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

<p style="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="xdx_901_edei--EntityRegistrantName_c20220101__20220331_zw4edrVh9a67"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityRegistrantName">Odyssey Semiconductor Technologies, Inc.</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(Exact name of registrant as specified in its charter)</b></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 54%; text-align: center; text-indent: 0pt"><span style="font-size: 10pt"><b><span id="xdx_902_edei--EntityIncorporationStateCountryCode_c20220101__20220331_zMSZPCq3uvNb"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">Delaware</ix:nonNumeric></span></b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 1%; text-align: center; text-indent: 0pt">&#160;</td>
<td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 45%; text-align: center; text-indent: 0pt"><span style="font-size: 10pt"><b><span id="xdx_900_edei--EntityTaxIdentificationNumber_c20220101__20220331_zg0XnsZAVrNa"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityTaxIdentificationNumber">84-1766761</ix:nonNumeric></span></b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">(State or other Jurisdiction of<br /> Incorporation or Organization)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">(I.R.S. Employer<br /> Identification No.)</span></td></tr>
</table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="xdx_90F_edei--EntityAddressAddressLine1_c20220101__20220331_zXGlyIUUwWf1"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressAddressLine1">9 Brown Road</ix:nonNumeric></span></b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;<b><span id="xdx_90C_edei--EntityAddressCityOrTown_c20220101__20220331_zFC9R7Z8iD4l"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressCityOrTown">Ithaca</ix:nonNumeric></span>, <span id="xdx_903_edei--EntityAddressStateOrProvince_c20220101__20220331_z5LQ1EZv90Ne"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressStateOrProvince">NY</ix:nonNumeric></span> <span id="xdx_90F_edei--EntityAddressPostalZipCode_c20220101__20220331_zkrLDlHneA3"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressPostalZipCode">14850</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(<span id="xdx_903_edei--CityAreaCode_c20220101__20220331_zHuwAXwMwCob"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:CityAreaCode">607</ix:nonNumeric></span>) <span id="xdx_908_edei--LocalPhoneNumber_c20220101__20220331_zZhFLFGcTfV5"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:LocalPhoneNumber">882-2754</ix:nonNumeric></span></b></p>

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

<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 registrant (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_908_edei--EntityCurrentReportingStatus_c20220101__20220331_zHF12UXpSkAc"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> <span style="font-family: Segoe UI Symbol,sans-serif">&#9746;</span> No&#160;<span style="font-family: Segoe UI Symbol,sans-serif">&#9744;</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">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_909_edei--EntityInteractiveDataCurrent_c20220101__20220331_zrnOblbAjbV9"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>&#160;<span style="font-family: Segoe UI Symbol,sans-serif">&#9746;</span>
No <span style="font-family: Segoe UI Symbol,sans-serif">&#9744;</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">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</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 198px; text-indent: 0pt"><span style="font-size: 10pt">Large accelerated filer</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 214px; text-indent: 0pt"><span style="font-size: 10pt">Accelerated filer</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt"><span id="xdx_904_edei--EntityFilerCategory_c20220101__20220331_zVP75HF3No8"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric></span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt">Smaller reporting company</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt"><span id="xdx_902_edei--EntitySmallBusiness_c20220101__20220331_z6bFM5JV0F08"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleantrue" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt">Emerging growth company</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt"><span id="xdx_90D_edei--EntityEmergingGrowthCompany_c20220101__20220331_z2zQzuFTG0N9"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleantrue" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
</table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.&#160;<span style="font-family: Segoe UI Symbol,sans-serif"><span id="xdx_907_edei--EntityExTransitionPeriod_c20220101__20220331_zVbVaEOSd8R4"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" 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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant is a
shell company (as defined in Rule 12b-2 of the Exchange Act). Yes <span style="font-family: Segoe UI Symbol,sans-serif">&#9744;</span>
<span id="xdx_90E_edei--EntityShellCompany_c20220101__20220331_zKqGdR0GbZ13"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span>&#160;<span style="font-family: Segoe UI Symbol,sans-serif">&#9746;</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">As of May 23, 2022, there were <span id="xdx_907_edei--EntityCommonStockSharesOutstanding_iI_c20220523_zRVOhQNwpVwd" title="Entity Common Stock, Shares Outstanding"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2022-05-23" 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.</p>

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

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

<!-- Field: Page; Sequence: 1 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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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"><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="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 95%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_001">PART I- FINANCIAL INFORMATION</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_003">Item 1: Condensed Consolidated Financial Statements for the three months ended March 31, 2022 and 2021</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_004">Condensed Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_005">Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_006">Unaudited Condensed Consolidated Statements of Changes in Stockholders&#8217; Equity for the three months ended March 31, 2022 and 2021</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_007">Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_008">Notes to Unaudited Condensed Consolidated Financial Statements</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_009">Item 2: Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_010">Item 3: Quantitative and Qualitative Disclosures about Market Risk</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_011">Item 4: Controls and Procedures</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_012">PART II - OTHER INFORMATION</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;22</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_013">Item 1:&#160;Legal Proceedings</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_014">Item 1A: Risk Factors</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_015">Item 2: Unregistered Sales of Equity Securities and Use of Proceeds</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_016">Item 3: Defaults Upon Senior Securities</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_017">Item 4: Mine Safety Disclosures</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_018">Item 5: Other Information</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_019">Item 6: Exhibits</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_020">SIGNATURES</a></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td></tr>
</table>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="text-transform: uppercase"><b><span id="a_001"></span>part I &#8211; FINANCIAL
INFORMATION</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><b><i><span id="a_003"></span>Item 1. Financial Statements</i></b></p>

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

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

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

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

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

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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td id="xdx_498_20220331_zcHqPxHLu4fj" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td id="xdx_495_20211231_zxK6YHPRUZek" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><b>&#160;</b></td>
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<td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>March 31,</b></td>
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<td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>December 31,</b></td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><b>&#160;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#160;</b></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>2022 (Unaudited)</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#160;</b></td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><b>Assets</b></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--AssetsCurrentAbstract_i01B_zFI4uZ4QFqZ2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--Cash_i02I_maCzLnw_zyI68gmSmlwl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; width: 56%; text-indent: -10pt">Cash</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 8%">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td>
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<td style="font: 10pt Times New Roman, Times, Serif; width: 8%">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,598,213</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_402_eus-gaap--AccountsReceivableNetCurrent_i02I_maCzLnw_zoPjSWtvjjVa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Accounts receivable</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">170</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,170</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_40D_eus-gaap--DeferredCostsCurrent_i02I_maCzLnw_z6qqUAWDbKO2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Deferred expenses</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:DeferredCostsCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,753</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_407_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_maCzLnw_zQSBK3ZD31Sl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Prepaid expenses and other current assets</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">386,418</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">225,260</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_403_eus-gaap--AssetsCurrent_i02TI_mtCzLnw_maCz2PO_zVBwSKviyazb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Total Current Assets</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,979,221</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_408_eus-gaap--RestrictedCash_i02I_maCz2PO_z5kTy4i4TnXi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Restricted cash</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:RestrictedCash" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">103,213</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:RestrictedCash" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">103,201</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentNet_i02I_maCz2PO_zRUcwxsaJRU8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Property and equipment, net</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">933,171</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_407_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_d0_maCz2PO_zFFut4iNcHp" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Operating ROU Asset</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">477,018</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2021-12-31" format="ixt:zerodash" decimals="0" unitRef="USD">&#8212;</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_406_eus-gaap--Assets_i02TI_mtCz2PO_zAvavVeQ0g1a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Total Assets</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,794,004</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_403_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zplv0tIDYOHk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><b>Liabilities
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--LiabilitiesCurrentAbstract_i01B_zdB6H6gBNGK3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_i02I_maCzO7a_zRPVog0HcOHa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Accounts payable and accrued expenses</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--LoansPayableCurrent_i02I_maCzO7a_zU7GhKgKtU0k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_405_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_pp0p0_maCzO7a_zEIhDvixnqj2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_40B_eus-gaap--DeferredRevenueCurrent_i02I_maCzO7a_zopt2ejlaqSg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Deferred revenue</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_40D_eus-gaap--LiabilitiesCurrent_i02TI_mtCzO7a_maCzq7T_zQ2tUBaSMHl1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">&#160;Total Current Liabilities</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">232,081</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_d0_maCzq7T_zgBl4DGguY3c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Long-Term Lease Liability</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">460,352</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2021-12-31" format="ixt:zerodash" decimals="0" unitRef="USD">&#8212;</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--LongTermDebtNoncurrent_i02I_maCzq7T_ziNhwqe82zng" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Loans payable - long term</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">326,773</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">345,459</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr id="xdx_403_eus-gaap--Liabilities_i02TI_mtCzq7T_maCzBO8_zNjT4G3QcLY7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Total liabilities</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,355,085</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_403_eus-gaap--CommitmentsAndContingencies_i02I_d0_zly2ERhQ000h" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Commitments and contingencies</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:CommitmentsAndContingencies" contextRef="AsOf2022-03-31" format="ixt:zerodash" decimals="0" unitRef="USD">&#8212;</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:CommitmentsAndContingencies" contextRef="AsOf2021-12-31" format="ixt:zerodash" decimals="0" unitRef="USD">&#8212;</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--StockholdersEquityAbstract_i01B_z31f1DoWHOkl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Stockholders' Equity:</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_400_eus-gaap--PreferredStockValue_i02I_d0_maCzGFH_zUzMt3tSmMK" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:PreferredStockValue" contextRef="AsOf2021-12-31" format="ixt:zerodash" decimals="0" unitRef="USD">&#8212;</ix:nonFraction></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Total Stockholders' Equity</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt"><b></b></p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: center"><b><span id="a_005"></span>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</b></p>

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

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

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

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<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td id="xdx_490_20220101_20220331" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td id="xdx_49F_20210101_20210331" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt"><b>&#160;</b></td>
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<td colspan="7" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><b>For The Three Months Ended March 31,</b></td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif; width: 8%">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--OperatingExpensesAbstract_iB_zQywqOt2VEe7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">153,037</ix:nonFraction></td>
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<tr id="xdx_40A_eus-gaap--SellingGeneralAndAdministrativeExpense_i01_maCzBUk_zU1qPJ44kiLb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_403_eus-gaap--OperatingExpenses_i01T_mtCzBUk_msCzk5R_z7MvDfSJIUo4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_400_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_zpjWEppILKw4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_40D_ecustom--ForgivenessOfPppLoanAndOtherIncome_i01N_di_msCzduP_zzYu4YF4bhVi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--InterestIncomeExpenseNet_i01_maCzduP_z7bsPz1Le0Yb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_401_eus-gaap--EarningsPerShareAbstract_iB_zehc8MvObX33" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 20pt; text-indent: -10pt">Net Loss Per Share:</td>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr id="xdx_403_eus-gaap--EarningsPerShareBasic_i01_zHp7HF8Ykhn2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
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<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</td>
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<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: center">&#160;&#160;</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: center"><b><span id="a_006"></span>CONDENSED CONSOLIDATED STATEMENTS
OF CHANGES IN STOCKHOLDERS&#8217; EQUITY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: center"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021</b></p>

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

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

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

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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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: 0pt">&#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">
<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="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Common Stock</td>
<td style="padding-bottom: 1pt">&#160;</td>
<td colspan="3" style="text-align: center">&#160;</td>
<td style="padding-bottom: 1pt">&#160;</td>
<td colspan="3" style="text-align: center">&#160;</td>
<td style="padding-bottom: 1pt">&#160;</td>
<td colspan="3" style="text-align: center">&#160;</td></tr>
<tr 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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<td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<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">Total Stockholders&#8217; Equity</td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt 0pt 1pt 10pt; text-align: center; text-indent: -10pt">&#160;</td>
<td style="padding-bottom: 1pt">&#160;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center">&#160;</td>
<td style="padding-bottom: 1pt">&#160;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center">&#160;</td>
<td style="padding-bottom: 1pt">&#160;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center">&#160;</td>
<td style="padding-bottom: 1pt">&#160;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center">&#160;</td>
<td style="padding-bottom: 1pt">&#160;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center">&#160;</td></tr>
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<td style="padding: 0pt 0pt 0pt 10pt; width: 35%; font-weight: bold; text-indent: -10pt">Balance - December 31, 2020</td>
<td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</td>
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<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td>
<td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</td>
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<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td>
<td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</td>
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<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td>
<td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</td>
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<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td>
<td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</td>
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<td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
<tr id="xdx_405_eus-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_z9GZAobhZJLj" style="vertical-align: bottom; background-color: White">
<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">&#8212;</td>
<td style="text-align: left">&#160;</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
<td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0241">&#8212;</span></td>
<td style="text-align: left">&#160;</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
<td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueShareBasedCompensation" contextRef="From2021-01-012021-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">678,918</ix:nonFraction></td>
<td style="text-align: left">&#160;</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
<td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0243">&#8212;</span></td>
<td style="text-align: left">&#160;</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
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<td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_iP3us-gaap--StockIssuedDuringPeriodValueShareBasedCompensation_zjWs8qeIM7i1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<td>&#160;</td>
<td style="text-align: left">&#160;</td>
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<td style="text-align: left">&#160;</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
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<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:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-01-012021-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">68,434</ix:nonFraction></td>
<td style="text-align: left">&#160;</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
<td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0248">&#8212;</span></td>
<td style="text-align: left">&#160;</td>
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<td style="text-align: left">&#160;</td>
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<td style="text-align: left">&#160;</td></tr>
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<td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Sale of shares of common stock</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
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<td style="text-align: left">&#160;</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
<td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-01-012021-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">125</ix:nonFraction></td>
<td style="text-align: left">&#160;</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
<td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-01-012021-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,006,375</ix:nonFraction></td>
<td style="text-align: left">&#160;</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
<td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0255">&#8212;</span></td>
<td style="text-align: left">&#160;</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
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<td style="text-align: left">&#160;</td></tr>
<tr id="xdx_404_ecustom--CostsOfStockSale_iP3us-gaap--StockIssuedDuringPeriodSharesNewIssues_zeaUgso7LTOl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Costs of stock sale</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
<td style="text-align: right">&#8212;</td>
<td style="text-align: left">&#160;</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
<td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0260">&#8212;</span></td>
<td style="text-align: left">&#160;</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
<td style="text-align: right">(<ix:nonFraction name="ODII:CostsOfStockSale" contextRef="From2021-01-012021-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">407,445</ix:nonFraction></td>
<td style="text-align: left">)</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
<td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0262">&#8212;</span></td>
<td style="text-align: left">&#160;</td>
<td>&#160;</td>
<td style="text-align: left">&#160;</td>
<td style="text-align: right">(<ix:nonFraction name="ODII:CostsOfStockSale" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">407,445</ix:nonFraction></td>
<td style="text-align: left">)</td></tr>
<tr id="xdx_40B_eus-gaap--ProfitLoss_zNHIxf7uVUu" style="vertical-align: bottom; background-color: White">
<td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Net loss three months ended 3/31/2021</td>
<td style="padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td>
<td style="padding-bottom: 1pt; text-align: left">&#160;</td>
<td style="padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0265">&#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: 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">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-03-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">895,111</ix:nonFraction></td>
<td style="padding-bottom: 1pt; text-align: left">)</td>
<td style="padding-bottom: 1pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td>
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<td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_434_c20210101__20210331_eus-gaap--StockholdersEquity_iE_zpxDRHEI0gEi" 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>
<td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td>
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<td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
<td style="padding-bottom: 2.5pt">&#160;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,272</ix:nonFraction></td>
<td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
<td style="padding-bottom: 2.5pt">&#160;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31_us-gaap_AdditionalPaidInCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,392,652</ix:nonFraction></td>
<td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
<td style="padding-bottom: 2.5pt">&#160;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31_us-gaap_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,411,511</ix:nonFraction></td>
<td style="padding-bottom: 2.5pt; text-align: left">)</td>
<td style="padding-bottom: 2.5pt">&#160;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td>
<td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,982,413</ix:nonFraction></td>
<td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>


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

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

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

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

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

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

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

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

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

<table cellpadding="0" cellspacing="0" id="xdx_302_112_zGNwWuE0zpLk" 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td id="xdx_49D_20210101__20210331_zUqLpCcX9a6i" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInAccountsReceivable_i02N_di_msCz8oJ_zVjCMqfFb4id" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i02N_di_msCz8oJ_zNzFipNgtbK" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_eus-gaap--IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_i02_maCz8oJ_zyyk5exWrEl8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_i02T_mtCz8oJ_maCzMxm_zx7zn83QIzS2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msCzg8U_zjEEFF31szia" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: center"></p>

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

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

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

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




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




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: center; background-color: white"><b><span id="a_008"></span>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: center; background-color: white"><b>FOR THE THREE MONTHS ENDED
MARCH 31, 2022 AND 2021</b></p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_80F_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zF8blcvpOwdd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white"><b>Note 1 &#8211; <span id="xdx_820_zC6SL1zLmukd">Nature of Operations and Liquidity</span></b></p>

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">As of March 31, 2022, the Company had a cash balance,
working capital and accumulated deficit of approximately $<span id="xdx_908_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20220331_zGY3SpSlaMhk" title="Cash and Cash Equivalents, at Carrying Value"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,600,000</ix:nonFraction></span>, $<span id="xdx_903_ecustom--WorkingCapital_iI_c20220331_zWklViCUQTLe" title="Working capital"><ix:nonFraction name="ODII:WorkingCapital" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,400,000</ix:nonFraction></span> and $<span id="xdx_902_eus-gaap--RetainedEarningsAppropriated_iI_pp0p0_c20220331_zeoAZAAUpa7i" title="Retained Earnings, Appropriated"><ix:nonFraction name="us-gaap:RetainedEarningsAppropriated" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,800,000</ix:nonFraction></span>, respectively. During the three months
ended March 31, 2022, the Company generated a net loss of approximately $<span id="xdx_90A_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20220101__20220331_zzMIVsNm3DPc" title="Net Income (Loss) Available to Common Stockholders, Basic"><ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,100,000</ix:nonFraction></span>.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">The Company believes its current cash on <span style="font-family: Times New Roman, Times, Serif">hand
will not be su</span>fficient to meet its operating obligations and capital requirements for at least twelve months from the issuance
of these financial statements. This raises substantial doubt about our ability to continue as a going concern. Therefore, the Company
will 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 has engaged with an investment bank to assist with the fund raise; however, there can no assurance that a financing
can be completed on terms acceptable to the Company. The Company has also taken preliminary steps to file a registration statement on
Form S-1 with the SEC for a proposed public offering and a listing application with Nasdaq, but there is no assurance that the offering
and the listing application will be successful.&#160;In addition, the Company is also exploring the possibility of a small bridge loan
to cover operating cash needs for several quarters or more and to provide some flexibility to the timing of a more permanent fund raising
effort.</p>

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

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

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</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_804_eus-gaap--SignificantAccountingPoliciesTextBlock_zlRbm81uoK4c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white"><b>Note 2 - <span id="xdx_821_zmPpP5IC7QB1">Summary of Significant
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;&#160;</p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_845_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zKEkYvw52Y47" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white"><span style="text-decoration: underline"><span id="xdx_863_zSfn95eB8F64">Basis of Presentation</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">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 March 31, 2022 and for the three months ended March 31, 2022 and 2021. The results of operations
for the three months ended March 31, 2022 are not necessarily indicative of the operating results for the full year ending December 31,
2022 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial
statements and related disclosures as of December 31, 2021 and for the year then ended which have been previously filed.</p>

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">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 March 31, 2022 and December 31, 2021, deferred expenses were approximately
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;&#160;</p>

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">The estimated useful lives
of property and equipment are as follows:</p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="ODII:ScheduleOfEstimatedUsefulLivesOfPropertyAndEquipmentTableTextBlock"><table cellspacing="0" cellpadding="0" summary="xdx: Disclosure - Summary of Significant Accounting Policies (Details)" id="xdx_88B_ecustom--ScheduleOfEstimatedUsefulLivesOfPropertyAndEquipmentTableTextBlock_zDXG3a5UzP94" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span id="xdx_8BF_zsOR9giire47" style="display: none">Schedule of estimated useful lives of property and equipment</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
of estimated useful lives of property and equipment</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 50%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 50%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Useful
lives (years)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer
and office equipment</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_ze6WwE30Gnwc" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2022-01-012022-03-31_us-gaap_OfficeEquipmentMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lab
equipment</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LabEquipmentMember_zHutQmVtXeA3" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_LabEquipmentMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span></span></td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
improvements</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220331__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MachineryMember_z4x8WASNNSf5" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2022-01-012022-03-31_srt_MinimumMember_custom_MachineryMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">7</ix:nonNumeric></span>-<span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220331__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MachineryMember_zlyTZofioI3b" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2022-01-012022-03-31_srt_MaximumMember_custom_MachineryMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">15</ix:nonNumeric></span></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FurnitureMember_z9BlEPHwoXXb" title="Property, plant and equipment, estimated useful lives"><ix:nonNumeric contextRef="From2022-01-012022-03-31_custom_FurnitureMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">7</ix:nonNumeric></span></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white">&#160;&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">Deferred offering costs,
which primarily consist of direct, incremental professional fees incurred in connection with a debt or equity financing, are capitalized
as non-current assets on the consolidated balance sheets. Once the financing closes, the Company reclassifies such costs as either discounts
to notes payable or as a reduction of proceeds received from equity transactions so that such costs are recorded as a reduction of additional
paid-in capital. If the completion of a contemplated financing was deemed to be no longer probable, the related deferred offering costs
would be charged to general and administrative expense in the consolidated financial statements.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">In February 2016, the Financial
Accounting Standards Board (the &#8220;FASB&#8221;) established Accounting Standards Codification (&#8220;ASC&#8221;) Topic 842, &#8220;Leases&#8221;,
by issuing Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-02, which requires lessees to now recognize operating leases on the
balance sheet and disclose key information about leasing arrangements. ASC Topic 842 was subsequently amended by ASU No. 2018-01,&#160;<i>Land
Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No.
2018-11, Targeted Improvements</i>. The new standard establishes a right-of-use (&#8220;ROU&#8221;) model that requires a lessee to recognize
a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as either
finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. Lessor
accounting under the new standard is substantially unchanged. Additional qualitative and quantitative disclosures are also required. The
Company adopted the new standard on January 1, 2022 using the modified retrospective transition method, which applies the provisions of
the standard at the effective date without adjusting the comparative periods presented. The Company adopted the following practical expedients
and accounting policies elections related to this standard:</p>

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

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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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package of practical expedients applied to all of its leases, including (i) not reassessing whether any expired or existing contracts
are or contain leases, (ii) not reassessing the lease classification for any expired or existing leases, and (iii) not reassessing the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;</p>

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

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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</table>

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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: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">During the three months ended
March 31, 2022 and 2021, 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: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">The Company generated revenue
from government contracts that reimburse the Company for certain allowable costs for funded projects. Such projects were completed in
2021. 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 three months
ended March 31, 2022 and 2021, the Company recognized approximately $<span id="xdx_901_ecustom--GrantRevenue_c20220101__20220331_pp0p0" title="Grant revenue"><ix:nonFraction name="ODII:GrantRevenue" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">0</ix:nonFraction></span> and $<span id="xdx_90F_ecustom--GrantRevenue_pp0p0_c20210101__20210331_zzc3TNt6HwU8" title="Grant revenue"><ix:nonFraction name="ODII:GrantRevenue" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">225,000</ix:nonFraction></span>, respectively, of grant revenue.</p>

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

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

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">The following shares were
excluded from the calculation of weighted average dilutive shares of common stock because their inclusion would have been anti-dilutive:</p>

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

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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B7_za0mHhb3Y65d" style="display: none">Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share</span></td>
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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white">&#160;&#160;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white"><span style="text-decoration: underline">Critical Accounting Policies and Estimates</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">Our consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation
of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. We base our estimates and judgments on historical experience, current economic and industry conditions
and on various other factors that are believed to be reasonable under the circumstances. This forms the basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates
under different assumptions or conditions. We believe that full consideration has been given to all relevant circumstances that we may
be subject to, and the consolidated financial statements accurately reflect our best estimate of the results of operations, financial
position and cash flows for the periods presented.</p>

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our estimates and judgments for all assets and liabilities, including those related to the fair value of stock options for determination
of the stock-based compensation expense. The amount of stock based compensation has been a significant expense over the three months ended
March 31, 2022 and 2021. The assumptions that go into the Black-Scholes calculation are the major driver of the calculation of the fair
value of the stock options at the date of grant. The major assumption of volatility is based upon historical data, and the majority of
the other assumptions used in the Black Scholes computation is based upon the terms of the specific stock option grant.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">Revenues and cost of sales
are important metrics in demonstrating the completion of projects and shipment of products to customers, and the profitability of such
revenues. Accordingly, revenue recognition is a critical accounting policy. 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. We review the status of each project at each period end and determine whether the
earnings process is complete and the revenue and costs of sales should be recognized.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">In June 2016, the Financial
Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-13, &#8220;Financial Instruments
- Credit Losses&#8221;. This update requires immediate recognition of management&#8217;s estimates of current expected credit losses (&#8220;CECL&#8221;).
Under the prior model, losses were recognized only as they were incurred. The new model is applicable to all financial instruments that
are not accounted for at fair value through net income. The standard is effective for fiscal years beginning after December 15, 2022 for
public entities qualifying as small reporting companies. Early adoption is permitted. The Company is currently assessing the impact of
this update on our consolidated financial statements and do not anticipate a significant impact.</p>

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

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

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

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

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purchase price was to be financed through a long-term lease. Terms and finalization of the lease has not yet occurred, and the Company
has requested a refund of its deposit from the initial lessor who did not follow through with lease financing based on their original
lease proposal.</p>

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

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

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

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Subtotal</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">Accumulated Depreciation</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="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>
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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">Property and Equipment, net</td>
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  </table></ix:nonNumeric>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">Depreciation and amortization
expense related to property and equipment was approximately $<span id="xdx_90D_eus-gaap--DepreciationAndAmortization_c20220101__20220331__us-gaap--IncomeStatementLocationAxis__us-gaap--PropertyPlantAndEquipmentMember_pp0p0" title="Depreciation and amortization expense"><ix:nonFraction name="us-gaap:DepreciationAndAmortization" contextRef="From2022-01-012022-03-31_us-gaap_PropertyPlantAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">42,000</ix:nonFraction></span> and $<span id="xdx_90F_eus-gaap--DepreciationAndAmortization_c20210101__20210331__us-gaap--IncomeStatementLocationAxis__us-gaap--PropertyPlantAndEquipmentMember_pp0p0" title="Depreciation and amortization expense"><ix:nonFraction name="us-gaap:DepreciationAndAmortization" contextRef="From2021-01-012021-03-31_us-gaap_PropertyPlantAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">40,000</ix:nonFraction></span> for the three months ended March 31, 2022 and 2021, respectively.</p>

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

<ix:exclude><p id="xdx_23A_zpcDNzNB4Vxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white"></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 12; Value: 2 -->
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    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_23E_zX6SpsnqMDza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;&#160;</p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p id="xdx_805_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zcgb139WrB8e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white"><b>Note 5 - <span id="xdx_82C_z7TBkvPKuhG9">Accounts Payable
and Accrued Expenses</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">Accounts payable and accrued
expenses consisted of the following:</p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_880_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zXTtAXvc6Wr5" summary="xdx: Disclosure - Accounts Payable and Accrued Expenses (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B2_zgGggd5pBlH7" style="display: none">Schedule of Accounts Payable and Accrued Expenses</span></td>
    <td style="text-align: left">&#160;</td><td id="xdx_49F_20220331_zXQIxmY3fdO8" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_492_20211231_zrYU4N3L1FP3" 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 colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2022</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">December 31, 2021</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--AccountsPayableCurrent_iI_pp0p0_maAPAALz5ER_zNrpSgK6WCp" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 65%; text-align: left; text-indent: -10pt">Accounts payable</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">90,268</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%">&#160;</td>
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  <tr id="xdx_40E_eus-gaap--AccruedPayrollTaxesCurrent_iI_pp0p0_maAPAALz5ER_zVRJzusWfh04" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Accrued payroll</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AccruedPayrollTaxesCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">75,055</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--CustomerLoyaltyProgramLiabilityCurrent_iI_pp0p0_maAPAALz5ER_zEXXbHsCjhEi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Credit cards payable</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:CustomerLoyaltyProgramLiabilityCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">67,041</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pp0p0_maAPAALz5ER_zCWTJAnbyNhf" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Accrued interest and other</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">13,293</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--AccountsPayableAndAccruedLiabilitiesCurrent_iTI_pp0p0_mtAPAALz5ER_z83nBbaZ57M2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Total</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">240,768</ix:nonFraction></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">147,947</ix:nonFraction></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric>



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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_803_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zvFYkQK8J3Pi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white"><b>Note 6 &#8211; <span id="xdx_822_z931yoJOrDz9">Stockholders&#8217;
Equity</span></b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">The Company is authorized
to issue <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_c20220331_zlxPqsUSWao6" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">45,000,000</ix:nonFraction></span> shares of common stock, $<span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220331_zi9ioJl2xyPb" title="Common stock, par value per share"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span> par value per share, and <span id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_iI_c20220331_zYykrZ3oukBc" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000,000</ix:nonFraction></span> shares of preferred stock, $<span id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20220331_zg4m95jud1Sa" title="Preferred stock, par value per share"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31" 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. <span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_iI_do_c20220331_zPolf8he7zvl" title="Preferred stock, shares issued"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2022-03-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">No</ix:nonFraction></span> preferred shares have been issued as of
the date hereof.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">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_900_eus-gaap--SharePrice_c20210331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-03-31_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> per share 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_904_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20210331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zFPFq2QGIiYj" 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--WarrantExercisePriceIncrease_c20210301__20210331__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Exercise Price"><ix:nonFraction name="us-gaap:WarrantExercisePriceIncrease" contextRef="From2021-03-012021-03-31_us-gaap_CommonStockMember_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.00</ix:nonFraction></span> per share. An aggregate of $<span id="xdx_908_eus-gaap--ProceedsFromRelatedPartyDebt_c20210301__20210331_pp0p0" title="Proceeds from related parties"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2021-03-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">480,000</ix:nonFraction></span> of proceeds were raised from related parties (including
an aggregate of $430,000 from Alex Behfar&#8217;s family member, Richard Brown, Richard Ogawa and James Shealy), representing approximately
10% of the total gross proceeds.</p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ShareholdersEquityAndShareBasedPaymentsTextBlock"><p id="xdx_808_eus-gaap--ShareholdersEquityAndShareBasedPaymentsTextBlock_zXRTrpT691Fg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white"><b>Note 7 &#8211; <span id="xdx_827_zY431iKkzF25">Equity
Compensation Plan</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">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_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_c20190618__us-gaap--PlanNameAxis__custom--N2019EquityCompensationPlanMember_z23V0215Ut71" 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: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">On March 11, 2020, the Company
granted the following <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20200301__20200311__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveChairmanMember_zvxq8cnzbpo2" title="Option grant term"><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
then newly appointed Executive Chairman and Acting Chief Executive Officer under the 2019 Plan: (i) an option to purchase <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200301__20200311__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveChairmanMember_zwfxXYoHV7dc" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-03-012020-03-11_us-gaap_OptionMember_custom_ExecutiveChairmanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">965,850</ix:nonFraction></span> shares
of common stock that vests ratably on a monthly basis over two years and (ii) an option to purchase <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200301__20200311__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-03-012020-03-11_us-gaap_OptionMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">321,950</ix:nonFraction></span> shares of common stock that
vests based on performance criteria to be mutually agreed to by the Board and the executive. <span id="xdx_904_eus-gaap--DeferredCompensationArrangementsOverallDescription_c20200301__20200311__us-gaap--AwardTypeAxis__us-gaap--OptionMember" title="Equity Compensation Plan description"><ix:nonNumeric contextRef="From2020-03-012020-03-11_us-gaap_OptionMember" name="us-gaap:DeferredCompensationArrangementsOverallDescription">The grant was reduced to 500,000 options,
including 375,000 options and 125,000 options respectively under the two categories, due to limitations under the 2019 Plan. The terms
of the 125,000 performance-based options were established in the quarter ended December 31, 2021. The terms of the performance-based options
were met during the quarter ended March 31, 2021.</ix:nonNumeric></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">On May 26, 2020, <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">the 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: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;&#160;</p>

<ix:exclude><!-- Field: Page; Sequence: 13; Value: 2 -->
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<ix:exclude><p id="xdx_238_znw841jygl71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;&#160;</p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">On July 16, 2020, the Company
granted the following <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20200701__20200716__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveChairmanMember_zITW8Ka7QWSi" title="Option grant term"><ix:nonNumeric contextRef="From2020-07-012020-07-16_us-gaap_OptionMember_custom_ExecutiveChairmanMember" format="ixt-sec:duryear" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">10</ix:nonNumeric></span> ten-year options to purchase shares of common stock at an exercise price of $<span id="xdx_901_eus-gaap--StockOptionExercisePriceIncrease_c20200701__20200716__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveChairmanMember_pdd" title="Option exercise price"><ix:nonFraction name="us-gaap:StockOptionExercisePriceIncrease" contextRef="From2020-07-012020-07-16_us-gaap_OptionMember_custom_ExecutiveChairmanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.50</ix:nonFraction></span> per share to the Company&#8217;s
then Executive Chairman and Acting Chief Executive Officer under the 2019 Plan: (i) an option to purchase <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200701__20200716__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExecutiveChairmanMember_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-07-012020-07-16_us-gaap_OptionMember_custom_ExecutiveChairmanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">600,000</ix:nonFraction></span> shares of common stock
that vests ratably on a monthly basis over one year and (ii) an option to purchase <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200701__20200716__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-07-012020-07-16_us-gaap_OptionMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> shares of common stock that vests based on
specified performance criteria.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; 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_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_c20200915__us-gaap--PlanNameAxis__custom--AmendedN2019EquityCompensationPlanMember_zagYCuL7qOPe" 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: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">On September 22, 2020, the
Company granted a <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20200901__20200922__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_zN2YLO2KYsnd" title="Option grant term"><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 option to purchase shares <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20200901__20200922__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2020-09-012020-09-22_us-gaap_OptionMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,637,410</ix:nonFraction></span> shares of common stock at an exercise price of $<span id="xdx_909_eus-gaap--StockOptionExercisePriceIncrease_c20200901__20200922__us-gaap--AwardTypeAxis__us-gaap--OptionMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_pdd" title="Option exercise price"><ix:nonFraction name="us-gaap:StockOptionExercisePriceIncrease" contextRef="From2020-09-012020-09-22_us-gaap_OptionMember_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.50</ix:nonFraction></span> per share to the
Company&#8217;s then Chairman and Chief Executive Officer under the 2019 Plan that vests ratably on a monthly basis over two years commencing
March 11, 2022.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">From June 1 to June 22, 2021,
the Company granted five and 10 ten-year options to purchase <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20210601__20210622__us-gaap--AwardTypeAxis__us-gaap--OptionMember_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2021-06-012021-06-22_us-gaap_OptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">388,246</ix:nonFraction></span> shares of common stock at an exercise price of $<span id="xdx_906_eus-gaap--StockOptionExercisePriceIncrease_c20210601__20210622__srt--RangeAxis__srt--MinimumMember__us-gaap--AwardTypeAxis__us-gaap--OptionMember_pdd" title="Option exercise price"><ix:nonFraction name="us-gaap:StockOptionExercisePriceIncrease" contextRef="From2021-06-012021-06-22_srt_MinimumMember_us-gaap_OptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.90</ix:nonFraction></span> to $<span id="xdx_904_eus-gaap--StockOptionExercisePriceIncrease_c20210601__20210622__srt--RangeAxis__srt--MaximumMember__us-gaap--AwardTypeAxis__us-gaap--OptionMember_pdd" title="Option exercise price"><ix:nonFraction name="us-gaap:StockOptionExercisePriceIncrease" contextRef="From2021-06-012021-06-22_srt_MaximumMember_us-gaap_OptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.93</ix:nonFraction></span> per
share to employees, an advisory board member and board members under the 2019 Plan that vest over two to five years.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">On September 22, 2021, upon
the resignation of our then Chief Executive Officer and Chairman, a total of <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_c20210922__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_pdd" title="Unvested options"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AsOf2021-09-22_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,911,160</ix:nonFraction></span> unvested options that he received on September
25, 2019, March 11, 2020, July 16, 2020 and September 22, 2020 were forfeited as of such da<span style="font-family: Times New Roman, Times, Serif">te.
On such date, the Company also provided the acceleration of <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_c20210925__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_pdd" title="Unvested options"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" contextRef="AsOf2021-09-25_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span> unvested stock options issued on September 25, 2019, which were to
vest as of September 25, 2021. The impact of the modification of the stock option was not material.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif">On
December 30, 2021, the Company</span> granted five and <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20211201__20211230__us-gaap--AwardTypeAxis__us-gaap--OptionMember_z7HIIJbMJpb9" title="Option grant term"><ix:nonNumeric contextRef="From2021-12-012021-12-30_us-gaap_OptionMember" format="ixt-sec:duryear" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">10</ix:nonNumeric></span> ten-year options to purchase <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20211201__20211230__us-gaap--AwardTypeAxis__us-gaap--OptionMember_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2021-12-012021-12-30_us-gaap_OptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">445,000</ix:nonFraction></span> shares of common stock at an exercise price
of $<span id="xdx_900_eus-gaap--StockOptionExercisePriceIncrease_c20211201__20211230__us-gaap--AwardTypeAxis__us-gaap--OptionMember_pdd" title="Option exercise price"><ix:nonFraction name="us-gaap:StockOptionExercisePriceIncrease" contextRef="From2021-12-012021-12-30_us-gaap_OptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.77</ix:nonFraction></span> per share to employees, an advisory board member and board members under the 2019 Plan that vest over one to four years.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white"><span style="background-color: white">On
February 9, 2022, subject to the shareholders&#8217; approval, the Board of Directors approved that the aggregate number of shares authorized
for issuance as awards under the 2019 Plan shall be <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_c20220209__us-gaap--PlanNameAxis__custom--N2019EquityCompensationPlanMember_zb5IpqOp3hXd" title="Number of Shares Authorized"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" contextRef="AsOf2022-02-09_custom_N2019EquityCompensationPlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,600,000</ix:nonFraction></span> shares plus an annual increase on the first day of each fiscal year for
the rest of the term of the Plan in an amount equal to the lesser of (i) <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum_dp_c20220201__20220209_zoujIHFTHeJk" title="Outstanding shares of common stock"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum" contextRef="From2022-02-012022-02-09" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% of the outstanding shares of common stock of the Company on
the last day of the immediately preceding year or (iii) an amount determined by the Board of Directors.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">The stock option activity
from January 1, 2021 through March 31, 2022 is as follows (note there were no options granted, exercised, expired or forfeited in the
three months ended March 31, 2022):</p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_880_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zt1wxIVIDRM6" 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_8B7_zXhurmxo3V87" style="display: none">Schedule of stock option activity</span></td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <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 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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  <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 style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_pdd" title="Options Granted" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-01-012022-03-31_us-gaap_StockOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">833,246</ix:nonFraction></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-align: left; text-indent: -10pt">Options exercised</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 style="text-align: left">&#160;</td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsConverted_d0_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zejc84i5mrY9" title="Options converted" style="text-align: right"><ix:nonFraction name="ODII:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsConverted" contextRef="From2022-01-012022-03-31_us-gaap_StockOptionMember" format="ixt:zerodash" decimals="INF" unitRef="Shares">&#8212;</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_ecustom--WeightedAverageExercisePricePerShareOptionsConverted_d0_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zT5OiFfEgDd" title="Options converted" style="text-align: right"><ix:nonFraction name="ODII:WeightedAverageExercisePricePerShareOptionsConverted" contextRef="From2022-01-012022-03-31_us-gaap_StockOptionMember" 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 expired</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zACAlEuYwLoa" title="Options expired" style="text-align: right">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod" contextRef="From2022-01-012022-03-31_us-gaap_StockOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">735,625</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 forfeited</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationForfeited_iN_di_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zGrmwzZ7UG9k" title="Options forfeited or expired" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited" contextRef="From2022-01-012022-03-31_us-gaap_StockOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,911,160</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 id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_pdd" title="Options forfeited or expired" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" contextRef="From2022-01-012022-03-31_us-gaap_StockOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.5</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: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Balance, December 31, 2021 and March 31, 2022</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zNVFJo8rsxW5" title="Options Outstanding, Ending" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2022-03-31_us-gaap_StockOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,398,246</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_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zTILB1K4tmW9" title="Options Outstanding, Ending" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2022-03-31_us-gaap_StockOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.2</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_90F_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dtY_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_za8yfHDXvIqh" title="Options Outstanding"><ix:nonNumeric contextRef="From2022-01-012022-03-31_us-gaap_StockOptionMember" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2">6.0</ix:nonNumeric></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Vested shares at March 31, 2022</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_980_ecustom--VestedShares_c20220331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_pdd" title="Vested shares at period end" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ODII:VestedShares" contextRef="AsOf2022-03-31_us-gaap_StockOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">483,500</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_980_ecustom--WeightedAverageExercisePriceVestedSharesAtPeriodEnd_c20220331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_pdd" title="Vested shares, at period end" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ODII:WeightedAverageExercisePriceVestedSharesAtPeriodEnd" contextRef="AsOf2022-03-31_us-gaap_StockOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.5</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_907_ecustom--OptionVested_dtY_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_z0kA16iIM1n3" title="Options vested"><ix:nonNumeric contextRef="From2022-01-012022-03-31_us-gaap_StockOptionMember" format="ixt-sec:duryear" name="ODII:OptionVested">2.4</ix:nonNumeric></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">The following table summarizes
the outstanding options at March 31, 2022 by exercise price.</p>

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

<ix:exclude><p id="xdx_23E_zxhE9hYnh3L5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white"></p></ix:exclude>

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<ix:exclude><p id="xdx_234_zehn5htBvjZc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;</p></ix:exclude>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="ODII:ScheduleOfOutstandingOptions"><table cellpadding="0" cellspacing="0" id="xdx_88D_ecustom--ScheduleOfOutstandingOptions_z890w9nageZ3" 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="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_8BC_zbjWLfN0RfD8" style="display: none">Schedule Of Outstanding Options</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table></ix:nonNumeric>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">At March 31, 2022, the Company
has <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20220101__20220331__us-gaap--AwardTypeAxis__us-gaap--OptionMember_pdd" title="Option granted"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2022-01-012022-03-31_us-gaap_OptionMember262229953" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,886,129</ix:nonFraction></span> options available to grant under the 2019 Plan.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">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 weighted average assumptions for issuances during the year of 2021:</p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_888_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_z7tfR1nlsbEg" summary="xdx: Disclosure - Equity Compensation Plan (Details 2)" 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_8B1_zakTisuaMrw1" style="display: none">Schedule of Valuation Assumptions</span></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">2021</td></tr>
  <tr 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">Risk-free interest rate</td><td style="width: 10%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20210101__20210331_zsDES3oKEN2f" title="Risk-free interest rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.2</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Expected term</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">Expected volatility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20210101__20210331_zVnEBbK1zn0k" title="Expected volatility"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">91</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Expected dividends</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_c20210101__20210331_zfWU9IH2R6wa" title="Expected dividends" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></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">Grant date fair value of common stock</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90B_ecustom--GrantDateFairValueOfCommonStock_c20210101__20210331_zWZn49DqmE23" title="Grant date fair value of common stock"><ix:nonFraction name="ODII:GrantDateFairValueOfCommonStock" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.91</ix:nonFraction></span>/share</td><td style="text-align: left"></td></tr>
  </table></ix:nonNumeric>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">During the three months ended
March 31, 2022, the Company recognized stock-based compensation expense related to stock options of approximately $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_c20220101__20220331_pp0p0" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">51,000</ix:nonFraction></span>, of which approximately
$<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_c20220101__20220331__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_pp0p0" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-03-31_us-gaap_ResearchAndDevelopmentExpenseMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,000</ix:nonFraction></span> was recorded as part of research and development expenses and $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_c20220101__20220331__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_pp0p0" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-03-31_us-gaap_GeneralAndAdministrativeExpenseMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">44,000</ix:nonFraction></span> was included within general and administrative expenses on
the consolidated statements of operations. During the three months ended March 31, 2021, the Company recognized stock-based compensation
expense related to stock options of approximately $<span id="xdx_90F_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20210331_zRvg26n7Jmz6" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">678,000</ix:nonFraction></span> ($<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20210331__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_z0A97sanZkI3" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-03-31_us-gaap_GeneralAndAdministrativeExpenseMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">643,000</ix:nonFraction></span> of which was included within general and administrative expenses,
$<span id="xdx_90E_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20210331__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_z5OFj1FnYevl" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-03-31_us-gaap_ResearchAndDevelopmentExpenseMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,000</ix:nonFraction></span> of which was included in research and development expenses, $<span id="xdx_90F_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20210331__us-gaap--IncomeStatementLocationAxis__us-gaap--CostOfSalesMember_zBJ02G1HhFl1" title="Stock-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-03-31_us-gaap_CostOfSalesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">32,000</ix:nonFraction></span> of which was included within cost of revenues).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">As of March 31, 2022, there
was unamortized stock-based compensation of approximately $<span id="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pp0p0_c20220331_zz996zb7PCJ6" title="Unamortized stock-based compensation"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,500,000</ix:nonFraction></span> which the Company expects to recognize over approximately <span id="xdx_905_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_pp0p0_dtY_c20220101__20220331_zkPerz0EdIYc" title="Unamortized stock-based compensation period"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:duryear" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1">2.3</ix:nonNumeric></span> years.
At March 31, 2022, the intrinsic value of outstanding and vested stock options was approximately $<span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_iI_pp0p0_c20220331_zqzNHsZ4J0g5" title="Intrinsic value of outstanding"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">223,000</ix:nonFraction></span> and $<span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iI_pp0p0_c20220331_zFHX0wDBWpvj" title="Intrinsic value of vested stock options"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">155,000</ix:nonFraction></span>, respectively.</p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_809_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z3dtT6Sxz087" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white"><b>Note 8 - <span id="xdx_827_ztgl2HHNn2O5">Commitments and
Contingencies</span></b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">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 March 31, 2022 and March 31, 2021,
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: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">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_90B_eus-gaap--OperatingLeasePayments_pp0p0_c20220101__20220331_zbUPPZvPU439" title="Monthly payments"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,667</ix:nonFraction></span>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">The assets and liabilities
from operating leases are recognized at the lease commencement date based on the present value of remaining lease payments over the lease
term using the Company&#8217;s incremental borrowing rates or implicit rates, when readily determinable. Short-term leases, which have
an initial term of 12 months or less, are not recorded on the balance sheet. The Company&#8217;s operating leases do not provide an implicit
rate that can readily be determined. Therefore, the Company uses a discount rate based on its estimated incremental commercial borrowing
rate,</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">The following table presents
information about the amount and timing of liabilities arising from the Company&#8217;s operating and finance leases as of March 31, 2022
(in thousands):</p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:FinanceLeaseLiabilityMaturityTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_882_eus-gaap--FinanceLeaseLiabilityMaturityTableTextBlock_z73s4cXa3kV4" summary="xdx: Disclosure - Commitments and Contingencies (Details)" 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 id="xdx_49D_20220331_zl4jQSLOpyo" style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Present value of operating lease liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">&#160;&#160;&#160;Long term portion</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <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></tr>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Weighted average remaining lease term in years</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">Weighted average discount rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_903_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_dp_c20220331_zEq5vg4gkwWi" title="Weighted average discount rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.50</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">The Company incurred lease
expense for its operating lease of approximately $<span id="xdx_90E_eus-gaap--OperatingLeaseExpense_c20220101__20220331_zvARrGyaAvj8" title="Operating lease expense"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span> for the three months ended March 31, 2022.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">The minimum lease payments
for the years ending December 31 are approximately as follows: $<span id="xdx_909_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueCurrent_c20211231_pp0p0" title="Operating Leases, Future Minimum Payments Due, Next Twelve Months"><ix:nonFraction name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">200,000</ix:nonFraction></span> in each of 2022 through 2024 and $<span id="xdx_907_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInFourYears_c20211231_pp0p0" title="Operating Leases, Future Minimum Payments, Due in Four Years"><ix:nonFraction name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">183,000</ix:nonFraction></span> in 2025.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">The Right of Use Asset at
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classified as a long term asset.</p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p id="xdx_80B_eus-gaap--ConcentrationRiskDisclosureTextBlock_zVOgI3Arpsrd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white"><b>Note 9 &#8211; <span id="xdx_826_zAmbKOkERiD2">Concentrations</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">During the three months ended
March 31, 2022, revenues were generated from two customers. At March 31, 2022, deferred costs and deferred revenues are attributable to
one customer contract.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">During the quarter ended
March 31, 2021, substantially all revenues were generated from one customer pursuant to our contract with a governmental entity and amounted
to approximately <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20210331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zls8H6gBRcLe" title="Concentration Risk, Percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-03-31_us-gaap_SalesRevenueNetMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">84</ix:nonFraction></span>% of total revenues.</p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="ODII:GovernmentLoansTextBlock"><p id="xdx_80B_ecustom--GovernmentLoansTextBlock_zYsQxJiF8tFe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white"><b>Note 10 &#8211; <span id="xdx_82F_zpX7LwAWsfr">Government
Loans</span></b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">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, 2021. On March 6, 2021, the entire loan balance was forgiven.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">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
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2021, the entire loan balance was forgiven.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">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 monthly 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_904_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200801__20200830__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SmallBusinessAdministrationMember_zEooPluB80li" 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_900_eus-gaap--DebtInstrumentTerm_dtY_c20200801__20200830__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SmallBusinessAdministrationMember_zbyOivZ6yZWb" 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: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">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_905_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200430__20200527__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_zhyfuEFA9rl6" 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 monthly 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: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white">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 (5 year facility, <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200801__20200820__us-gaap--LongtermDebtTypeAxis__custom--EquipmentLoansMember_z6PN5nirhIF3" 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, monthly 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 1, 2020, the Company received a loan of $<span id="xdx_905_eus-gaap--ProceedsFromLoans_c20200807__20200902__us-gaap--LongtermDebtTypeAxis__custom--SouthernTierRegionEconomicDevelopmentCorporationMember_pp0p0" title="Proceeds from loan"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2020-08-072020-09-02_custom_SouthernTierRegionEconomicDevelopmentCorporationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction></span> from Southern Tier Region Economic Development Corporation (<span id="xdx_90F_eus-gaap--DebtInstrumentTerm_dtY_c20200807__20200902__us-gaap--LongtermDebtTypeAxis__custom--SouthernTierRegionEconomicDevelopmentCorporationMember_zfd6VD66MVZ" 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_907_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200807__20200902__us-gaap--LongtermDebtTypeAxis__custom--SouthernTierRegionEconomicDevelopmentCorporationMember_z3gwsgfPvRok" 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, monthly 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 September 10, 2020, the Company received a loan of $<span id="xdx_903_eus-gaap--ProceedsFromLoans_c20200901__20200910__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_pp0p0" title="Proceeds from loan"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2020-09-012020-09-10_custom_TomkinsCountyAreaDevelopmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">75,000</ix:nonFraction></span> from TCAD (<span id="xdx_905_eus-gaap--DebtInstrumentTerm_dtY_c20200901__20200910__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_zVAy7ibYoUAi" title="Loan term"><ix:nonNumeric contextRef="From2020-09-012020-09-10_custom_TomkinsCountyAreaDevelopmentMember" format="ixt-sec:duryear" name="us-gaap:DebtInstrumentTerm">5</ix:nonNumeric></span>
year facility, <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200901__20200910__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_zWpHRNjRsKB4" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2020-09-012020-09-10_custom_TomkinsCountyAreaDevelopmentMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.5</ix:nonFraction></span>% annual interest rate, monthly payment of $<span id="xdx_907_eus-gaap--DebtInstrumentPeriodicPayment_c20200901__20200910__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TomkinsCountyAreaDevelopmentMember_pp0p0" title="Periodic payments"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-09-012020-09-10_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: 0pt; text-indent: 0pt; background-color: white">&#160;&#160;</p>

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

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

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfDebtTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_88F_eus-gaap--ScheduleOfDebtTableTextBlock_zDw0ABTh3oX9" summary="xdx: Disclosure - Government Loans (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8BD_zQ9qhp61UiC5" style="display: none">Schedule of loans</span></td>
    <td style="text-align: left">&#160;</td><td id="xdx_49C_20220331_zjBz9Raq7HKd" 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_20211231_zkyqHSswSEn1" 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 colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31, 2022</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">December 31, 2021</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 62%; text-align: left; text-indent: -10pt">Principal outstanding</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">404,780</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td>
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  <tr id="xdx_409_eus-gaap--DeferredFinanceCostsNet_iNI_pp0p0_di_z96qEO4xrgYk" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Deferred loan costs, net of amortization</td>
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  <tr id="xdx_401_eus-gaap--LoansPayable_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Subtotal</td>
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  <tr id="xdx_406_eus-gaap--OtherLoansPayableCurrent_iNI_pp0p0_di_z9RirH8cxo46" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Less current portion</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:OtherLoansPayableCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">74,739</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:OtherLoansPayableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">74,134</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#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 id="xdx_402_eus-gaap--LongTermLoansPayable_iI_pp0p0" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total long term portion</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LongTermLoansPayable" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">326,773</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 style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LongTermLoansPayable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">345,459</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">Interest expense on the above
debt instruments was approximately $<span id="xdx_900_eus-gaap--InterestExpenseDebt_c20220101__20220331_pp0p0" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,800</ix:nonFraction></span> and $<span id="xdx_902_eus-gaap--InterestExpenseDebt_c20210101__20210331_pp0p0" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,400</ix:nonFraction></span> for the three months ended March 31, 2022 and 2021, respectively.</p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80A_eus-gaap--SubsequentEventsTextBlock_zj5qOts7RTqb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white"><b>Note 11 - <span id="xdx_82F_ziETxLbGKIIj">Subsequent Events</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">The Company has evaluated
events that have occurred after the balance sheet and through May 23, 2022. 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, except as
follows</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">On April 18, 2022, Mark Davidson
was appointed as Chief Executive Officer of the Company. <span style="background-color: white">In connection with Mr. Davidson&#8217;s
appointment as Chief Executive Officer of the Company, the Company agreed to pay Mr. Davidson an annual cash compensation of $300,000.
For 2022, Mr. Davidson will be eligible for an annual target bonus of up to $150,000 that will be prorated for nine (9) months (i.e. $112,500)
based on his achievements of performance goals to be finalized and approved by the Board of Directors within the first two months of his
employment. Such annual bonus will be paid in stock compensation until such time that the Company has sufficient cash flow. His eligibility
for future bonuses will be determined by the Board of Directors in accordance with the Company&#8217;s future bonus plans and programs.
In addition, the Company agreed to grant to Mr. Davidson an option to purchase a number of shares equivalent to 5.0% ownership of the
Company on a fully-diluted basis using the treasury stock method as of March 31, 2022 (or 5.0% of 12,910,125 shares, or 650,000 shares),
at the fair market value of the Company&#8217;s common stock as determined by the Board on the date it approves such grant. The option
will vest at the rate of 25% per year on the anniversary date from the first day of his employment starting from April 1, 2023. The option
will be subject to acceleration in vesting in connection with the occurrence of a change of control event during the term of Mr. Davidson&#8217;s
employment.</span></p>

</ix:nonNumeric><p id="xdx_81A_zOZrwZBTe8h5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify; background-color: white">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white">&#160;<b><span id="a_009"></span>Item&#160;2. Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><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 prospectus. This discussion contains forward-looking statements that involve risks and
uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various
factors, including those discussed below and elsewhere in this prospectus, particularly those under &#8220;Risk Factors.&#8221; Dollars
in tabular format are presented in thousands, except per share data, or otherwise indicated.</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white"><b>OVERVIEW</b></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">On April 18, 2022, Mark Davidson was appointed
as Chief Executive Officer of the Company. <span style="background-color: white">In connection with Mr. Davidson&#8217;s appointment as
Chief Executive Officer of the Company, the Company agreed to pay Mr. Davidson an annual cash compensation of $300,000. For 2022, Mr.
Davidson will be eligible for an annual target bonus of up to $150,000 that will be prorated for nine (9) months (i.e. $112,500) based
on his achievements of performance goals to be finalized and approved by the Board of Directors within the first two months of his employment.
Such annual bonus will be paid in stock compensation until such time that the Company has sufficient cash flow. His eligibility for future
bonuses will be determined by the Board of Directors in accordance with the Company&#8217;s future bonus plans and programs. In addition,
the Company agreed to grant to Mr. Davidson an option to purchase a number of shares equivalent to 5.0% ownership of the Company on a
fully-diluted basis using the treasury stock method as of March 31, 2022 (or 5.0% of 12,910,125 shares, or 650,000 shares), at the fair
market value of the Company&#8217;s common stock as determined by the Board on the date it approves such grant. The option will vest at
the rate of 25% per year on the anniversary date from the first day of his employment starting from April 1, 2023. The option will be
subject to acceleration in vesting in connection with the occurrence of a change of control event during the term of Mr. Davidson&#8217;s
employment.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white"><b>Revenues</b></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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on cash balances, and other miscellaneous items. In the first quarter of 2021, this category also includes the forgiveness of the PPP
loan.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><b><i>Three Months Ended March 31, 2022 Compared
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white"><b>Overview</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white">The following table presents certain information
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white">&#160;&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white"><b>Revenues</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">Revenues for the three months ended March 31,
2022 and 2021 were approximately $30,000 and $231,000, respectively, which represented a decrease of $201,000, or 87%. We have two commercial
customers as of March 31, 2022. For the quarter ended March 31, 2021, we recognized revenue under one of our completed government contracts,
which amounted to $225,000. 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.</p>

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

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

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

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was attributable to labor costs being re-directed to research and development projects, as compared to the completion of the government
grant assignment in the quarter ended March 31,2021. 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: 0pt; text-align: justify; text-indent: 0pt; background-color: white">&#160;&#160;</p>

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

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

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or 141%. The increase was primarily attributable to utilization of the facility employees, equipment usage costs and general lab supplies
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">Selling, general, and administrative expenses
for the three months ended March 31, 2022 and 2021 were approximately $758,000 and $796,000, respectively, which represented a decrease
of $39,000, or 5%. The decrease was primarily attributable to a decrease in stock-based compensation of $628,000 primarily resulting from
the performance criteria of certain stock options to our Chief Executive Officer having been met in the first quarter of 2021, offset
in part by an increase of legal and professional fees of approximately $300,000.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">Interest income in the three months ended March
31, 2022 and 2021 was insignificant. Other income for the three months ended March 31, 2021 represents the forgiveness of our PPP loan.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white"><b>Net Loss </b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">Net loss for the three months ended March 31,
2022 and 2021 was approximately $(1,130,000) and $(895,000), respectively, which represented a decrease of $(235,000), or 26%. The decrease
was primarily attributable to the decrease in loss from operation of approximately $27,000 and the decrease in other income of $235,000,
principally driven by the forgiveness of PPP loan in 2021.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white"><b>Liquidity</b></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">As of March 31, 2022, we had cash and working
capital of $1,677,093 and $1,411,261, respectively. We received the proceeds of the private placement of our securities and PPP loans
in 2021. We expect our current cash on hand to be insufficient to meet our operating and capital requirements for the next twelve months
from the date of this filing. This raises substantial doubt about our ability to continue as a going concern. The Company has engaged
with an investment bank to assist with the fund raise; however, there can no assurance that a financing can be completed on terms acceptable
to the Company. The Company has also taken preliminary steps to file a registration statement on Form S-1 with the SEC for a proposed
public offering and a listing application with Nasdaq, but there is no assurance that the offering and the listing application will be
successful.&#160;In addition, the Company is also exploring the possibility of a small bridge loan to cover operating cash needs for several
quarters or more and to provide some flexibility to the timing of a more permanent fund raising effort. 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: 0pt; text-indent: 0pt; background-color: white">&#160;&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">Net cash (used in) provided by operating activities
for the three months ended March 31, 2022 and 2021 was approximately $(867,000) and $(201,000), respectively. Net cash used in operating
activities for the three months ended March 31, 2022 includes cash used to fund a net loss of approximately $1,130,000, reduced by approximately
$94,000 of non-cash income/expenses, partially offset by $169,000 of net cash provided by changes in the levels of operating assets and
liabilities. Net cash provided by operating activities for the three months ended March 31, 2021 included cash used to fund a net loss
of approximately $895,000, reduced by $509,000 of non-cash expenses, partially offset by $185,000 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: 0pt; text-indent: 0pt; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">Net cash used in investing activities for the
three months ended March 31, 2022 and 2021 was approximately $139,000 and $21,000, respectively, 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: 0pt; text-indent: 0pt; background-color: white">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">Net cash provided by (used in) financing activities
for the three months ended March 31, 2022 and 2021 was approximately $(18,000) and $4,856,000 respectively. we have not received any external
financing in 2022. Net provided by financing activities for the three months ended March 31, 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: 0pt; text-indent: 0pt; background-color: white">&#160;</p>

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="a_010"></span>Item
3. Quantitative and Qualitative Disclosures About Market Risk</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">We are a smaller reporting
company and are not required to provide the information under this item pursuant to Regulation S-K.&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; background-color: white"><b><i><span id="a_011"></span>Item 4. Controls and Procedures.</i></b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">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.
As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of
management, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, management
concluded that our disclosure controls and procedures were not effective as of&#160;March 31,&#160;2022 to cause the information required
to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within
the time periods prescribed by SEC, and that such information is accumulated and communicated to management, including our chief executive
officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt; background-color: white">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 subsequent to the date of management&#8217;s last evaluation despite the fact that
virtually all of our employees are working remotely due to the COVID-19 pandemic. We are continually monitoring and assessing the COVID-19
situation on our internal controls over financial reporting to minimize any related impact on their effectiveness.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: center"><b><span id="a_012"></span>PART II &#8211; OTHER INFORMATION</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><b><i><span id="a_013"></span>Item 1. Legal Proceedings</i></b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><b><i><span id="a_014"></span>Item 1A. Risk Factors</i></b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><b><i><span id="a_015"></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: 0pt; text-indent: 0pt">&#160;&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><b><i><span id="a_016"></span>Item 3. Defaults upon Senior Securities</i></b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><b><i><span id="a_017"></span>Item 4. Mine Safety Disclosures</i></b></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><b><i><span id="a_018"></span>Item 5. Other Information</i></b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><b><i><span id="a_019"></span>Item 6. Exhibits</i></b></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 10%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 1%; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 89%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
Description</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><a href="http://www.sec.gov/Archives/edgar/data/1781405/000173112219000712/e1574_3-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><a href="http://www.sec.gov/Archives/edgar/data/1781405/000173112219000712/e1574_3-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><a href="e3786_ex10-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer Letter to Mark Davidson, dated April 7, 2022, by Odyssey Semiconductor Technologies, Inc. (Filed herewith)</span></a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.1</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><a href="e3786_ex31-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer and Principal Financial and Accounting Officer</span></a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.1</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><a href="e3786_ex32-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#160;1350 Certification of Principal Executive Officer and Principal Financial and Accounting Officer *</span></a></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interactive
Data Files</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
Instance Document</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
Taxonomy Extension Schema Document</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
Taxonomy Extension Calculation Linkbase Document</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
Taxonomy Extension Label Linkbase Document</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
Taxonomy Extension Presentation Linkbase Document</span></td></tr>
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<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
Taxonomy Extension Definition Linkbase Definition</span></td></tr>
</table>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: center"><b><span id="a_020"></span>SIGNATURES</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; 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 May 23, 2022.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Odyssey
Semiconductor Technologies, Inc.</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 50%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 5%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 45%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
<td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Mark Davidson </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark
Davidson</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
Executive Officer</span></td></tr>
</table>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

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

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
☒
QUARTERLY
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
March 31, 2022
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
)
882-2754
(Address, including zip code, and telephone number,
including area code, of registrant's principal executive offices)
Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the registrant (1) has
filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether the registrant has
submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of
this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
☒
No
☐
Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large
accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company"
in Rule 12b-2 of the Exchange Act
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☒
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a
shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No
☒
As of May 23, 2022, 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
3
Item 1: Condensed Consolidated Financial Statements for the three months ended March 31, 2022 and 2021
3
Condensed Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021
3
Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021
4
Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2022 and 2021
5
Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021
6
Notes to Unaudited Condensed Consolidated Financial Statements
7
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
18
Item 3: Quantitative and Qualitative Disclosures about Market Risk
21
Item 4: Controls and Procedures
22
PART II - OTHER INFORMATION
22
Item 1: Legal Proceedings
22
Item 1A: Risk Factors
22
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
22
Item 3: Defaults Upon Senior Securities
22
Item 4: Mine Safety Disclosures
22
Item 5: Other Information
23
Item 6: Exhibits
23
SIGNATURES
24
2
part I – FINANCIAL
INFORMATION
Item 1. Financial Statements
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
March 31,
December 31,
2022 (Unaudited)
2021
Assets
Current Assets:
Cash
$
1,573,880
$
2,598,213
Accounts receivable
170
6,170
Deferred expenses
18,753
7,870
Prepaid expenses and other current assets
386,418
225,260
Total Current Assets
1,979,221
2,837,513
Restricted cash
103,213
103,201
Property and equipment, net
933,171
853,290
Operating ROU Asset
477,018
—
Total Assets
$
3,492,623
$
3,794,004
Liabilities
and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses
$
240,768
$
147,947
Loan payable - short term
74,739
74,134
Lease liability – short term portion
177,453
Deferred revenue
75,000
10,000
Total Current Liabilities
567,960
232,081
Long-Term Lease Liability
460,352
—
Loans payable - long term
326,773
345,459
Total liabilities
1,355,085
577,540
Commitments and contingencies
—
—
Stockholders' Equity:
Preferred stock, $
0.0001
par value,
5,000,000
shares authorized;
0
shares issued and outstanding as of March 31, 2022 and December 31, 2021
—
—
Common stock, $
0.0001
par value,
45,000,000
shares authorized,
12,726,911
shares issued and outstanding as of March 31, 2022 and December 31, 2021
1,272
1,272
Additional paid-in capital
9,924,394
9,873,345
Accumulated deficit
(
7,788,128
)
(
6,658,153
)
Total Stockholders' Equity
2,137,538
3,216,464
Total Liabilities and Stockholders' Equity
$
3,492,623
$
3,794,004
See notes to these condensed consolidated financial
statements.
3
ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For The Three Months Ended March 31,
2022
2021
Revenues
$
29,938
$
230,969
Cost of Revenues
30,999
382,853
Gross Loss
(
1,061
)
(
151,884
)
Operating Expenses:
Research and development
369,184
153,037
Selling, general, and administrative
757,927
796,474
Total Operating Expenses
1,127,111
949,511
Loss From Operations
(
1,128,172
)
(
1,101,395
)
Other Income
(Expense):
Forgiveness of PPP loan and other income
2,013
210,680
Interest expense
(
3,816
)
(
4,396
)
Net Loss
$
(
1,129,975
)
$
(
895,111
)
Net Loss Per Share:
Basic
$
(
0.09
)
$
(
0.08
)
Diluted
$
(
0.09
)
$
(
0.08
)
Weighted Average Number of Common Shares Outstanding:
Basic
12,726,911
11,354,130
Diluted
12,726,911
11,354,130
See notes to these condensed consolidated financial
statements.
4
ODYSSEY SEMICONDUCTOR
TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021
(Unaudited)
Common Stock
Shares
Amount
Additional Paid-In Capital
Accumulated Deficit
Total Stockholders' Equity
Balance - December 31, 2021
12,726,911
1,272
9,873,345
(
6,658,153
)
3,216,464
Stock based compensation
—
—
51,049
—
51,049
Net loss three months ended 12/31/2021
—
—
—
(
1,129,975
)
(
1,129,975
)
Balance - March 31, 2022
12,726,911
1,272
9,924,394
(
7,788,128
)
2,137,538
Common Stock
Shares
Amount
Additional Paid-In Capital
Accumulated Deficit
Total Stockholders' Equity
Balance - December 31, 2020
11,429,661
1,143
4,046,370
(
3,516,400
)
531,113
Stock based compensation
—
—
678,918
—
678,918
Exercise of stock options
45,625
4
68,434
—
68,438
Sale of shares of common stock
1,251,625
125
5,006,375
—
5,006,500
Costs of stock sale
—
—
(
407,445
)
—
(
407,445
)
Net loss three months ended 3/31/2021
—
—
—
(
895,111
)
(
895,111
)
Balance - March 31, 2021
12,726,911
1,272
9,392,652
(
4,411,511
)
4,982,413
See notes to these condensed consolidated financial
statements.
5
ODYSSEY SEMICONDUCTOR
TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Unaudited)
For The Three Months Ended
March 31,
2022
2021
Cash Flows
    From Operating Activities:
Net loss
$
(
1,129,975
)
$
(
895,111
)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation
51,049
678,918
Forgiveness of PPP loan indebtedness
—
(
210,680
)
Depreciation and amortization
42,469
40,978
Changes in operating assets and liabilities:
Contract assets
—
62,273
Accounts receivable
6,000
10,707
Prepaid expenses and other current assets
16,295
(
6,151
)
Deferred expenses
(
10,883
)
(
75,327
)
Accounts payable and accrued expenses
92,821
93,747
Deferred revenue
65,000
99,311
Total Adjustments
262,751
693,776
Net Cash Used In Operating Activities
(
867,224
)
(
201,335
)
Cash Flows
    Used In Investing Activities:
Purchases of property and equipment
(
122,122
)
(
21,161
)
Lease of property
(
16,666
)
—
Net Cash Used In Investing Activities
(
138,788
)
(
21,161
)
Cash Flows
    From Financing Activities:
Proceeds from sale of common stock, net of costs
—
5,006,500
Proceeds from government loans
—
193,625
Repayment of government loans
(
18,309
)
(
3,561
)
Proceeds from exercise of stock options
—
68,438
Payment of deferred offering costs
—
(
407,445
)
Net Cash Provided By (Used In )Financing Activities
(
18,309
)
4,857,557
Net Increase (Decrease) In Cash and Restricted Cash
(
1,024,321
)
4,635,061
Cash and
    Restricted Cash - Beginning of Period
2,701,414
375,854
Cash and
    Restricted Cash - End of Period
$
1,677,093
$
5,010,915
Cash and
    Restricted Cash Consisted of the Following:
Cash
$
1,573,880
$
4,907,753
Restricted cash
103,213
103,162
Cash and
    Restricted Cash
$
1,677,093
$
5,010,915
Supplemental
    Disclosures of Cash Flow Information:
Cash paid during the year for:
Interest
$
3,588
$
1,600
Income taxes
$
—
$
—
Non-cash investing and financing activities:
Operating Lease ROU Asset
$
680,683
$
—
See notes to these condensed consolidated financial
statements.
6
ODYSSEY SEMICONDUCTOR TECHNOLOGIES,
INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED
MARCH 31, 2022 AND 2021
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 March 31, 2022, the Company had a cash balance,
working capital and accumulated deficit of approximately $
1,600,000
, $
1,400,000
and $
7,800,000
, respectively. During the three months
ended March 31, 2022, the Company generated a net loss of approximately $
1,100,000
.
The Company believes its current cash on
hand
will not be su
fficient to meet its operating obligations and capital requirements for at least twelve months from the issuance
of these financial statements. This raises substantial doubt about our ability to continue as a going concern. Therefore, the Company
will 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 has engaged with an investment bank to assist with the fund raise; however, there can no assurance that a financing
can be completed on terms acceptable to the Company. The Company has also taken preliminary steps to file a registration statement on
Form S-1 with the SEC for a proposed public offering and a listing application with Nasdaq, but there is no assurance that the offering
and the listing application will be successful. In addition, the Company is also exploring the possibility of a small bridge loan
to cover operating cash needs for several quarters or more and to provide some flexibility to the timing of a more permanent fund raising
effort.
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.
7
Note 2 -
Summary of Significant
Accounting Policies
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 March 31, 2022 and for the three months ended March 31, 2022 and 2021. The results of operations
for the three months ended March 31, 2022 are not necessarily indicative of the operating results for the full year ending December 31,
2022 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial
statements and related disclosures as of December 31, 2021 and for the year then ended which have been previously filed.
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 March 31, 2022 and December 31, 2021, 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.
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.
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 March 31, 2022 and December 31, 2021, deferred expenses were approximately
$
19,000
and $
8,000
, respectively.
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.
8
The estimated useful lives
of property and equipment are as follows:
Schedule
of estimated useful lives of property and equipment
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
Offering Costs
Deferred offering costs,
which primarily consist of direct, incremental professional fees incurred in connection with a debt or equity financing, are capitalized
as non-current assets on the consolidated balance sheets. Once the financing closes, the Company reclassifies such costs as either discounts
to notes payable or as a reduction of proceeds received from equity transactions so that such costs are recorded as a reduction of additional
paid-in capital. If the completion of a contemplated financing was deemed to be no longer probable, the related deferred offering costs
would be charged to general and administrative expense in the consolidated financial statements.
Leases
In February 2016, the Financial
Accounting Standards Board (the "FASB") established Accounting Standards Codification ("ASC") Topic 842, "Leases",
by issuing Accounting Standards Update ("ASU") No. 2016-02, which requires lessees to now recognize operating leases on the
balance sheet and disclose key information about leasing arrangements. ASC Topic 842 was subsequently amended by ASU No. 2018-01,
Land
Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No.
2018-11, Targeted Improvements
. The new standard establishes a right-of-use ("ROU") model that requires a lessee to recognize
a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as either
finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. Lessor
accounting under the new standard is substantially unchanged. Additional qualitative and quantitative disclosures are also required. The
Company adopted the new standard on January 1, 2022 using the modified retrospective transition method, which applies the provisions of
the standard at the effective date without adjusting the comparative periods presented. The Company adopted the following practical expedients
and accounting policies elections related to this standard:
●
Short-term
lease accounting policy election allowing lessees to not recognize ROU assets and liabilities for leases with a term of 12 months or
less;
●
The
option to not separate lease and non-lease components in the Company's lease contracts; and
●
The
package of practical expedients applied to all of its leases, including (i) not reassessing whether any expired or existing contracts
are or contain leases, (ii) not reassessing the lease classification for any expired or existing leases, and (iii) not reassessing the
capitalization of initial direct costs for any existing leases.
Adoption of this standard
resulted in the recognition of operating lease right-of-use assets and corresponding lease liabilities of approximately $
680,000
on the
consolidated balance sheet as of January 1, 2022. Disclosures related to the amount, timing and uncertainty of cash flows arising from
leases are included in Note 8, Leases.
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.
9
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 three months ended
March 31, 2022 and 2021, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods.
The Company generated revenue
from government contracts that reimburse the Company for certain allowable costs for funded projects. Such projects were completed in
2021. 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 three months
ended March 31, 2022 and 2021, the Company recognized approximately $
0
and $
225,000
, respectively, of grant revenue.
Research and Development
Research and development
expenses are charged to operations as incurred.
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.
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.
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.
10
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 March 31,
2022
2021
Warrants
245,696
245,696
Options
1,398,246
3,211,785
Total
1,643,942
3,457,481
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 March 31, 2022 and December 31, 2021. 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.
Critical Accounting Policies and Estimates
Our consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation
of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. We base our estimates and judgments on historical experience, current economic and industry conditions
and on various other factors that are believed to be reasonable under the circumstances. This forms the basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates
under different assumptions or conditions. We believe that full consideration has been given to all relevant circumstances that we may
be subject to, and the consolidated financial statements accurately reflect our best estimate of the results of operations, financial
position and cash flows for the periods presented.
On an ongoing basis, we evaluate
our estimates and judgments for all assets and liabilities, including those related to the fair value of stock options for determination
of the stock-based compensation expense. The amount of stock based compensation has been a significant expense over the three months ended
March 31, 2022 and 2021. The assumptions that go into the Black-Scholes calculation are the major driver of the calculation of the fair
value of the stock options at the date of grant. The major assumption of volatility is based upon historical data, and the majority of
the other assumptions used in the Black Scholes computation is based upon the terms of the specific stock option grant.
Revenues and cost of sales
are important metrics in demonstrating the completion of projects and shipment of products to customers, and the profitability of such
revenues. Accordingly, revenue recognition is a critical accounting policy. 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. We review the status of each project at each period end and determine whether the
earnings process is complete and the revenue and costs of sales should be recognized.
11
Recently Issued Accounting Standards
In June 2016, the Financial
Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments
- Credit Losses". This update requires immediate recognition of management's estimates of current expected credit losses ("CECL").
Under the prior model, losses were recognized only as they were incurred. The new model is applicable to all financial instruments that
are not accounted for at fair value through net income. The standard is effective for fiscal years beginning after December 15, 2022 for
public entities qualifying as small reporting companies. Early adoption is permitted. The Company is currently assessing the impact of
this update on our consolidated financial statements and do not anticipate a significant impact.
Note 3 -
Prepaid Expenses
and Other Current Assets
Prepaid expenses consisted
of the following:
March 31,
2022
December 31, 2021
Insurance
$
26,071
$
30,666
Legal Fees
4,480
16,180
Deposit for equipment purchase
25,288
25,288
Operating ROU asset – short term portion
177,453
—
Deposit for leased equipment purchase (Note 11)
153,126
153,126
Total
$
386,418
$
225,260
In December 2021, the Company
made a deposit of $
153,126
to purchase equipment (included in prepaid expenses in the accompanying balance sheet). The remainder of the
purchase price was to be financed through a long-term lease. Terms and finalization of the lease has not yet occurred, and the Company
has requested a refund of its deposit from the initial lessor who did not follow through with lease financing based on their original
lease proposal.
Note 4 –
Property
and Equipment
Property and equipment consisted
of the following:
March 31,
2022
December 31, 2021
Computer and office equipment
$
2,807
$
2,807
Lab equipment
15,606
15,606
Furniture
43,705
43,705
Leasehold improvements
543,118
450,374
Machinery
657,017
627,641
Subtotal
1,262,254
1,140,133
Accumulated Depreciation
(
329,083
)
(
286,842
)
Property and Equipment, net
$
933,171
$
853,290
Depreciation and amortization
expense related to property and equipment was approximately $
42,000
and $
40,000
for the three months ended March 31, 2022 and 2021, respectively.
12
Note 5 -
Accounts Payable
and Accrued Expenses
Accounts payable and accrued
expenses consisted of the following:
March 31, 2022
December 31, 2021
Accounts payable
$
90,268
$
67,970
Accrued payroll
75,055
29,994
Credit cards payable
67,041
36,690
Accrued interest and other
8,404
13,293
Total
$
240,768
$
147,947
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 as of
the date hereof.
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.
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
10
ten-year options to purchase shares of common stock at an exercise price of $
1.50
per share to the Company's
then newly appointed Executive Chairman and Acting Chief Executive Officer under the 2019 Plan: (i) an option to purchase
965,850
shares
of common stock that vests ratably on a monthly basis over two years and (ii) an option to purchase
321,950
shares of common stock that
vests based on performance criteria to be mutually agreed to by the Board and the executive.
The grant was reduced to 500,000 options,
including 375,000 options and 125,000 options respectively under the two categories, due to limitations under the 2019 Plan. The terms
of the 125,000 performance-based options were established in the quarter ended December 31, 2021. 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.
13
On July 16, 2020, the Company
granted the following
10
ten-year options to purchase shares of common stock at an exercise price of $
1.50
per share to the Company's
then Executive Chairman and Acting Chief Executive Officer under the 2019 Plan: (i) an option to purchase
600,000
shares of common stock
that vests ratably on a monthly basis over one year and (ii) an option to purchase
200,000
shares of common stock that vests based on
specified performance criteria.
On September 16, 2020, the
Board of Directors and a majority of the Company's shareholders approved an amendment to the 2019 Plan to increase the number of
shares of common stock authorized for issuance under the 2019 Plan from
2,500,000
shares to
4,600,000
shares.
On September 22, 2020, the
Company granted a
10
ten-year option to purchase shares
1,637,410
shares of common stock at an exercise price of $
1.50
per share to the
Company's then Chairman and Chief Executive Officer under the 2019 Plan that vests ratably on a monthly basis over two years commencing
March 11, 2022.
From June 1 to June 22, 2021,
the Company granted five and 10 ten-year options to purchase
388,246
shares of common stock at an exercise price of $
2.90
to $
3.93
per
share to employees, an advisory board member and board members under the 2019 Plan that vest over two to five years.
On September 22, 2021, upon
the resignation of our then Chief Executive Officer and Chairman, a total of
1,911,160
unvested options that he received on September
25, 2019, March 11, 2020, July 16, 2020 and September 22, 2020 were forfeited as of such da
te.
On such date, the Company also provided the acceleration of
25,000
unvested stock options issued on September 25, 2019, which were to
vest as of September 25, 2021. The impact of the modification of the stock option was not material.
On
December 30, 2021, the Company
granted five and
10
ten-year options to purchase
445,000
shares of common stock at an exercise price
of $
1.77
per share to employees, an advisory board member and board members under the 2019 Plan that vest over one to four years.
On
February 9, 2022, subject to the shareholders' approval, the Board of Directors approved that the aggregate number of shares authorized
for issuance as awards under the 2019 Plan shall be
4,600,000
shares plus an annual increase on the first day of each fiscal year for
the rest of the term of the Plan in an amount equal to the lesser of (i)
5
% of the outstanding shares of common stock of the Company on
the last day of the immediately preceding year or (iii) an amount determined by the Board of Directors.
The stock option activity
from January 1, 2021 through March 31, 2022 is as follows (note there were no options granted, exercised, expired or forfeited in the
three months ended March 31, 2022):
Shares
Weighted-Average Exercise
Price per share
Weighted-Average Remaining
Contractual Life (years)
Balance, December 31, 2020
3,257,410
$
1.5
9.1
Options granted
833,246
2.7
6.7
Options exercised
(
45,625
)
1.5
—
Options converted
—
—
—
Options expired
(
735,625
)
1.5
—
Options forfeited
(
1,911,160
)
1.5
—
Balance, December 31, 2021 and March 31, 2022
1,398,246
2.2
6.0
Vested shares at March 31, 2022
483,500
1.5
2.4
The following table summarizes
the outstanding options at March 31, 2022 by exercise price.
14
Exercise price
Outstanding options
Exercisable options
$
1.50
565,000
450,167
$
3.93
388,246
0
$
1.77
445,000
33,333
1,398,246
483,500
At March 31, 2022, the Company
has
2,886,129
options available to grant under the 2019 Plan.
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 weighted average assumptions for issuances during the year of 2021:
2021
Risk-free interest rate
1.2
%
Expected term
7.0
years
Expected volatility
91
%
Expected dividends
0
Grant date fair value of common stock
$
1.91
/share
During the three months ended
March 31, 2022, the Company recognized stock-based compensation expense related to stock options of approximately $
51,000
, of which approximately
$
7,000
was recorded as part of research and development expenses and $
44,000
was included within general and administrative expenses on
the consolidated statements of operations. During the three months ended March 31, 2021, the Company recognized stock-based compensation
expense related to stock options of approximately $
678,000
($
643,000
of which was included within general and administrative expenses,
$
3,000
of which was included in research and development expenses, $
32,000
of which was included within cost of revenues).
As of March 31, 2022, there
was unamortized stock-based compensation of approximately $
1,500,000
which the Company expects to recognize over approximately
2.3
years.
At March 31, 2022, the intrinsic value of outstanding and vested stock options was approximately $
223,000
and $
155,000
, 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 March 31, 2022 and March 31, 2021,
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 was included as restricted cash on the consolidated balance sheet as of March 31, 2022 and December 31, 2021.
The assets and liabilities
from operating leases are recognized at the lease commencement date based on the present value of remaining lease payments over the lease
term using the Company's incremental borrowing rates or implicit rates, when readily determinable. Short-term leases, which have
an initial term of 12 months or less, are not recorded on the balance sheet. The Company's operating leases do not provide an implicit
rate that can readily be determined. Therefore, the Company uses a discount rate based on its estimated incremental commercial borrowing
rate,
15
The following table presents
information about the amount and timing of liabilities arising from the Company's operating and finance leases as of March 31, 2022
(in thousands):
Maturity of Lease Liabilities
Operating
                                            Lease Liabilities
2022
$
150,000
2023
200,000
2024
200,000
2025
183,337
Total undiscounted operating lease payments
$
733,337
Less: Imputed interest
95,533
Present value of operating lease liabilities
$
637,805
Short-term portion
177,453
Long term portion
460,352
Weighted average remaining lease term in years
4.9
Weighted average discount rate
6.50
%
The Company incurred lease
expense for its operating lease of approximately $
50,000
for the three months ended March 31, 2022.
The minimum lease payments
for the years ending December 31 are approximately as follows: $
200,000
in each of 2022 through 2024 and $
183,000
in 2025.
The Right of Use Asset at
March 31, 2022 of $
654,471
is being amortized over the lease term – with $
177,453
classified as a short-term asset and $
477,018
classified as a long term asset.
Note 9 –
Concentrations
During the three months ended
March 31, 2022, revenues were generated from two customers. At March 31, 2022, deferred costs and deferred revenues are attributable to
one customer contract.
During the quarter ended
March 31, 2021, substantially all revenues were generated from one customer pursuant to our contract with a governmental entity and amounted
to approximately
84
% of total revenues.
Note 10 –
Government
Loans
Paycheck Protection Program
Loans
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, 2021. On March 6, 2021, the entire loan balance was forgiven.
16
On February 24, 2021, the
Company received $
193,625
pursuant to a promissory note issued under the Paycheck Protection Program Part 2 ("PPP2"). Interest
was to accrue at
1
% per annum and the note is payable in 60 monthly installments of $
3,300
commencing May 2022; however, on November 15,
2021, the entire loan balance was forgiven.
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 1, 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 September 10, 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.
The loans are summarized as follows:
March 31, 2022
December 31, 2021
Principal outstanding
$
404,780
$
423,089
Deferred loan costs, net of amortization
(
3,268
)
(
3,496
)
Subtotal
401,512
419,593
Less current portion
(
74,739
)
(
74,134
)
Total long term portion
$
326,773
$
345,459
Interest expense on the above
debt instruments was approximately $
3,800
and $
4,400
for the three months ended March 31, 2022 and 2021, respectively.
Note 11 -
Subsequent Events
The Company has evaluated
events that have occurred after the balance sheet and through May 23, 2022. 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, except as
follows
On April 18, 2022, Mark Davidson
was appointed as Chief Executive Officer of the Company.
In connection with Mr. Davidson's
appointment as Chief Executive Officer of the Company, the Company agreed to pay Mr. Davidson an annual cash compensation of $300,000.
For 2022, Mr. Davidson will be eligible for an annual target bonus of up to $150,000 that will be prorated for nine (9) months (i.e. $112,500)
based on his achievements of performance goals to be finalized and approved by the Board of Directors within the first two months of his
employment. Such annual bonus will be paid in stock compensation until such time that the Company has sufficient cash flow. His eligibility
for future bonuses will be determined by the Board of Directors in accordance with the Company's future bonus plans and programs.
In addition, the Company agreed to grant to Mr. Davidson an option to purchase a number of shares equivalent to 5.0% ownership of the
Company on a fully-diluted basis using the treasury stock method as of March 31, 2022 (or 5.0% of 12,910,125 shares, or 650,000 shares),
at the fair market value of the Company's common stock as determined by the Board on the date it approves such grant. The option
will vest at the rate of 25% per year on the anniversary date from the first day of his employment starting from April 1, 2023. The option
will be subject to acceleration in vesting in connection with the occurrence of a change of control event during the term of Mr. Davidson's
employment.
17
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 prospectus. This discussion contains forward-looking statements that involve risks and
uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various
factors, including those discussed below and elsewhere in this prospectus, particularly those under "Risk Factors." Dollars
in tabular format are presented in thousands, except per share data, or otherwise indicated.
OVERVIEW
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.
RECENT DEVELOPMENTS
On April 18, 2022, Mark Davidson was appointed
as Chief Executive Officer of the Company.
In connection with Mr. Davidson's appointment as
Chief Executive Officer of the Company, the Company agreed to pay Mr. Davidson an annual cash compensation of $300,000. For 2022, Mr.
Davidson will be eligible for an annual target bonus of up to $150,000 that will be prorated for nine (9) months (i.e. $112,500) based
on his achievements of performance goals to be finalized and approved by the Board of Directors within the first two months of his employment.
Such annual bonus will be paid in stock compensation until such time that the Company has sufficient cash flow. His eligibility for future
bonuses will be determined by the Board of Directors in accordance with the Company's future bonus plans and programs. In addition,
the Company agreed to grant to Mr. Davidson an option to purchase a number of shares equivalent to 5.0% ownership of the Company on a
fully-diluted basis using the treasury stock method as of March 31, 2022 (or 5.0% of 12,910,125 shares, or 650,000 shares), at the fair
market value of the Company's common stock as determined by the Board on the date it approves such grant. The option will vest at
the rate of 25% per year on the anniversary date from the first day of his employment starting from April 1, 2023. The option will be
subject to acceleration in vesting in connection with the occurrence of a change of control event during the term of Mr. Davidson's
employment.
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.
18
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.
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 consists primarily of interest income
on cash balances, and other miscellaneous items. In the first quarter of 2021, this category also includes the forgiveness of the PPP
loan.
RESULTS OF OPERATIONS
Three Months Ended March 31, 2022 Compared
with Three Months Ended March 31, 2021
Overview
The following table presents certain information
from the condensed consolidated statements of operations:
2022
2021
Revenues
$
29,938
$
230,969
Cost of Revenues
30,999
382,853
Gross Loss
(1,061
)
(151,884
)
Operating Expenses:
Research and development
369,184
153,037
Selling, general, and administrative
757,927
796,474
Total Operating Expenses
1,127,111
949,511
Loss From Operations
(1,128,172
)
(1,101,395
)
Other Income:
Forgiveness of PPP loan and other income
2,013
210,680
Interest expense
(3,816
)
(4,396
)
Net Loss
$
(1,129,975
)
$
(895,111
)
19
Revenues
Revenues for the three months ended March 31,
2022 and 2021 were approximately $30,000 and $231,000, respectively, which represented a decrease of $201,000, or 87%. We have two commercial
customers as of March 31, 2022. For the quarter ended March 31, 2021, we recognized revenue under one of our completed government contracts,
which amounted to $225,000. 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.
Cost of Revenues
Cost of revenues for the three months ended March
31, 2022 and 2021 were approximately $31,000 and $383,000, respectively, which represented a decrease of $352,000, or 92%. The decrease
was attributable to labor costs being re-directed to research and development projects, as compared to the completion of the government
grant assignment in the quarter ended March 31,2021. 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 three
months ended March 31, 2022 and 2021 were approximately $369,000 and $153,000, respectively, which represented an increase of $216,000,
or 141%. The increase was primarily attributable to utilization of the facility employees, equipment usage costs and general lab supplies
on research and development projects vs. customer assignments.
General and Administrative
Selling, general, and administrative expenses
for the three months ended March 31, 2022 and 2021 were approximately $758,000 and $796,000, respectively, which represented a decrease
of $39,000, or 5%. The decrease was primarily attributable to a decrease in stock-based compensation of $628,000 primarily resulting from
the performance criteria of certain stock options to our Chief Executive Officer having been met in the first quarter of 2021, offset
in part by an increase of legal and professional fees of approximately $300,000.
Other Income
Interest income in the three months ended March
31, 2022 and 2021 was insignificant. Other income for the three months ended March 31, 2021 represents the forgiveness of our PPP loan.
Net Loss
Net loss for the three months ended March 31,
2022 and 2021 was approximately $(1,130,000) and $(895,000), respectively, which represented a decrease of $(235,000), or 26%. The decrease
was primarily attributable to the decrease in loss from operation of approximately $27,000 and the decrease in other income of $235,000,
principally driven by the forgiveness of PPP loan in 2021.
LIQUIDITY AND CAPITAL RESOURCES
Liquidity
We measure our liquidity in a number of ways,
including the following:
March 31, 2021
Cash
$
1,677,093
Working Capital
$
1,411,261
20
As of March 31, 2022, we had cash and working
capital of $1,677,093 and $1,411,261, respectively. We received the proceeds of the private placement of our securities and PPP loans
in 2021. We expect our current cash on hand to be insufficient to meet our operating and capital requirements for the next twelve months
from the date of this filing. This raises substantial doubt about our ability to continue as a going concern. The Company has engaged
with an investment bank to assist with the fund raise; however, there can no assurance that a financing can be completed on terms acceptable
to the Company. The Company has also taken preliminary steps to file a registration statement on Form S-1 with the SEC for a proposed
public offering and a listing application with Nasdaq, but there is no assurance that the offering and the listing application will be
successful. In addition, the Company is also exploring the possibility of a small bridge loan to cover operating cash needs for several
quarters or more and to provide some flexibility to the timing of a more permanent fund raising effort. 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 three months ended March 31, 2022 and 2021 was approximately $(867,000) and $(201,000), respectively. Net cash used in operating
activities for the three months ended March 31, 2022 includes cash used to fund a net loss of approximately $1,130,000, reduced by approximately
$94,000 of non-cash income/expenses, partially offset by $169,000 of net cash provided by changes in the levels of operating assets and
liabilities. Net cash provided by operating activities for the three months ended March 31, 2021 included cash used to fund a net loss
of approximately $895,000, reduced by $509,000 of non-cash expenses, partially offset by $185,000 of net cash used in changes in the levels
of operating assets and liabilities.
Net cash used in investing activities for the
three months ended March 31, 2022 and 2021 was approximately $139,000 and $21,000, respectively, primarily attributable to the purchase
property and equipment, and leasehold improvements in the laboratory.
Net cash provided by (used in) financing activities
for the three months ended March 31, 2022 and 2021 was approximately $(18,000) and $4,856,000 respectively. we have not received any external
financing in 2022. Net provided by financing activities for the three months ended March 31, 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.
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 report.
RECENTLY ISSUED ACCOUNTING STANDARDS
Our recently issued accounting standards are included
in Note 2 of our financial statements included elsewhere in this report.
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.
21
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.
As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of
management, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, management
concluded that our disclosure controls and procedures were not effective as of March 31, 2022 to cause the information required
to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within
the time periods prescribed by SEC, and that such information is accumulated and communicated to management, including our chief executive
officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.
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 subsequent to the date of management's last evaluation 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.
Item 3. Defaults upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
22
Item 5. Other Information
None.
Item 6. Exhibits
The following exhibits are included and filed with
this report.
Exhibit
Exhibit
Description
3.1
Certificate of Incorporation of Odyssey Semiconductor Technologies, Inc. (Incorporated by reference to Exhibit 3.1 to Registration Statement on Form S-1 filed on November 15, 2019, File No. 333- 234741)
3.2
Bylaws of Odyssey Semiconductor Technologies, Inc. (Incorporated by reference to Exhibit 3.2 to Registration Statement on Form S-1 filed on November 15, 2019, File No. 333- 234741)
10.1
Offer Letter to Mark Davidson, dated April 7, 2022, by Odyssey Semiconductor Technologies, Inc. (Filed herewith)
31.1
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer and Principal Financial and Accounting Officer
32.1
Section 1350 Certification of Principal Executive Officer and Principal Financial and Accounting Officer *
101
Interactive
Data Files
101.INS
XBRL
Instance Document
101.SCH
XBRL
Taxonomy Extension Schema Document
101.CAL
XBRL
Taxonomy Extension Calculation Linkbase Document
101.LAB
XBRL
Taxonomy Extension Label Linkbase Document
101.PRE
XBRL
Taxonomy Extension Presentation Linkbase Document
101.DEF
XBRL
Taxonomy Extension Definition Linkbase Definition
*
Furnished and not filed.
23
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 May 23, 2022.
Odyssey
Semiconductor Technologies, Inc.
By:
/s/
Mark Davidson
Mark
Davidson
Chief
Executive Officer
24