Filing summary
Entity mismatch: The supplied filing is Patricia Acquisition Corp.’s Form 10-Q for the quarter ended June 30, 2022—not a filing by Serve Robotics Inc. The summary below reflects the filing text provided.
Business context and reporting period
Patricia Acquisition Corp. described itself as a shell/blank-check company seeking a business combination; it reported no operating business or revenue. This unaudited Form 10-Q covers the three and six months ended June 30, 2022, with comparisons to 2021.
Key financial metrics
| Metric | Q2 2022 / June 30, 2022 | Comparable period / prior year-end |
|---|---|---|
| Revenue | $0 | $0 in Q2 2021 and first half 2021 |
| General and administrative expenses | $19,190 for Q2; $27,078 for first half | $14,284 for Q2 2021; $30,501 for first half 2021 |
| Net loss | $19,190 for Q2; $27,078 for first half | $14,284 for Q2 2021; $30,501 for first half 2021 |
| Cash and total assets | $2,673 | $271 at December 31, 2021 |
| Current liabilities | $101,940 | $72,460 at December 31, 2021 |
| Stockholder note payable | $91,940 | $64,960 at December 31, 2021 |
| Operating cash flow | $(24,578) for first half | $(32,001) for first half 2021 |
| Financing cash flow | $26,980 for first half, from stockholder note advances | $32,480 for first half 2021 |
| Net change in cash | $2,402 for first half | $479 for first half 2021 |
Working capital was negative $99,267. No meaningful operating margin was reported given the absence of revenue. The stockholder note is non-interest-bearing except following an event of default, when the filing says an 18% annual rate applies after the specified period.
Material changes and unusual items
- Q2 net loss increased to $19,190 from $14,284, while first-half net loss declined to $27,078 from $30,501.
- Cash remained very limited, and the stockholder note balance increased by $26,980 from year-end, consistent with first-half financing proceeds.
- The company and HashWatt, Inc. mutually ended discussions on June 8, 2022 concerning a proposed merger and related private placement. The filing says escrowed funds were returned and no definitive agreements were signed.
Outlook, risks and contingencies
Management planned to continue searching for a business-combination target. It reported no definitive agreement or specific candidate discussions as of the filing date, apart from the ended HashWatt discussions. The company expected to fund operations through further stockholder advances or other financing, but noted the stockholder was not obligated to advance additional funds and availability was not assured.
Management stated that accumulated losses, negative working capital, and stockholders’ deficit raised substantial doubt about the company’s ability to continue as a going concern for the twelve months following issuance. The filing also identified risks associated with completing a business combination, dependence on a single transaction, potential target-company risks, and possible COVID-19 disruption. It reported no material pending legal proceedings and no material off-balance-sheet arrangements.
Important facts for investors to verify
- Confirm the issuer: this document names Patricia Acquisition Corp., not Serve Robotics Inc.
- Check the company’s subsequent filings for any later business-combination agreement, financing, or change in operations.
- Verify the availability and terms of additional funding, including advances under the stockholder note.
- Review developments affecting the going-concern uncertainty and the status of the company’s search for a target.