin-bottom: 0">32</p>

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

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{"company-data": {"conformed-name": "Odyssey Semiconductor Technologies, Inc.", "cik": "0001781405", "assigned-sic": "3674", "irs-number": "841766761", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "333-234741", "film-number": "211173394"}, "business-address": {"street1": "9 BROWN ROAD", "city": "ITHACA", "state": "NY", "zip": "14850", "phone": "607-351-9768"}, "mail-address": {"street1": "9 BROWN ROAD", "city": "ITHACA", "state": "NY", "zip": "14850"}}
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
June 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 re
gistrant
(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 August 13, 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 six months ended June 30, 2021 and 2020
4
Condensed Consolidated Balance Sheets as of June 30, 2021 (Unaudited) and December 31, 2020
4
Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020
5
Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2021 and 2020
6
Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 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
(Unaudited)
June 30,
December
2021
31, 2020
Assets
Current Assets:
Cash
$
4,002,228
$
272,705
Contract assets
—
62,273
Accounts receivable
4,545
10,877
Deferred expenses
21,782
185,084
Prepaid expenses
39,856
33,569
Total Current Assets
4,068,411
564,508
Restricted cash
103,175
103,149
Property and equipment, net
925,427
986,407
Total Assets
$
5,097,013
$
1,654,064
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses
$
144,836
$
187,046
Deferred revenue
101,980
260,447
Loans payable – short term
67,855
53,858
Total Current Liabilities
314,671
501,351
Loans payable – long term
578,534
621,600
Total Liabilities
893,205
1,122,951
Commitments and contingencies (Note 8)
Stockholders' Equity:
Preferred stock, $
0.0001
par value,
5,000,000
shares authorized;
none
issued and outstanding At June 30, 2021 and December 31, 2020
—
—
Common stock, $
0.0001
par value,
45,000,000
shares authorized,
12,726,911
and
11,429,661
shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
1,272
1,143
Additional paid-in capital
9,929,130
4,046,370
Accumulated deficit
(
5,726,594
)
(
3,516,400
)
Total Stockholders' Equity
4,203,808
531,113
Total Liabilities and Stockholders' Equity
$
5,097,013
$
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 Three Months Ended
June 30,
For The Six Months  Ended
June 30,
2021
2020
2021
2020
Revenues
$
287,153
$
260,189
$
518,122
$
466,001
Cost of Revenues
361,417
397,822
744,270
610,654
Gross (Loss)
(
74,264
)
(
137,633
)
(
226,148
)
(
144,653
)
Operating Expenses:
Research and development
466,042
140,846
619,079
323,270
Selling, general, and administrative
772,352
217,517
1,568,826
530,553
Total Operating Expenses
1,238,394
358,363
2,187,905
853,823
(Loss) From Operations
(
1,312,658
)
(
495,996
)
(
2,414,053
)
(
998,476
)
Other Income:
Forgiveness of PPP loan and other income
3,026
910
213,706
895
Interest income (expense), net
(
5,451
)
—
(
9,847
)
—
Net (Loss)
$
(
1,315,083
)
$
(
495,086
)
$
(
2,210,194
)
$
(
997,581
)
Net (Loss) Per Share:
Basic
$
(
0.10
)
$
(
0.04
)
$
(
0.18
)
$
(
0.09
)
Diluted
$
(
0.10
)
$
(
0.04
)
$
(
0.18
)
$
(
0.09
)
Weighted average number of shares of Common Stock :
Basic
12,726,911
11,159,661
12,103,599
11,159,661
Diluted
12,726,911
11,159,661
12,103,599
11,159,661
See notes to these condensed consolidated financial
statements.
5
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS' EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 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
Sale of common stock
1,251,625
125
5,006,375
5,006,500
Costs associated with sale of common stock
(
407,445
)
(
407,445
)
Exercise of stock options
45,625
4
68,434
68,438
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
—
536,478
—
536,478
Net loss - three months ended June 30, 2021
—
—
—
(
1,315,083
)
(
1,315,083
)
Balance - June 30, 2021
12,726,911
$
1,272
$
9,929,130
$
(
5,726,594
)
$
4,203,808
6
Common Stock
Additional Paid-In
Accumulated
Total 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
See notes to these condensed consolidated financial
statements.
7
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For The Six Months Ended
June 30,
2021
2020
Cash Flows From Operating Activities:
Net (loss)
$
(
2,210,194
)
$
(
997,581
)
Adjustments to reconcile net (loss) to net cash used in operating activities:
Stock-based compensation
1,215,396
180,493
Forgiveness of PPP loan indebtedness
(
210,680
)
—
Depreciation and amortization
82,598
42,342
Changes in operating assets and liabilities:
Contract assets
62,273
430,346
Accounts receivable
6,332
(
137,780
)
Prepaid expenses and other current assets
(
6,288
)
68,188
Deferred expenses
163,302
(
145,334
)
Accounts payable and accrued expenses
(
42,211
)
103,940
Deferred revenue
(
158,467
)
62,000
Total Adjustments
1,112,255
604,195
Net Cash Used In Operating Activities
(
1,097,939
)
(
393,386
)
Cash Flows From Investing Activities:
Purchases of property and equipment
(
21,161
)
(
286,561
)
Cash Flows From Financing Activities:
Payment of deferred offering costs
—
(
40,742
)
Proceeds from government loans
193,625
270,680
Payments of government loans
(
12,470
)
—
Proceeds from sale of common stock, net of costs
4,599,055
—
Proceeds from exercise of stock options
68,438
—
Net Cash Provided by Financing Activities
4,848,648
229,938
Net Increase (Decrease) In Cash and Restricted Cash
3,729,548
(
450,009
)
Cash and Restricted Cash - Beginning Of Period
375,855
798,282
Cash and Restricted Cash - End Of Period
$
4,105,403
$
348,273
Cash and Restricted Cash Consisted of the Following:
Cash
$
4,002,228
$
246,026
Restricted cash
103,175
102,247
$
4,105,403
$
348,273
Supplemental Disclosures of Cash Flow Information:
Cash paid during the six months ended for:
Interest
$
4,400
$
—
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 JUNE 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 June 30, 2021, the Company had a cash
balance, working capital and accumulated deficit of approximately $
4,000,000
,
$
3,800,000
and $5,700,000,
respectively. During the six months ended June 30, 2021, the Company generated net loss of approximately $
2,200,000
.
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 JUNE 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 December 31, 2020 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 June 30, 2021 and for the six months ended June 30, 2021 and 2020. The results of operations for the six months
ended June 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.
Note 2 - Summary of Significant Accounting Policies
– continued
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 June 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 JUNE 30, 2021 AND 2020
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
Note 2 - Summary of Significant Accounting Policies
– continued
Fair Value of Stock Options and Warrants
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 JUNE 30, 2021 AND 2020
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 six months ended June 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 six months ended
June 30, 2021 and 2020, the Company recognized approximately $
418,000
and $
466,000
, respectively, of grant revenue. During the
three months ended June 30, 2021 and 2020, the Company recognized approximately $
225,000
and
$
260,000
, respectively, of grant revenue. Approximately
$
200,000
of such recognized revenues for the three and six months ended June 30, 2021 was recorded as deferred revenue at December
31, 2020.
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 June 30, 2021 and December 31, 2020, deferred expenses were approximately $
22,000
and $
185,000
, respectively.
12
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020
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.
Note 2 - Summary of Significant Accounting
Policies – continued
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 June 30,
2021
2020
Warrants
245,696
155,966
Options
3,550,031
965,000
Total
3,795,727
1,120,966
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 June 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 JUNE 30, 2021 AND 2020
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:
June 30, 2021
December 31, 2020
Insurance
$
39,856
$
33,569
Total
$
39,856
$
33,569
Note 4 -
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of
the following:
June 30, 2021
December 31, 2020
Accounts payable
$
31,621
$
80,548
Accrued payroll
56,357
46,650
Credit cards payable
32,945
49,045
Other
23,913
10,803
Total
$
144,836
$
187,046
14
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020
Note 5 –
Property and Equipment
Property and equipment consisted of the following:
June 30, 2021
December 31, 2020
Computer and office equipment
$
2,807
$
2,807
Lab equipment
15,606
15,606
Furniture
48,205
43,705
Leasehold improvements
434,529
422,318
Machinery
627,640
623,190
Subtotal
1,128,787
1,107,626
Accumulated Depreciation
(
203,360
)
(
121,219
)
Property and Equipment, net
$
925,427
$
986,407
Depreciation and amortization expense related to
property and equipment was approximately $
40,000
and $
13,000
(which was primarily recorded within cost of sales) for the quarters ended June 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 June 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 JUNE 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 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 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 Chairman and Chief Executive Officer under the
2019 Plan that vests ratably on a monthly basis over two years commencing March 11, 2022.
16
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020
From June 1 to June 22,
2021, the Company granted five and
ten-year options to purchase shares
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
vests over two to five years.
Shares
Weighted-Average Exercise
Price per share
Weighted-Average Remaining
Contractual Life (years)
Balance, January 1, 2021
3,257,410
$
1.50
9.1
Options granted
388,246
3.69
7.8
Options exercised
(
45,625
)
1.50
—
Options converted
—
—
Options forfeited or expired
—
—
—
Balance, June 30, 2021
3,600,031
$
1.74
8.5
Vested shares at June 30, 2021
570,031
1.50
8.5
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 six months ended June 30, 2021, the Company
recognized stock-based compensation expense related to stock options of approximately $
1,215,000
($
1,144,000
of which was included within
general and administrative expenses, $
42,000
of which was included in research and development expenses and $
29,000
of which was included
within cost of revenues on the consolidated statements of operations). During the six months ended June 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).
17
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED JUNE 30, 2021 AND 2020
During the three months ended June 30, 2021, the Company
recognized stock-based compensation expense related to stock options of approximately $
545,000
($
501,000
of which was included within
general and administrative expenses, $
39,000
of which was included in research and development expenses and $
5,000
of which was included
within cost of revenues on the consolidated statements of operations).
During the three months ended June 30, 2020, the Company
recognized stock-based compensation expense related to stock options of approximately $
79,000
($
69,000
of which was included within general
and administrative expenses, $
9,000
of which was included in research and development expenses and $
1,000
of which was included within
cost of revenues on the consolidated statements of operations).
As of June 30, 2021, there was unamortized stock-based
compensation of approximately $
3,100,000
which the Company expects to recognize over
2.0
years. At June 30, 2021, the intrinsic value
of outstanding and vested stock options was approximately $
3,300,000
and $
1,400,000
, 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 June 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 June 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 three and
six months ended June 30, 2021, substantially all revenues were generated from two government entities. Both of these contracts were completed as June 30, 2021. At June 30, 2021, deferred costs and deferred
revenues are attributable to three separate entities.
During the three and
six months ended June 30, 2020, substantially all revenues were generated from a government entity pursuant to our contract with
such entity and amounted to approximately
97
%
of total revenues.
18
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE QUARTERS ENDED JUNE 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 JUNE 30, 2021 AND 2020
The loans are summarized as follows:
June 30, 2021
Principal outstanding
$
650,341
Deferred loan costs, net of amortization
(
3,952
)
Subtotal
646,389
Less current portion
(
67,855
)
Total long term portion
$
578,534
Interest expense on the above debt instruments was
approximately $
10,000
was recognized for the six months ended June 30, 2021.
Note 11 -
Subsequent Events
The Company has evaluated events that have occurred
after the balance sheet and through August 13, 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
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 currently, the Company is awaiting new substrates to arrive from Akash so it may perform services on the
remaining wafers pursuant to the agreement.
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.
The Company currently has a working prototype in the lab and is continuing to work on further refining the product
to enable sampling with potential customers.
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, and other miscellaneous items.
RESULTS OF OPERATIONS
Six months ended June 30, 2021 Compared with
Six months ended June 30, 2020
Overview
The following table presents certain information from
the condensed consolidated statements of operations:
For The Six months Ended
June 30,
Change
Change %
2021
2020
Revenues
$
518,122
$
466,001
$
52,121
11
%
Cost of Revenues
744,270
610,654
133,616
22
%
Gross (Loss) Profit
(226,148
)
(144,653
)
(81,495
)
56
%
Operating Expenses:
Research and development
619,079
323,270
295,809
92
%
Selling, general, and administrative
1,568,826
530,553
1,038,273
196
%
Total Operating Expenses
2,187,905
853,823
1,334,082
156
%
(Loss) Income From Operations
(2,414,053
)
(998,476
)
(1,415,577
)
142
%
Other Income:
Forgiveness of PPP loan and other income
213,706
895
212,811
23,778
%
Interest income (expense), net
(9,847
)
—
(9,847
)
—
Net (Loss)
$
(2,210,194
)
$
(997,581
)
$
(1,212,613
)
122
%
24
Revenues
Revenues for the six months ended June 30, 2021 and
2020 were approximately $518,000 and $466,000, respectively, which represented an increase of $52,000, or 11%. 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 six months ended June 30, 2021, we recognized substantially all of
our revenue under two customer contracts which were completed prior to June 30, 2021. During the six months ended June 30, 2020, the Company
also recognized substantially all of our revenue from one of these customers. Both of these customer contracts have concluded. We have
a few other customers and several outstanding proposals to new customers.
Cost of Revenues
Cost of revenues for the six months ended June 30,
2021 and 2020 were approximately $744,000 and $610,000, respectively, which represented an increase of $134,000, or 22%. The base salary,
facility and equipment usage fees to operate the fabrication facility during the 2021 and 2020 periods are relatively consistent and allocated
between research and development and cost of revenues based upon the specific projects worked on during the period. During the first quarter
of 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 six months
ended June 30, 2021 and 2020 were approximately $619,000 and $323,000, respectively, which represented an increase of $296,000, or 92
%. 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 $97,000 as well as increased rent, facility fees, equipment usage costs and general lab
supplies.
General and Administrative
Selling, general, and administrative expenses for
the six months ended June 30, 2021 and 2020 were approximately $1,569,000 and $531,000, respectively, which represented an increase of
$1,038,000, or 196%. 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 $1,043,000 as compared to the 2020 period. The 2021 period legal and professional fees were approximately $219,000 as compared
to $253,000 for the 2020 period.
Other Income
Other income for the three months ended March 31,
2021 represents the forgiveness of our PPP loan. Other income (expense) for the six months ended June 30, 2021 and 2020 was insignificant.
25
Net (Loss) Income
Net (loss) income for the six months ended June 30,
2021 and 2020 was approximately $(2,210,000) and $(998,000), respectively, which represented a decrease of $(1,213,000), or 122%. The
decrease was primarily attributable to the decrease in gross profit of approximately $82,000 and the increase in research and development
and general and administrative expenses of approximately $296,000. This reflects the establishment of the fabrication facility costs associated
with being a public company, and increase of headcount from 2 to 12.
Three months ended June 30, 2021 Compared with
three months ended June 30, 2020
Overview
The following table presents certain information from
the condensed consolidated statements of operations:
For the Three months Ended
June 30,
Change
Change %
2021
2020
Revenues
$
287,153
$
260,189
$
26,964
10
%
Cost of Revenues
361,417
397,822
(36,405
)
-9
%
Gross (Loss) Profit
(74,264
)
(137,633
)
63,369
-46
%
Operating Expenses:
Research and development
466,042
140,846
325,196
231
%
Selling, general, and administrative
772,352
217,517
554,835
255
%
Total Operating Expenses
1,238,394
358,363
880,031
246
%
(Loss) From Operations
(1,312,658
)
(495,996
)
(816,662
)
165
%
Other Income:
Forgiveness of PPP loan and other income
3,026
910
2,116
232
%
Interest income (expense), net
(5,451
)
—
(5,451
)
—
%
Net (Loss)
$
(1,315,083
)
$
(495,086
)
$
(819,997
)
166
%
26
Revenues
Revenues for the three months ended June 30, 2021
and 2020 were approximately $287,000 and $260,000, respectively, which represented an increase of $27,000, or 10%. We had several clients
as of June 30, 2020 and two contracts with clients concluded as of June 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 both three months ended June 30, 2021 and 2020, we recognized 78% and 97% of our revenue respectively
under one of these customer contracts.
Cost of Revenues
Cost of revenues for the three months ended June 30,
2021 and 2020 were approximately $361,000 and $398,000, respectively, which represented a decrease of $36,000, or 9%. The decrease was
attributable to increased labor costs associated with our internal research and development projects in 2021, as major client projects
finished.
Research and Development
Research and development expenses for the three months
ended June 30, 2021 and 2020 were approximately $466,000 and $141,000, respectively, which represented an increase of $325,000, or 231%.
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 June 30, 2021 and 2020 were approximately $772,000 and $218,000, respectively, which represented an increase of
$555,000, or 255%. The 2021 period had an increase of $432,000 in stock based compensation due to awards issued to the Chief Executive
Officer and board members as compared to the corresponding 2020 period. We increased our headcount in 2021, which led to an increase in
general and administrative related payroll expenses.
Other Income
Other income (expense) for the three months ended
June 30, 2021 and 2020 was insignificant.
Net (Loss) Income
Net (loss) income for the three months ended June
30, 2021 and 2020 was approximately $(1,315,000) and $(495,000), respectively, which represented a decrease of $(820,000), or 166%. The
increase in the loss was primarily attributable to the increase in non-cash compensation charge of approximately $466,000 in the 2020
period, offset the decrease in gross profit of approximately $63,000 and the increase in research and development and general and administrative
expenses of approximately $325,000.
27
LIQUIDITY AND CAPITAL RESOURCES
Liquidity
We measure our liquidity in a number of ways, including
the following:
June 30, 2021
Cash
$
4,002,228
Working Capital
$
3,753,741
As of June 30, 2021, we had cash and working capital
of $4,002,228 and $3,753,741, respectively. We received approximately $193,000 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 six months ended June 30, 2021 and 2020 was approximately $(1,098,000) and $(393,000), respectively. Net cash used in operating
activities for the six months ended June 30, 2021 includes cash used to fund a net loss of approximately $2,210,000, reduced by $1,087,000
of non-cash expenses, and reduced by $25,000 of net cash provided by changes in the levels of operating assets and liabilities.
Net cash provided by operating activities for the
six months ended June 30, 2020 included cash provided by net loss of approximately $(998,000) partially offset by $223,000 of non-cash
expenses and reduced by $381,000 of net cash used in changes in the levels of operating assets and liabilities.
Net cash used in investing activities for the six
months ended June 30, 2021 and 2020 was approximately $(21,000) and $(287,000), respectively. Net cash used in investing activities for
the six months ended June 30, 2021 was primarily attributable to the purchase property and equipment, and leasehold improvements in the
laboratory.
Net cash provided by financing activities for the
six months ended June 30, 2021 and 2020 was approximately $4,861,000 and $230,000, respectively. Net cash used in financing activities
for the six months ended June 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.
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 June 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 have developed new procedures that we plan to implement and test in the third and 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 end of the period covered by this
report, 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 reporting 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)
31.1
Rule
13a-14(a)/15d-14(a) certification of Chief Executive Officer and Principal Financial and Accounting Officer
32.1
Section
1350 certification of Chief 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 August 13, 2021.
Odyssey Semiconductor
Technologies, Inc.
By:
/s/ Alex Behfar
Alex Behfar
Chairman and Chief Executive Officer
32