Serve Robotics Inc.(SERV)

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Serve Robotics Inc.(SERV) - 2024 Q1 - Quarterly Report
2024-05-15 11:25
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 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 000-56237 SERVE ROBOTICS INC. (Exact name of registrant as specified in its charter) | --- | --- | |----------- ...
Serve Robotics Inc.(SERV) - 2023 Q4 - Annual Report
2024-02-29 21:56
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 000-56237 SERVE ROBOTICS INC. (Exact name of registrant as specified in its charter) | --- | --- | |---------------- ...
Serve Robotics Inc.(SERV) - 2023 Q3 - Quarterly Report
2023-11-15 00:35
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 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 000-56237 | --- | --- | |-----------------------------------------------------------------|---------------- ...
Serve Robotics Inc.(SERV) - 2023 Q2 - Quarterly Report
2023-07-27 21:02
PART I - FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The company reported no revenue, increasing net losses, and a worsening stockholders' deficit, with cash primarily from stockholder notes, anticipating a merger-driven change of control [Condensed Balance Sheets](index=6&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2023, the company's total assets were $9,236, with a stockholders' deficit of $152,864, primarily due to increased stockholder note payable Condensed Balance Sheet Data (Unaudited) | Account | June 30, 2023 (USD) | December 31, 2022 (USD) | | :--- | :--- | :--- | | **Assets** | | | | Cash | $9,236 | $457 | | **Total Assets** | **$9,236** | **$457** | | **Liabilities & Stockholders' Deficit** | | | | Accounts payable and accrued expenses | $10,600 | $10,000 | | Note payable - stockholder | $151,500 | $114,000 | | **Total Liabilities** | **$162,100** | **$124,000** | | Accumulated deficit | ($153,364) | ($124,043) | | **Total Stockholders' Deficit** | **($152,864)** | **($123,543)** | [Condensed Statements of Operations](index=7&type=section&id=Condensed%20Statements%20of%20Operations) The company reported no revenue for both periods, with a net loss of $17,839 for Q2 2023 and an increased six-month net loss of $29,321 driven by administrative expenses Statement of Operations Highlights (Unaudited) | Period | Three Months Ended June 30, 2023 (USD) | Three Months Ended June 30, 2022 (USD) | Six Months Ended June 30, 2023 (USD) | Six Months Ended June 30, 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $0 | $0 | $0 | $0 | | General and administrative expenses | $17,839 | $19,190 | $29,321 | $27,078 | | **Net Loss** | **($17,839)** | **($19,190)** | **($29,321)** | **($27,078)** | | Net loss per share | ($0.00) | ($0.00) | ($0.01) | ($0.01) | [Condensed Statement of Cash Flows](index=9&type=section&id=Condensed%20Statement%20of%20Cash%20Flows) Net cash used in operations was $28,721, offset by $37,500 from financing activities, resulting in a net cash increase of $8,779 for the six months ended June 30, 2023 Cash Flow Summary for Six Months Ended June 30 (Unaudited) | Cash Flow Activity | 2023 (USD) | 2022 (USD) | | :--- | :--- | :--- | | Net cash used in operating activities | ($28,721) | ($24,578) | | Net cash provided by financing activities | $37,500 | $26,980 | | **Net change in cash** | **$8,779** | **$2,402** | | **Cash - end of period** | **$9,236** | **$2,673** | [Notes to Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Notes clarify the company's shell status, 'going concern' issues due to accumulated deficit, and plans for financing through borrowings, highlighting the proposed merger with Serve Robotics Inc - The company is a shell corporation organized to acquire a target company, with no specific business, industry, or geographical restrictions[21](index=21&type=chunk) - Management has expressed substantial doubt about the company's ability to continue as a going concern due to an accumulated deficit of **$153,364** as of June 30, 2023, with plans to finance operations through additional borrowings[38](index=38&type=chunk) - The company has a **proposed merger agreement** with Serve Robotics Inc., an autonomous sidewalk delivery company, which is expected to result in a **change of control** upon completion[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=13&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's 'blank check' status, reliance on stockholder loans, 'going concern' doubts, and the proposed merger with Serve Robotics Inc., noting consistent net losses - The company is a **'blank check'** and **'shell company'** with no revenue, primarily focused on achieving a business combination without industry or location restrictions[45](index=45&type=chunk)[46](index=46&type=chunk) - On May 31, 2023, the company announced a **proposed merger with Serve Robotics Inc.**, an autonomous sidewalk delivery company, which is expected to result in a **change of control**[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - The company's ability to continue as a **going concern** is in doubt, relying on a promissory note from a stockholder, Mark Tompkins, with **$151,500** outstanding as of June 30, 2023[53](index=53&type=chunk)[54](index=54&type=chunk)[69](index=69&type=chunk) Net Loss Summary (USD) | Period | Net Loss | | :--- | :--- | | Three months ended June 30, 2023 | $17,839 | | Three months ended June 30, 2022 | $19,190 | | Six months ended June 30, 2023 | $29,321 | | Six months ended June 30, 2022 | $27,078 | [Quantitative and Qualitative Disclosures About Market Risk](index=17&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exempt from market risk disclosures due to its qualification as a 'smaller reporting company' - As a **'smaller reporting company'**, the company is exempt from providing quantitative and qualitative disclosures about market risk[76](index=76&type=chunk) [Controls and Procedures](index=18&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting - Management evaluated the company's disclosure controls and procedures and found them to be **effective** as of June 30, 2023[78](index=78&type=chunk) - There were **no material changes** in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[79](index=79&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=19&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material pending legal proceedings - There are **no material pending legal proceedings** to which the company is a party[82](index=82&type=chunk) [Risk Factors](index=19&type=section&id=Item%201A.%20Risk%20Factors) The company is exempt from providing risk factor disclosures due to its 'smaller reporting company' status - As a **'smaller reporting company'**, the company is exempt from providing risk factor disclosures in this report[83](index=83&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=19&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - **None**[84](index=84&type=chunk) [Exhibits](index=19&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including certifications and Inline XBRL data files - The report includes an **exhibit index** listing documents such as the Certificate of Incorporation, By-Laws, a Promissory Note, and Sarbanes-Oxley certifications[86](index=86&type=chunk)
Serve Robotics Inc.(SERV) - 2023 Q1 - Quarterly Report
2023-05-15 19:13
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 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: 000-56237 Patricia Acquisition Corp. (Exact name of registrant as specified in its charter) | --- | --- | |-------- ...
Serve Robotics Inc.(SERV) - 2022 Q4 - Annual Report
2023-03-31 20:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 85-3844872 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Title of Each Class Trading Symbol Name of Each Exchange on Which Registered None N/A N/A FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...
Serve Robotics Inc.(SERV) - 2022 Q2 - Quarterly Report
2022-08-16 18:10
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR For the transition period from _______ to _______ Commission file number: 000-56237 Patricia Acquisition Corp. (Exact name of registrant as specified in its charter) Delaware 85-3844872 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification ...
Serve Robotics Inc.(SERV) - 2022 Q1 - Quarterly Report
2022-05-16 19:18
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ 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: 000-56237 Patricia Acquisition Corp. (Exact name of registrant as specified in its charter) Delaware 85-3844872 (St ...
Serve Robotics Inc.(SERV) - 2021 Q4 - Annual Report
2022-03-30 22:04
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-56237 Patricia Acquisition Corp. (Exact name of registrant as specified in charter) (State or other jurisdiction of (I.R.S. Employer ...
Serve Robotics Inc.(SERV) - 2021 Q3 - Quarterly Report
2021-11-16 17:38
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 85-3844872 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2255 Glades Road, Suite 324A Boca Raton, Florida 33431 (Address of principal executive offices) (Zip Code) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15( ...