Company: SERV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001832483-25-000038
Chunk: 18

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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Balances at March 31, 202424,633,795$2,462 $68,729,393 $(165,629)$(77,372,352)$(8,806,126)Balances at December 31, 202451,288,566$5,127 $239,201,220 $- $(107,525,433)131,680,914 Issuance of common stock, net of offering costs4,210,52542175,846,520-- 75,846,941 Short-swing profit disgorgement--47,970-- 47,970 Vested restricted stock units121,66012(12)-- - Exercise of warrants1,164,64411611,787,088-- 11,787,204 Exercise of options60,1206137,558-- 137,564 Stock-based compensation--3,879,367-- 3,879,367 Net loss----(13,216,292)(13,216,292)Balances at March 31, 202556,845,515$5,682 $330,899,711 $— $(120,741,725)$210,163,668 

See accompanying notes to the unaudited condensed consolidated financial statements

3

Serve Robotics Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

Three Months EndedMarch 31,20252024Cash flows from operating activities:  Net loss$(13,216,292)$(9,037,971)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation474,632 17,923 Stock-based compensation3,879,367 4,255,432 Amortization of debt discount- 1,212,836 Interest on recourse loan- 3,987 Changes in operating assets and liabilities:Accounts receivable(294,650)(263,075)Inventory- 37,814 Prepaid expenses284,565 47,359 Other receivables(526,071)- Accounts payable(266,683)(325,541)Accrued liabilities235,828 (82,168)Deferred revenue(20,097)68,899 Operating lease liabilities, net(13,413)(13,875)Net cash used in operating activities(9,462,814)(4,078,380)Cash flows from