Serve Robotics (SERV) 10-Q 10 Nov 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 10, 2022
Document Information Line Items
Entity Registrant Name	Patricia Acquisition Corp.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		5,000,000
Amendment Flag	false
Entity Central Index Key	0001832483
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	true
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-56237
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3844872
Entity Address, Address Line One	2255 Glades Road
Entity Address, Address Line Two	Suite 324A
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33431
City Area Code	(561)
Local Phone Number	989-2208
Entity Interactive Data Current	Yes

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash	$ 1,268	$ 271
Total current assets	1,268	271
Total assets	1,268	271
Current liabilities
Accounts payable and accrued expenses	10,000	7,500
Note payable - stockholder	103,940	64,960
Total current liabilities	113,940	72,460
Total liabilities	113,940	72,460
Commitments and contingencies
Stockholders’ deficit
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding
Common stock, $0.0001 par value, 50,000,000 shares authorized, 5,000,000 shares issued and outstanding	500	500
Accumulated deficit	(113,172)	(72,689)
Total stockholders’ deficit	(112,672)	(72,189)
Total liabilities and stockholders’ deficit	$ 1,268	$ 271

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	5,000,000	5,000,000
Common stock, shares outstanding	5,000,000	5,000,000

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue
General and administrative expenses	13,405	14,720	40,483	45,221
Loss from operations	(13,405)	(14,720)	(40,483)	(45,221)
Net loss	$ (13,405)	$ (14,720)	$ (40,483)	$ (45,221)
Weighted average common stock outstanding, basic (in Shares)	5,000,000	5,000,000	5,000,000	5,000,000
Net loss per share of common stock, basic (in Dollars per share)	$ 0	$ 0	$ (0.01)	$ (0.01)

Condensed Statements of Opera_2

Condensed Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Weighted average common stock outstanding, diluted	5,000,000	5,000,000	5,000,000	5,000,000
Net loss per share of common stock, diluted	$ 0	$ 0	$ (0.01)	$ (0.01)

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Common Stock	Accumulated Deficit	Total
Balances at Dec. 31, 2020	$ 500	$ (18,062)	$ (17,562)
Balances (in Shares) at Dec. 31, 2020	5,000,000
Net loss		(16,217)	(16,217)
Balances at Mar. 31, 2021	$ 500	(34,279)	(33,779)
Balances (in Shares) at Mar. 31, 2021	5,000,000
Balances at Dec. 31, 2020	$ 500	(18,062)	(17,562)
Balances (in Shares) at Dec. 31, 2020	5,000,000
Net loss			(45,221)
Balances at Sep. 30, 2021	$ 500	(63,283)	(62,783)
Balances (in Shares) at Sep. 30, 2021	5,000,000
Balances at Mar. 31, 2021	$ 500	(34,279)	(33,779)
Balances (in Shares) at Mar. 31, 2021	5,000,000
Net loss		(14,284)	(14,284)
Balances at Jun. 30, 2021	$ 500	(48,563)	(48,063)
Balances (in Shares) at Jun. 30, 2021	5,000,000
Net loss		(14,720)	(14,720)
Balances at Sep. 30, 2021	$ 500	(63,283)	(62,783)
Balances (in Shares) at Sep. 30, 2021	5,000,000
Balances at Dec. 31, 2021	$ 500	(72,689)	(72,189)
Balances (in Shares) at Dec. 31, 2021	5,000,000
Net loss		(7,888)	(7,888)
Balances at Mar. 31, 2022	$ 500	(80,577)	(80,077)
Balances (in Shares) at Mar. 31, 2022	5,000,000
Balances at Dec. 31, 2021	$ 500	(72,689)	(72,189)
Balances (in Shares) at Dec. 31, 2021	5,000,000
Net loss			(40,483)
Balances at Sep. 30, 2022	$ 500	(113,172)	(112,672)
Balances (in Shares) at Sep. 30, 2022	5,000,000
Balances at Mar. 31, 2022	$ 500	(80,577)	(80,077)
Balances (in Shares) at Mar. 31, 2022	5,000,000
Net loss		(19,190)	(19,190)
Balances at Jun. 30, 2022	$ 500	(99,767)	(99,267)
Balances (in Shares) at Jun. 30, 2022	5,000,000
Net loss		(13,405)	(13,405)
Balances at Sep. 30, 2022	$ 500	$ (113,172)	$ (112,672)
Balances (in Shares) at Sep. 30, 2022	5,000,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (40,483)	$ (45,221)
Adjustments to reconcile net loss to net cash used in operating activities:
Accounts payable and accrued expenses	2,500
Net cash used in operating activities	(37,983)	(45,221)
Cash flows from financing activities:
Proceeds from note payable - stockholder	38,980	42,460
Net cash provided by financing activities	38,980	42,460
Net change in cash	997	(2,761)
Cash - beginning of period	271	9,438
Cash - end of period	$ 1,268	$ 6,677

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Nature of Operations	Note 1. Nature of Operations Patricia Acquisition Corp. (the “Company”) was incorporated in the State of Delaware on November 9, 2020. The Company’s management has chosen December 31st for its fiscal year end. The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly traded corporation. The Company’s principal business objective is to achieve long-term growth potential through a combination with a business, rather than immediate short-term earnings. The Company will not restrict its potential target companies to any specific business, industry, or geographical location. The analysis of business opportunities will be undertaken by, or under the supervision of, the officer and directors of the Company.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a compete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. Use of Estimates The preparation of the condensed financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are reported in the balance sheet at cost, which approximates fair value. Cash equivalents include all highly liquid investments with an original maturity of three months or less. There are no cash equivalents at September 30, 2022 and December 31, 2021. Income Taxes The Company accounts for income taxes under ASC 740, “ Income Taxes”, The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2022 and December 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. Net Loss per Common Share Net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted earnings per share takes into effect any dilutive instruments, except when doing so would be anti-dilutive. As of September 30, 2022 and September 30, 2021, there were no dilutive instruments. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As such, the Company is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in the Company’s periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. If some investors find the securities less attractive as a result, there may be a less active trading market for securities and the prices of securities may be more volatile. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards (that is, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies). The Company intends to take advantage of the benefits of this extended transition period. Additionally, the Company is a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. The Company will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of the ordinary shares held by non-affiliates equals or exceeds $250 million as of the prior June 30, and (2) the annual revenues equaled or exceeded $100 million during such completed fiscal year or the market value of the ordinary shares held by non-affiliates equals or exceeds $700 million as of the prior June 30. Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Capital Stock	Note 3. Capital Stock Preferred Stock As of September 30, 2022 and December 31, 2021, the Company has 10,000,000 shares of preferred stock, par value of $0.0001, authorized and none Common Stock As of September 30, 2022 and December 31, 2021, the Company has 50,000,000 shares of common stock, par value of $0.0001, authorized and has issued 5,000,000 shares of its $0.0001 par value common stock for $500 to the founders of the Company.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 4. Income Taxes As of September 30, 2022 and December 31, 2021, the Company has approximately $23,700 and $15,300, respectively, in gross deferred tax assets resulting from net operating loss carry-forwards of $113,100 and $72,600, respectively, available to offset future taxable income through 2040 subject to the change in ownership provisions under IRC 382. A valuation allowance has been recorded to fully offset these deferred tax assets because the Company’s management believes future realization of the related tax benefits is uncertain. The difference between the tax provision at the statutory federal income tax rate on September 30, 2022 and December 31, 2021and the tax provisions attributable to loss before income taxes is as follows: September 30, December 31, Statutory federal income taxes 21.0 % 21.0 % Valuation allowance (21.0 )% (21.0 )% Effective income tax rate, net - % - %

Commitments and Related Party T

Commitments and Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Commitments and Related Party Transactions	Note 5. Commitments and Related Party Transactions Office Space The Company utilizes the office space and equipment of its management at no cost. Note Payable - Stockholder On November 13, 2020, the Company issued a promissory note (the “Note”) to the majority stockholder of the Company pursuant to which the Company agreed to repay the sum of any and all amounts advanced to the Company, on or before the date that the Company consummates a business combination with a private company or reverse takeover transaction or other transaction, after which the Company would cease to be a shell company. In the event of an Event of Default, the entire note shall automatically become due and payable (the “Default Date”) and starting from five (5) days after the Default Date, the interest rate on the note shall accrue at the rate of eighteen percent (18%) per annum. As of September 30, 2022 and December 31, 2021, the amount due under the note payable was $103,940 and $64,960, respectively.

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 2022
Going Concern Abstract
Going Concern	Note 6. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses from inception of $113,172, has negative working capital of $112,672 and has a stockholders’ deficit of $112,672 as of September 30, 2022. Management believes these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the date these financial statements are issued. Management intends to finance operations over the next twelve months through additional borrowings on the existing Note. The accompanying financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.

Contingencies - COVID-19

Contingencies - COVID-19	9 Months Ended
	Sep. 30, 2022
Contingencies - COVID-19 [Abstract]
Contingencies - COVID-19	Note 7. Contingencies - COVID-19 On March 11, 2020, the World Health Organization officially declared the outbreak of the novel coronavirus COVID-19 a “pandemic.” A significant outbreak of COVID-19 and other infectious diseases has resulted in a widespread health crisis that has significantly adversely affected businesses of all types, economies and financial markets worldwide. The business of any potential target company with which the Company consummates a business combination could be materially and adversely affected. Furthermore, the Company may be unable to complete a business combination if continued concerns relating to COVID-19 restrict travel, limit the ability to have meetings with potential investors or the target company’s personnel, vendors and services providers are unavailable to negotiate and consummate a transaction in a timely manner. The extent to which COVID-19 impacts our search for a business combination will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. If the disruptions posed by COVID-19 or other matters of global concern continue for an extended period of time, the Company’s ability to consummate a business combination, or the operations of a target business with which the Company ultimately consummates a business combination, may be materially adversely affected.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a compete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.
Use of Estimates	Use of Estimates The preparation of the condensed financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are reported in the balance sheet at cost, which approximates fair value. Cash equivalents include all highly liquid investments with an original maturity of three months or less. There are no cash equivalents at September 30, 2022 and December 31, 2021.
Income Taxes	Income Taxes The Company accounts for income taxes under ASC 740, “ Income Taxes”, The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2022 and December 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.
Net Loss per Common Share	Net Loss per Common Share Net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted earnings per share takes into effect any dilutive instruments, except when doing so would be anti-dilutive. As of September 30, 2022 and September 30, 2021, there were no dilutive instruments.
Emerging Growth Company	Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As such, the Company is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in the Company’s periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. If some investors find the securities less attractive as a result, there may be a less active trading market for securities and the prices of securities may be more volatile. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards (that is, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies). The Company intends to take advantage of the benefits of this extended transition period. Additionally, the Company is a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. The Company will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of the ordinary shares held by non-affiliates equals or exceeds $250 million as of the prior June 30, and (2) the annual revenues equaled or exceeded $100 million during such completed fiscal year or the market value of the ordinary shares held by non-affiliates equals or exceeds $700 million as of the prior June 30.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of statutory federal income tax rate	September 30, December 31, Statutory federal income taxes 21.0 % 21.0 % Valuation allowance (21.0 )% (21.0 )% Effective income tax rate, net - % - %

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Smaller reporting company, description	The Company will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of the ordinary shares held by non-affiliates equals or exceeds $250 million as of the prior June 30, and (2) the annual revenues equaled or exceeded $100 million during such completed fiscal year or the market value of the ordinary shares held by non-affiliates equals or exceeds $700 million as of the prior June 30.

Capital Stock (Details)

Capital Stock (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Capital Stock (Details) [Line Items]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	5,000,000	5,000,000
Common stock value (in Dollars)	$ 500	$ 500
Founders [Member]
Capital Stock (Details) [Line Items]
Common stock, par value (in Dollars per share)		$ 0.0001
Common stock value (in Dollars)	$ 500	$ 500

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Gross deferred tax assets	$ 23,700	$ 15,300
Net operating loss carry-forwards	$ 113,100	$ 72,600

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of statutory federal income tax rate	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Statutory Federal Income Tax Rate Abstract
Statutory federal income taxes	21%	21%
Valuation allowance	(21.00%)	(21.00%)
Effective income tax rate, net

Commitments and Related Party_2

Commitments and Related Party Transactions (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Interest rate	18%
Note payable	$ 103,940	$ 64,960

Going Concern (Details)

Going Concern (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)
Going Concern Abstract
Net losses	$ 113,172
Working capital	112,672
Stockholders' deficit	$ 112,672