Company: ARAI
Filing Date: 2025-06-05
Form Type: 10-Q
Source: 0001641172-25-013826
Chunk: 6

Company: Arrive AI Inc.
Filing Date: 2025-06-05
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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    of common stock 
    $6,927,869  
    $- 

See accompanying condensed notes to unaudited financial statements.

 - 6 - 

ARRIVE
AI INC. 

(FORMERLY
ARRIVE TECHNOLOGY INC.)

CONDENSED
NOTES TO FINANCIAL STATEMENTS

March
31, 2025 and 2024

(Unaudited)

1. NATURE OF OPERATIONS

Arrive
AI Inc. (formerly Arrive Technology Inc.) (the Company) was incorporated on April 30, 2020, in the State of Delaware as Dronedek Corporation.
On July 27, 2023, Dronedek Corporation changed its name to Arrive Technology Inc. On September 27, 2024, Arrive Technology Inc. changed
its name to Arrive AI Inc. The Company is a developmental technology company with a focus on designing and implementing a commercially
viable smart mailbox for drone, robotic and human package receiving and storage.

The
Company is subject to a number of risk similar to those of other companies of similar size in its industry, including, but not limited
to, the need for successful development of products, the need for additional capital (or financing) to fund operating losses, competition
from substitute products and services from larger companies, protection of proprietary technology, patent litigation, dependence on key
individuals, and risks associated with changes in information technology.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis
of Accounting

The
financial statements (unaudited) have been prepared in accordance with accounting principles generally accepted in the United States
of America (US GAAP). These unaudited financial statements should be read in conjunction with the Company’s audited financial statements
and related notes thereto for the year ended December 31, 2024.

In
the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial
position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the
interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that
would substantially duplicate the disclosures contained in the audited financial statements for the fiscal year ended December 31, 2024,
have been omitted.

Reclassifications

On
November 25, 2024, the Company effected a 1-for-4 reverse stock split (