Serve Robotics completes reverse merger; Legacy Serve shows $10.1M loss, $18.9K cash, going concern

Serve Robotics Inc. /DE/

Merger completed August 10, 2023: Patricia Acquisition Corp. acquired Serve Operating Co. in reverse merger, renamed Serve Robotics Inc.
Legacy Serve revenue $102K for H1 2023 (vs $27K prior); net loss $10.1M (vs $9.2M).
Cash only $18,912 as of June 30, 2023, down from $2.7M at Dec 2022; substantial doubt about going concern.
Accumulated deficit $53.6M; total liabilities $27.4M exceed total assets $5.0M.
Investor presentation furnished; remains pre-revenue with minimal delivery and branding fees.

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