Filing identity and business context
Important: The supplied filing is Patricia Acquisition Corp.’s Form 10-Q, not a filing by Serve Robotics Inc. It covers the quarter ended September 30, 2021, and describes Patricia as a blank-check shell company seeking a business combination. It provides no Serve Robotics operating or financial information.
Financial results and liquidity
- Revenue: None for the three or nine months ended September 30, 2021.
- Net loss: $14,720 for the quarter and $45,221 for the nine-month period, primarily general and administrative, accounting, audit, and professional fees. Basic and diluted loss per share was reported as $0.00 and $0.01, respectively.
- Cash flow: Nine-month operating cash outflow was $45,221; financing provided $42,460 through stockholder advances. Cash decreased by $2,761, from $9,438 at year-end 2020 to $6,677.
- Balance sheet at September 30, 2021: Total assets were $6,677, all cash. Current liabilities were $69,460, including $64,960 due under a stockholder note and $4,500 in accounts payable. Working capital and stockholders’ equity were each negative $62,783.
- Debt: The stockholder note is non-interest-bearing absent default and is repayable in connection with a business combination or similar transaction. Following an event of default, the note provides for 18% annual interest beginning five days after the default date.
- Margins: Not meaningful; the company reported no revenue.
Changes versus prior comparable period
The filing gives no prior-year comparative income statement or cash-flow figures. Compared with December 31, 2020, cash fell by $2,761, the stockholder note increased by $42,460, and accumulated deficit increased from $18,062 to $63,283.
Outlook, risks, and unusual items
- Management reported substantial doubt about the company’s ability to continue as a going concern for the twelve months following issuance. Its plan was to fund operations with further advances under the existing stockholder note, but the stockholder has no obligation to provide additional funds.
- The company had not entered into a definitive agreement or held specific discussions with a potential business-combination candidate as of the filing date. It planned to continue searching and expected no revenue unless it completed a combination.
- The filing identifies potential COVID-19-related disruption to the search and completion of a business combination. It also notes risks from limited financing, dependence on a single transaction, and the possibility that a target may be early-stage or financially unstable.
- No material pending legal proceedings or material off-balance-sheet arrangements were reported. Management concluded disclosure controls were effective; no material change in internal control over financial reporting was identified during the quarter.
Key facts for investors to verify
- Confirm the issuer: this filing names Patricia Acquisition Corp., not Serve Robotics Inc.
- Verify whether any later transaction connected Patricia Acquisition Corp. with Serve Robotics; this filing itself reports no definitive agreement or specific candidate discussions.
- Assess the going-concern warning, minimal cash balance, and dependence on discretionary related-party funding.
- Review the stockholder note terms, balance, and repayment trigger, including the default-interest provision.