Filing summary
Important entity and period note: The supplied filing is Patricia Acquisition Corp.’s unaudited Form 10-Q for the quarter ended June 30, 2021. It is not a Serve Robotics Inc. filing, despite the request metadata. The company describes itself as a shell/blank-check company seeking a business combination.
Business context and reporting period
The filing covers the three and six months ended June 30, 2021; the balance sheet compares June 30, 2021 with December 31, 2020. Patricia was incorporated in November 2020 and had no operating business or revenue. It reported that it had no definitive business-combination agreement or specific candidate discussions as of the filing date.
Financial results and liquidity
| Metric | Three months ended June 30, 2021 | Six months ended June 30, 2021 / June 30, 2021 balance |
|---|---|---|
| Revenue | $0 | $0 |
| General and administrative expense | $14,284 | $30,501 |
| Net loss | $14,284 | $30,501 |
| Cash | — | $9,917 |
| Current liabilities | — | $57,980 |
| Stockholder note payable | — | $54,980 |
| Stockholders’ deficit | — | $48,063 |
| Operating cash flow | — | $(32,001) |
| Financing cash flow | — | $32,480 |
| Net change in cash | — | $479 |
With no revenue, operating margins are not meaningful. The filing’s earnings-per-share table is garbled in the supplied text; it does not provide a clear, reliably attributable per-share value. Management reported negative working capital of $48,063 and stated that the going-concern conditions raise substantial doubt about the company’s ability to continue for the twelve months after issuance.
Material changes versus the prior comparable period
The filing provides no prior-year comparable-period operating results. Against December 31, 2020, cash increased by $479, while the stockholder note payable rose from $22,500 to $54,980 and accumulated deficit increased from $18,062 to $48,563. The company remained pre-revenue and dependent on financing.
Outlook, risks, and unusual items
- Management planned to continue searching for a business-combination target and anticipated funding near-term operations through further advances under the existing stockholder note. The stockholder had no obligation to make additional advances, and the filing gives no assurance that financing would be available.
- The note is non-interest-bearing except after an event of default; after the specified default period, interest accrues at 18% annually. Repayment is tied to consummation of a business combination or another transaction after which the company would cease to be a shell.
- COVID-19-related disruption could hinder target searches or a transaction. The company also cited the risks of acquiring a financially unstable or early-stage business and the lack of diversification if it completes only one combination.
- The company recorded a full valuation allowance against approximately $10,200 of gross deferred tax assets arising from net operating loss carryforwards of $48,563.
- Management concluded that disclosure controls and procedures were effective at quarter-end and reported no material change in internal control over financial reporting during the quarter. No material legal proceedings were reported.
Most important facts for investors to verify
- Confirm the issuer: this filing identifies Patricia Acquisition Corp., not Serve Robotics Inc.
- Verify the current status and terms of the $54,980 related-party note, including any subsequent advances, defaults, or repayment obligations.
- Check subsequent filings for financing, a business-combination agreement, or changes to the going-concern assessment; none was reported here.
- Review the original financial statements for the earnings-per-share presentation, which is unclear in the supplied text.