Business Combination (Tables)

3 Months Ended

Mar. 31, 2022

Business Acquisition [Line Items]

Reconciles the Elements of Business Combination to Consolidated Statements

The following table reconciles the elements of the Business Combination to the consolidated statement of cash flows and the consolidated statement of changes in equity for the three months ended March 31, 2021:

(Amounts in thousands)	Recapitalization
Cash- AMCI’s trust and cash (net of redemptions)	$	93,311
Cash – PIPE plus interest		65,000
Less transaction costs and advisory fees paid		(17,620	)
Less non-cash warrant liability assumed		(33,116	)
Net Business Combination and PIPE financing	$	107,575

Common Stock Issued Following the Consummation of Business Combination

The number of shares of common stock issued immediately following the consummation of the Business Combination:

	Recapitalization
Class A Common Stock of AMCI, outstanding prior to Business Combination		9,061,136
Less Redemption of AMCI shares		(1,606	)
Class B Common Stock of AMCI, outstanding prior to Business Combination		5,513,019
Shares issued in PIPE		6,500,000
Business Combination and PIPE financing shares		21,072,549
Legacy Advent Shares		25,033,398
Total shares of Common Stock immediately after Business Combination		46,105,947

UltraCell LLC [Member]

Business Acquisition [Line Items]

Assets Acquired and Liabilities Assumed

The assets acquired and liabilities assumed at the date of acquisition were as follows (amounts in thousands):

Current assets
Cash and cash equivalents	$	78
Other current assets		658
Total current assets	$	736
Non-current assets		9
Total assets	$	745
Current liabilities		110
Non-current liabilities		-
Total liabilities	$	110
Net assets acquired	$	635

Goodwill arising on acquisition

Cost of investment	$	6,000
Net assets value		635
Consideration to be allocated	$	5,365
Fair value adjustment - New intangibles
Trade name "UltraCell"		406
Patented technology		4,328
Total intangibles acquired	$	4,734
Remaining Goodwill	$	631

SerEnergy and FES [Member]

Business Acquisition [Line Items]

Assets Acquired and Liabilities Assumed

The assets acquired and liabilities assumed at the date of acquisition were as follows (amounts in thousands):

Current assets
Cash and cash equivalents	$	4,367
Other current assets		10,252
Total current assets	$	14,619
Non-current assets		5,388
Total assets	$	20,007
Current liabilities		5,800
Non-current liabilities		1,180
Total liabilities	$	6,980
Net assets acquired	$	13,027

Goodwill arising on acquisition

Cost of investment
Cash consideration	$	22,236
Share consideration		37,924
Total cost of investment		60,160
Less: Net assets value		13,027
Original excess purchase price	$	47,133
Fair value adjustments
Real Property		76
New intangibles:
Patents		16,893
Process know-how (IPR&D)		2,612
Order backlog		266
Total intangibles acquired	$	19,771
Deferred tax liability arising from the recognition of intangibles and real property valuation		(5,452	)
Deferred tax assets on tax losses carried forward		3,339
Remaining Goodwill	$	29,399