Serve Robotics Inc.(SERV) - 2023 Q1 - Quarterly Report

Financial Position - As of March 31, 2023, the Company had total assets of $12,366, comprised exclusively of cash[61]. - The Company's current liabilities as of March 31, 2023, totaled $147,391, including accounts payable and amounts due under a note payable to a shareholder[61]. - The total amount due under the promissory note issued to a stockholder as of March 31, 2023, was $131,500[64]. - The Company has no off-balance sheet arrangements that materially affect its financial condition or results of operations[68]. Revenue and Expenses - The Company has generated no revenues since inception and is unlikely to do so until a business combination is completed[47]. - The Company anticipates incurring approximately $40,000 in expenses related to legal, accounting, and other professional services in the next 12 months[52]. - Management expects to incur approximately $40,000 in expenses over the next 12 months related to legal, accounting, audit, and other professional service fees associated with Exchange Act filing requirements[67]. - The Company reported a net loss of $11,482 for the three months ended March 31, 2023, compared to a net loss of $7,888 for the same period in 2022, reflecting an increase in losses of approximately 45%[66]. - The Company reported a net cash used in operating activities of $(5,591) for the three months ended March 31, 2023[62]. - The net cash provided by financing activities was $17,500 for the same period[62]. Business Operations - The Company has not entered into any definitive agreement with any party regarding business opportunities as of the date of this report[60]. - The Company plans to continue efforts to locate suitable acquisition candidates without restricting to any specific business or geographical location[47]. - The Company has not generated any revenue since inception and is unlikely to do so unless it successfully completes an acquisition or merger with an operating company[65]. Regulatory and Legal Matters - The Company is classified as an "emerging growth company" and may take advantage of certain exemptions from various reporting requirements[43]. - As an "emerging growth company," the Company has elected to delay the adoption of new accounting standards, which may affect comparability with other public companies[70]. - There are no material pending legal proceedings involving the Company, and no adverse interests from directors or significant shareholders[74][75]. Management Estimates - Management's estimates regarding the current portion of note payable and deferred tax benefits are contingent upon the successful acquisition of a target company[69].