Company: SERV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001832483-25-000038
Chunk: 19

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 investing activities:Purchase of property and equipment(3,460,913)(3,340)Other investing activities160,830 - Net cash used in investing activities(3,300,083)(3,340)Cash flows from financing activities:Proceeds from issuance of common stock, net of offering costs75,846,941 - Proceeds from short-swing profit disgorgement47,970 - Proceeds from exercise of warrants11,787,204 5,832 Proceeds from convertible notes payable, net of offering costs- 4,844,625 Proceeds from exercise of options137,564 - Repayments of note payable- (250,000)Repayments of notes payable, related party- (70,000)Repayment of financing lease liability(564,383)(28,011)Net cash provided by financing activities87,255,296 4,502,446 Net change in cash and cash equivalents74,492,399 420,726 Cash and cash equivalents at beginning of period123,266,437 6,756 Cash and cash equivalents at end of period$197,758,836 $427,482  Supplemental disclosure of cash flow information:Cash paid for interest$36,259 $35,892  Supplemental disclosure of non-cash investing and financing activities:Deferred offering costs included in accrued liabilities$- $973,491 Purchases of property and equipment, accrued but not paid$912,226 $- See accompanying notes to the unaudited condensed consolidated financial statements

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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 State of Delaware and a wholly-owned subsidiary of Serve Robotics Inc. (formerly known as Patricia Acquisition Corp.) (the "Company"). The Company is developing next generation robots for last mile delivery services. The Company is headquartered in Redwood City, California.On July 31, 2023, Serve Acquisition Corp., a corporation formed in the State of Delaware on July 10, 2023 and a wholly-owned subsidiary of Patricia Acquisition Corp., a Delaware corporation incorporated on November 9, 2020 (“Patricia”)  ("Acquisition Sub"), merged