Company: SERV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001832483-25-000089
Chunk: 16

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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Other receivables(283)(180)Accounts payable(485)(663)Accrued liabilities1,208 (121)Deferred revenue(8)53 Operating lease liabilities, net188 (29)Net cash used in operating activities(25,426)(9,820)Cash flows from investing activities:Purchases of property and equipment(9,498)(798)Purchases of short-term marketable securities(66,308)- Security deposits(69)- Acquisition, net of cash acquired(5,634)- Capitalized software(425)- Net cash used in investing activities(81,934)(798)Cash flows from financing activities:Proceeds from issuance of common stock, net of offering costs75,847 35,849 Proceeds from issuance of common stock under the 2025 Equity Distribution Agreement, net of offering costs13,521 - Proceeds from exercise of warrants11,376 6 Proceeds from exercise of options224 9 Proceeds from short-swing profit disgorgement48 - Payments of deferred offering costs(35)- Repayment of financing lease liability(186)(747)Proceeds from convertible notes payable, net of offering costs- 4,845 Repayments of notes payable, related party- (70)Repayments of note payable- (500)Net cash provided by financing activities100,795 39,392 Effect of exchange rate changes on cash and cash equivalents(1)- Net change in cash and cash equivalents(6,565)28,774 Cash and cash equivalents at beginning of period123,266 7 Cash and cash equivalents at end of period$116,700 $28,781 

Supplemental disclosure of cash flow information:Cash paid for income taxes$- $- Cash paid for interest$93 $50 Supplemental disclosure of non-cash investing and financing activities:Purchases of property and equipment, accrued but not paid$64 $- Conversion of convertible notes and derivative into common stock$- $6,804 

See accompanying notes to the unaudited condensed consolidated financial statements

4

Serve Robotics Inc.

Notes to the Unaudited Condensed Consolidated Financial Statements

1. NATURE OF OPERATIONS, HISTORY, ORGANIZATION AND BUSINESS

Serve Operating Co. (formerly known as Serve Robotics Inc.) (“Serve”) is a corporation formed on January 15, 2021 under the laws of the