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FAIR VALUE MEASUREMENTS - Narrative (Details)	1 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details)	Jan. 31, 2024 shares	Jun. 30, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Converted shares (in shares)	80,000,000
Measurement Input, Probability Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input		1

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (9,037,367)	$ (9,037,971)	$ (4,966,256)	$ (5,138,122)	$ (18,075,338)	$ (10,104,378)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES- Supplemental Cash Flow Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows paid for operating leases	$ 279,224	$ 273,570
Right-of-use assets obtained in exchange for operating lease obligations	$ 0	$ 0

GOING CONCERN	6 Months Ended
GOING CONCERN	Jun. 30, 2024
Going Concern [Abstract]
GOING CONCERN	2. GOING CONCERN The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has sustained net losses of $18,075,338 and $10,104,378 for the six months ended June 30, 2024 and 2023, respectively and has negative cash flow from operations for the six months ended June 30, 2024 and 2023. The Company plans to use current cash on hand, and other funding mechanisms as available, to fund capital expenditures for our next generation of robots. The Company requires additional capital to operate and expects losses to continue for the foreseeable future. These factors raise substantial doubts about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern until it reaches profitability is dependent upon its ability to generate cash from operating activities and to raise additional capital to fund operations. Management plans to raise additional capital to fund operations through debt and/or equity financings. Through the issuance date of the consolidated financial statements, the Company has raised $13.7 million in equity pursuant to our July 2024 Offering (see Note 11). Our failure to raise additional capital could have a negative impact on not only our financial condition but also our ability to execute our business plan. No assurance can be given that the Company will be successful in these efforts. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company may not be able to obtain financing on acceptable terms, or at all.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Potentially Dilutive Items Outstanding (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	6,091,865	13,056,409
Series Seed preferred stock (convertible to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	0	3,091,672
Series Seed-1 preferred stock (convertible to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	0	2,440,411
Series Seed-2 preferred stock (convertible to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	0	2,088,696
Series Seed-3 preferred stock (convertible to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	0	357,836
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	3,493,671	13,912
Preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	0	128,820
Convertible note payable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	0	3,014,632
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	1,529,900	1,590,769
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	955,804	0
Shares related to recourse and non-recourse loans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	112,490	329,661

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended
	Jul. 23, 2024	Aug. 09, 2024	Apr. 30, 2024
Subsequent Event [Line Items]
Common stock issued upon exercise of warrants (in shares)			18,341
Subsequent Event
Subsequent Event [Line Items]
Securities called by warrants (in shares)	2,500,000
Securities called by each warrant (in shares)	1
Stock offering (in dollars per share)	$ 5.9999
Gross proceeds from issuance of warrants	$ 13,700
Common stock issued upon exercise of warrants (in shares)		3,166,266
Subsequent Event \| Investor Warrants
Subsequent Event [Line Items]
Exercise price of warrants (in dollars per share)	$ 6.00
Warrant expiration period	5 years 6 months
Subsequent Event \| Pre-Funded Warrants
Subsequent Event [Line Items]
Common stock issued upon exercise of warrants (in shares)		2,500,000

STOCKHOLDERS’ EQUITY (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Warrants

The following is a summary of warrants for the six months ended June 30, 2024:


	Warrants	Weighted Average Exercise Price
Outstanding as of December 31, 2023	1,090,272	$	2.67
Granted	2,708,479	0.99
Exercised	(291,169)	2.13
Forfeited	(13,911)	3.89
Outstanding as of June 30, 2024	3,493,671	$	1.41

Exercisable as of June 30, 2024	2,421,171	$	2.02

Valuation Assumptions

The fair value of the Magna Warrant was $8,566,184, which was valued using the Black-Scholes pricing model using the range of inputs as indicated below:


Risk-free interest rate	4.09	%
Expected term (in years)	10.0
Expected volatility	75.0	%
Expected dividend yield	—	%

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Information Related to Stock Options

A summary of information related to stock options for the six months ended June 30, 2024 is as follows:


	Options	Weighted Average Exercise Price		Intrinsic Value
Outstanding as of December 31, 2023	1,515,386	$	0.61	$	5,111,928
Granted	110,168	4.03
Exercised	(17,936)	0.80
Forfeited	(77,718)	0.63
Outstanding as of June 30, 2024	1,529,900	$	0.86	$	16,931

Exercisable as of June 30, 2024	910,285	$	0.86	$	11,450
Exercisable and expected to vest at June 30, 2024	1,529,900	$	0.86	$	16,931

Stock-Based Compensation Expense

Stock-based compensation expense for stock options, restricted common stock and RSUs (Note 8) and the Magna Warrant (Note 8) was classified in the statements of operations as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
General and administrative	$	427,781	$	11,335	$	434,377	$	21,315
Operations	137,728		9,874		144,239		18,302
Research and development	2,861,060		81,914		7,100,808		154,185
Sales and marketing	53,468		3,806		56,045		7,070
	$	3,480,037	$	106,929	$	7,735,469	$	200,872

NOTE PAYABLE (Details) - USD ($)	1 Months Ended			3 Months Ended	6 Months Ended
NOTE PAYABLE (Details) - USD ($)	Apr. 30, 2024	Jan. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Short-Term Debt [Line Items]
Repayments of note payable					$ 500,000	$ 500,000
Amortization of debt discount					1,677,942	466,706
Converted shares (in shares)		80,000,000
Conversion price (in dollars per share)	$ 2.42
Derivative liability in connection with convertible note					0	601,000
Derivative liability reclassified to additional paid in capital					1,710,560
Debt discount		$ 1,658,875
Interest expense					1,658,875
Interest expense incurred				$ 15,859	78,540
Derivative Liability	$ 1,710,560
Convertible Promissory Notes Offering Warrants
Short-Term Debt [Line Items]
Exercise price of warrants (in dollars per share)	$ 2.42
Percentage of securities called by warrants		10.00%
Securities called by warrants (in shares)	63,479
Chief Executive Officer
Short-Term Debt [Line Items]
Proceeds from issuance of debt			$ 70,000
Interest rate			7.67%
Silicon Valley Bank
Short-Term Debt [Line Items]
Unamortized discount			$ 19,067	0.00	0.00
Note payable			$ 1,230,933	$ 750,000	750,000
Amortization of debt discount					$ 19,067	$ 8,167
Convertible Notes Payable
Short-Term Debt [Line Items]
Financing cost		$ 5,014,500
Net proceeds cost		4,844,625
Amortization of debt discount		$ 169,875
Interest rate		6.00%
Interest payment period		12 months
Percentage of conversion price		75.00%
Shares issued in conversion (in shares)	2,104,562
Derivative liability in connection with convertible note		$ 1,489,000

STOCK-BASED COMPENSATION - Stock Options (Details) - USD ($)	1 Months Ended	6 Months Ended
	May 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Options
Outstanding, beginning balance (in shares)		1,515,386
Granted (in shares)		110,168
Exercised (in shares)	(17,936)	(17,936)
Forfeited (in shares)		(77,718)
Outstanding, ending balance (in shares)		1,529,900
Exercisable (in shares)		910,285
Exercisable and expected to vest (in shares)		1,529,900
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)		$ 0.61
Granted (in dollars per share)		4.03
Exercised (in dollars per share)		0.80
Forfeited (in dollars per share)		0.63
Outstanding, ending balance (in dollars per share)		0.86
Exercise price, exercisable (in dollars per share)		0.86
Exercise price, exercisable and expected to vest (in dollars per share)		$ 0.86
Intrinsic Value
Outstanding as of December 31, 2023		$ 16,931	$ 5,111,928
Exercisable as of June 30, 2024		11,450
Exercisable and expected to vest at June 30, 2024		$ 16,931

Nature of Operations	6 Months Ended
Nature of Operations	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS Serve Operating Co. (“Serve”) (formerly known as Serve Robotics Inc.) is a corporation formed on January 15, 2021 under the laws of the State of Delaware. On July 31, 2023, Serve Acquisition Corp., a corporation formed in the State of Delaware on July 10, 2023 (“Acquisition Sub”) and wholly-owned subsidiary of Patricia Acquisition Corp., a Delaware corporation incorporated on November 9, 2020 (“Patricia”), merged with and into the Company (as defined below). Pursuant to this transaction (the “Merger”), Serve was the surviving corporation and became Patricia’s wholly owned subsidiary, and all of the outstanding stock of Serve was converted into shares of Patricia’s common stock. All of Serve’s outstanding warrants and options were assumed by Patricia. In addition, on July 31, 2023, the board of directors of Patricia and all of its pre-Merger stockholders approved a restated certificate of incorporation, which was effective upon its filing with the Secretary of State of the State of Delaware on July 31, 2023, and through which Patricia changed its name to “Serve Robotics Inc.” Following the consummation of the Merger, Serve Robotics Inc. changed its name to “Serve Operating Co.” As a result of the Merger, Patricia acquired the business of Serve and continued the existing business operations of Serve as a public reporting company under the name Serve Robotics Inc. (the “Company”). The Company is developing autonomous robots for last-mile delivery services. The Company is headquartered in Redwood City, California. In accordance with “reverse merger” or “reverse acquisition” accounting treatment, the Company was determined the accounting acquirer. Patricia’s historical financial statements before the Merger have been replaced with the historical financial statements of Serve before the Merger in filings with the SEC since the Merger unless otherwise noted. Public Offering On April 17, 2024, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Aegis Capital Corp. (“Aegis”) in connection with the public offering of 10,000,000 shares of the Company’s common stock, par value $0.0001, at a public offering price of $4.00 per share (the “Offering”). The Company’s net proceeds from the Offering, after deducting the underwriting discount and other estimated offering expenses payable by the Company, were approximately $35.8 million. As a result of the Offering, the Company’s Common Stock was approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “SERV” beginning on April 18, 2024. See Note 8.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Deferred offering costs	$ 0		$ 0
Deferred revenue	52,863		52,863		$ 0
Advertising expenses	$ 0	$ 0	$ 0	$ 184,000
Robot assets
Concentration Risk [Line Items]
Estimated useful life	2 years		2 years
Minimum \| Office equipment
Concentration Risk [Line Items]
Estimated useful life	3 years		3 years
Maximum \| Office equipment
Concentration Risk [Line Items]
Estimated useful life	5 years		5 years
Customer Concentration Risk \| One Customer \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration percentage			81.00%	60.00%
Customer Concentration Risk \| One Customer \| Accounts Receivable
Concentration Risk [Line Items]
Concentration percentage			74.00%

COMMITMENTS AND CONTINGENCIES - Supplemental Balance Sheet Information (Details)	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term (in years)	9 months 18 days	1 year 3 months 18 days
Weighted-average discount rate	7.25%	7.25%

STOCKHOLDERS’ EQUITY - Warrants (Details) - Warrant - $ / shares	1 Months Ended	6 Months Ended
	Feb. 29, 2024	Jun. 30, 2024
Warrants
Outstanding, beginning balance (in shares)		1,090,272
Granted (in shares)		2,708,479
Exercised (in shares)	(125,000)	(291,169)
Forfeited (in shares)		(13,911)
Outstanding, beginning balance (in shares)		3,493,671
Exercisable (in shares)		2,421,171
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)		$ 2.67
Granted (in dollars per share)		0.99
Exercised (in dollars per share)		2.13
Forfeited (in dollars per share)		3.89
Outstanding, ending balance (in dollars per share)		1.41
Exercisable (in dollars per share)		$ 2.02

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 09, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	000-56237
Entity Registrant Name	SERVE ROBOTICS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3844872
Entity Address, Address Line One	730 Broadway
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
City Area Code	(818)
Local Phone Number	860-1352
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	SERV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,599,706
Central Index Key	0001832483
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 468,375	$ 62,009	$ 1,415,086	$ 102,261
Cost of revenues	326,013	391,367	678,451	758,628
Gross profit (loss)	142,362	(329,358)	736,635	(656,367)
Operating expenses:
General and administrative	1,873,320	970,819	2,881,391	1,986,806
Operations	871,211	592,648	1,412,185	1,114,335
Research and development	5,787,906	2,125,685	12,426,347	4,208,634
Sales and marketing	165,612	83,136	283,848	362,718
Total operating expenses	8,698,049	3,772,288	17,003,771	7,672,493
Loss from operations	(8,555,687)	(4,101,646)	(16,267,136)	(8,328,860)
Other income (expense), net:
Interest expense, net	(260,120)	(496,862)	(1,586,642)	(538,606)
Change in fair value of derivative liability	(221,560)	0	(221,560)	0
Change in fair value of simple agreements for future equity	0	(367,748)	0	(1,236,912)
Total other income (expense), net	(481,680)	(864,610)	(1,808,202)	(1,775,518)
Provision for income taxes	0	0	0	0
Net loss	$ (9,037,367)	$ (4,966,256)	$ (18,075,338)	$ (10,104,378)
Weighted average number of shares outstanding - basic (in shares)	33,795,009	6,678,372	29,176,370	6,678,372
Weighted average common shares outstanding - diluted (in shares)	33,795,009	6,678,372	29,176,370	6,678,372
Net loss per common share - basic (in dollars per share)	$ (0.27)	$ (0.74)	$ (0.62)	$ (1.51)
Net loss per common share - diluted (in dollars per share)	$ (0.27)	$ (0.74)	$ (0.62)	$ (1.51)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accounting and reporting policies of the Company conform to GAAP. The Company’s fiscal year end is December 31.

Principles of Consolidation

These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Serve Operating Co. and Serve Robotics Canada Inc. All inter-company transactions and balances have been eliminated on consolidation.

Unaudited Condensed Consolidated Financial Information

The unaudited condensed consolidated financial statements and related notes have been prepared in accordance with GAAP for interim financial information, within the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements have been prepared on a basis consistent with the audited financial statements and in the opinion of management, reflect all adjustments, consisting of only normal recurring adjustments, necessary for the fair presentation of the results for the interim periods presented and of the financial condition as of the date of the condensed consolidated balance sheet. The financial data and the other information disclosed in these notes to the condensed consolidated financial statements related to the three-month periods are unaudited. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2023 included in the Form 10-K filed with the SEC on February 29, 2024.

Use of Estimates

The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the valuations of common stock and options. The Company bases its estimates on historical experience, known trends and other market-

specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company generally maintains balances in various operating accounts at financial institutions that management believes to be of high credit quality, in amounts that may exceed federally insured limits. The Company has not experienced any losses related to its cash and cash equivalents and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. As of June 30, 2024 and December 31, 2023, all of the Company’s cash and cash equivalents were held at one accredited financial institution.

Concentrations

During the six months ended June 30, 2024, one customer accounted for 81% of the Company’s revenue and accounted for 74% of the Company’s accounts receivable. In the same period in 2023, a different customer accounted for 60% of the Company’s revenue.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.

Fair Value Measurements

Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•Level 1—Quoted prices in active markets for identical assets or liabilities.

•Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

•Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The carrying values of the Company’s accounts receivable, prepaid expenses and accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

See Note 5 for fair value disclosures.

Accounts Receivable

Accounts receivable are derived from services delivered to customers and are stated at their net realizable value. The Company accounts for allowance for doubtful accounts under Accounting Standards Codification (“ASC”) 310-10-35. Each month, the Company reviews its receivables on a customer-by-customer basis and evaluates whether an allowance for doubtful accounts is necessary based on any known or perceived collection issues. Any balances that are eventually deemed uncollectible are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of June 30, 2024 and December 31, 2023, the Company determined there was no allowance for doubtful accounts necessary.

Inventory

Inventory is stated at the lower of cost or market value and accounted for using the specific identification cost method. As of June 30, 2024 and December 31, 2023, inventory primarily consists of robotic component parts purchased from the Company’s suppliers. Management reviews its inventory for obsolescence and impairment periodically and did not record a reserve for obsolete inventory for the six months ended June 30, 2024 and 2023.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of the asset, which is three (3) to five (5) years for office equipment and two (2) years for the Company’s robot assets. Estimated useful lives are periodically assessed to determine if changes are appropriate. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation or amortization are eliminated from the balance sheets and any resulting gains or losses are included in the statement of operations in the period of disposal.

Impairment of Long-Lived Assets

The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.

Deferred Offering Costs

The Company complies with the requirements of ASC 340-10-S99-1 with regards to offering costs. Prior to the completion of an offering, offering costs are capitalized. The deferred offering costs are charged to additional paid-in capital or as a discount to debt, as applicable, upon the completion of an offering or to expense if the offering is not completed. As of June 30, 2024, the Company did not have any capitalized deferred offering costs.

Convertible Instruments

GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when the host instrument is deemed to be conventional as that term is described under applicable GAAP.

Revenue Recognition

The Company accounts for revenue in accordance with ASC 606 – Revenue from Contracts with Customers (“ASC 606”). The Company determines revenue recognition through the following steps:

•Identification of a contract with a customer;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and

•Recognition of revenue when or as the performance obligations are satisfied.

Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. As a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between customer payment and the transfer of goods or services is expected to be one year or less.

The Company recognizes revenue on its software services over time. The Company utilizes labor hours as a measure of progress to estimate the percentage of completion of the performance obligation at each reporting period. Service fees that have been invoiced or paid but performance obligations have not been met are recorded as deferred revenue. As of June 30, 2024, the Company had $52,863 in deferred revenue pertaining to software services, which is expected to be recognized in the third quarter of 2024.

For delivery services, the Company satisfies its performance obligation when the delivery is complete, which is the point in time control of the delivered product transfers to the customer. The Company recognizes branding fees over time as performance obligations are completed over the term of the agreement.

Disaggregation of Revenue

The disaggregation of revenue is as follows:


	Three Months Ended June 30, 2024				Six Months Ended June 30, 2024
	2024		2023		2024		2023
Software services	$	296,035	$	-	$	1,147,136	$	-
Delivery services	75,540		32,467		127,300		57,719
Branding fees	96,800		29,542		140,650		44,542

	$	468,375	$	62,009	$	1,415,086	$	102,261

Cost of Revenue

Cost of revenue consists primarily of allocations of depreciation on robot assets used for revenue producing activities, personnel time related to revenue activities, and costs related to data, software and similar costs that allow the robots to function as intended and for the Company to communicate with the robots while in service.

Sales and Marketing

Sales and marketing expenses include personnel costs and public relations expenses. Advertising costs are expensed as incurred and included in sales and marketing expenses. There were no advertising expenses and $184,000 for the six months ended June 30, 2024 and 2023, all respectively. There were no advertising expenses for the three months ended June 30, 2024 and 2023.

Operations

Operations expenses primarily consist of costs for field operations personnel.

General and Administrative Expenses

General and administrative expenses primarily consist of personnel-related expenses for executive management and administrative functions, including finance and accounting, legal, and human resources, as well as general corporate expenses and general insurance. General and administrative expenses also include depreciation on property and equipment as well as amortization of right of use assets. These costs are expensed as incurred.

Research and Development Costs

Costs incurred in the research and development of the Company’s products are expensed as incurred. Research and development costs include product design, hardware and software costs.

Leases

The Company accounts for leases under ASC 842 – Leases. The company does not apply the recognition requirements for leases with a term of twelve months or less.

The Company determines if an arrangement is a lease, or includes an embedded lease, at inception for each contract or agreement. A contract is or contains an embedded lease if the contract meets all of the below criteria:

(i)there is an identified asset;

(ii)the Company obtains substantially all of the economic benefits of the asset; and

(iii)the Company has the right to direct the use of the asset.

The Company’s operating lease agreements include office and warehouse space. ROU assets represent the right to use an underlying asset for the lease term and operating lease liabilities represent the obligation to make payments arising from the lease or embedded lease. Operating lease ROU assets and operating lease liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate that is based on the estimated rate of interest for a collateralized borrowing of a similar asset, using a similar term as the lease payments at the commencement date. Indirect capital costs are capitalized and included in the ROU assets at commencement.

The operating lease ROU assets and operating lease liabilities include any lease payments made, including any variable amounts that are based on an index or rate, and exclude lease incentives. Variability that is not due to an index or rate, such as payments made based on hourly rates, are excluded from the lease liability. Lease terms may include options to extend or terminate the lease.

Renewal option periods are included within the lease term and the associated payments are recognized in the measurement of the operating ROU asset and operating lease liability when they are at our discretion and considered reasonably certain of being exercised. Over the lease term, the Company uses the effective interest rate method to account for the lease liability as lease payments are made and the ROU asset is amortized in a manner that results in straight-line expense recognition.

Net Loss per Share

Net earnings or loss per share is computed by dividing net income or loss by the weighted-average number of common shares outstanding during the period, excluding shares subject to redemption or forfeiture. The Company presents basic and diluted net earnings or loss per share. Diluted net earnings or loss per share reflect the actual weighted average of common shares issued and outstanding during the period, adjusted for potentially dilutive securities outstanding. Potentially dilutive securities are excluded from the computation of the diluted net loss per share if their inclusion would be anti-dilutive. As

all potentially dilutive securities are anti-dilutive as of June 30, 2024 and 2023, diluted net loss per share is the same as basic net loss per share for each period. Potentially dilutive items outstanding as of June 30, 2024 and 2023 is as follows:


	June 30,
	2024	2023
Series Seed preferred stock (convertible to common stock)	-	3,091,672
Series Seed-1 preferred stock (convertible to common stock)	-	2,440,411
Series Seed-2 preferred stock (convertible to common stock)	-	2,088,696
Series Seed-3 preferred stock (convertible to common stock)	-	357,836
Common stock warrants	3,493,671	13,912
Preferred stock warrants	-	128,820
Convertible note payable	-	3,014,632
Stock options	1,529,900	1,590,769
Unvested restricted stock units	955,804	-
Shares related to recourse and non-recourse loans	112,490	329,661
Total potentially dilutive shares	6,091,865	13,056,409

Recently Adopted Accounting Pronouncements

Management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying consolidated financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

The following is a summary of property and equipment, net:


	June 30, 2024		December 31, 2023
Office equipment	$	254,001	$	250,661
Robot assets	2,092,293		2,092,293
Robot build construction-in-process	794,982		—
Total	3,141,276		2,342,954
Less: accumulated depreciation	(2,322,032)		(2,294,532)
Property and equipment, net	$	819,244	$	48,422

REVERSE MERGER ACCOUNTING (Details)	6 Months Ended
REVERSE MERGER ACCOUNTING (Details)	Jun. 30, 2024
Patricia Acquisition Corp
Reverse Merger Accounting [Line Items]
Common share conversion ratio	0.8035

COMMITMENTS AND CONTINGENCIES - Lease Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Total lease costs	$ 125,203	$ 202,384	$ 250,406	$ 411,770
General and administrative
Lessee, Lease, Description [Line Items]
Total lease costs	8,863	202,384	17,725	411,770
Operations
Lessee, Lease, Description [Line Items]
Total lease costs	81,663	0	163,327	0
Research and development
Lessee, Lease, Description [Line Items]
Total lease costs	$ 34,677	$ 0	$ 69,354	$ 0

FAIR VALUE MEASUREMENTS - Changes in Level 3 Liabilities Measured at Fair Value (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Outstanding at beginning	$ 0
Issuance of embedded derivative liability	1,489,000
Change in fair value	221,560
Conversion to common stock	(1,710,560)
Outstanding at ending	$ 0

STOCKHOLDERS’ EQUITY - Narrative (Details)	1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
STOCKHOLDERS’ EQUITY - Narrative (Details)	May 31, 2024 USD ($) shares	Apr. 30, 2024 USD ($) $ / shares shares	Feb. 29, 2024 USD ($) shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Apr. 17, 2024 shares	Feb. 07, 2024 tranche $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Jul. 31, 2023 $ / shares shares
Class of Warrant or Right [Line Items]
Voting rights (in votes) \| vote						1
Preferred stock, authorized (in shares)				10,000,000		10,000,000					10,000,000	10,000,000
Common stock, authorized (in shares)				300,000,000		300,000,000					300,000,000	300,000,000
Common stock, par value (in dollars per share) \| $ / shares				$ 0.0001		$ 0.0001					$ 0.0001	$ 0.0001
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.0001		$ 0.0001					$ 0.0001	$ 0.0001
Shares issued in offering (in shares)		10,000,000
Gross proceeds from stock offering \| $		$ 40,000,000
Stock offering (in dollars per share) \| $ / shares		$ 4.00
Stock issuance costs incurred \| $		$ 4,150,864		$ 4,150,864
Conversion price (in dollars per share) \| $ / shares		$ 2.42
Common stock issued upon exercise of warrants (in shares)		18,341
Exercised (in shares)	17,936					17,936
Exercise of options \| $	$ 8,757			8,757
Restricted common stock issued (in shares)								338,121
Recourse notes \| $								$ 164,116
Subscription receivable \| $				0		$ 0					$ 169,616
Stock-based compensation expense \| $				$ 3,480,037	$ 106,929	$ 7,735,469	$ 200,872
Stock repurchased (in shares)						245,060	375,358
Purchase of shares (in shares)									10,000,000
Warrant
Class of Warrant or Right [Line Items]
Placement agent warrants exercised (in shares)			125,000			291,169
Shares unvested (in shares)				3,493,671		3,493,671					1,090,272
Granted (in shares)						2,708,479
Expiration of outstanding equity instruments other than options						7 years 1 month 24 days
Restricted Stock
Class of Warrant or Right [Line Items]
Stock-based compensation expense \| $				$ 951,514	$ 74,413	$ 995,137	$ 145,775
Common Stock
Class of Warrant or Right [Line Items]
Shares unvested (in shares)				112,490		112,490
Restricted Stock, Subject To Vesting Requirements
Class of Warrant or Right [Line Items]
Restricted stock issued (in shares)						6,273,402
Restricted Stock Units (RSUs)
Class of Warrant or Right [Line Items]
Shares unvested (in shares)				955,804		955,804
Granted (in shares)						1,051,632
Vesting period						3 years
Vested (in shares)						95,828
Restricted Stock Units (RSUs) \| Minimum
Class of Warrant or Right [Line Items]
Vesting period						1 month
Restricted Stock Units (RSUs) \| Maximum
Class of Warrant or Right [Line Items]
Vesting period						4 years
Convertible Notes Payable
Class of Warrant or Right [Line Items]
Shares issued in conversion (in shares)		2,104,562
Warrant
Class of Warrant or Right [Line Items]
Common stock warrants exercised proceeds \| $			$ 5,832
Representative’s Warrant
Class of Warrant or Right [Line Items]
Securities called by warrants (in shares)		500,000
Exercise price of warrants (in dollars per share) \| $ / shares		$ 5.00
Magna Warrant
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share) \| $ / shares										$ 0.01
Stock-based compensation expense \| $				$ 2,138,373		$ 6,320,916
Purchase of shares (in shares)										2,145,000
Warrant tranches (in tranches) \| tranche										2
Restricted Stock
Class of Warrant or Right [Line Items]
Subscription receivable \| $								165,719
Restricted stock award liability \| $								$ 162,747
Stock-based compensation expense \| $						204,272
Stock-based compensation expense, change in classification \| $						$ 11,503

NOTE PAYABLE	6 Months Ended
NOTE PAYABLE	Jun. 30, 2024
Debt Disclosure [Abstract]
NOTE PAYABLE	NOTE PAYABLE Silicon Valley Bank As of June 30, 2024 and December 31, 2023, note payable, net of unamortized discounts of $0.00 and $19,067, respectively, was $750,000 and $1,230,933, respectively. During the six months ended June 30, 2024 and 2023, the Company made repayments of $500,000 and $500,000, respectively. During the six months ended June 30, 2024 and 2023, amortization of debt discount was $19,067 and $8,167, respectively. Note Payable – Related Party In December 2023, the Company issued a senior secured promissory note to its Chief Executive Officer for which Serve received $70,000 in proceeds. The note bore interest at 7.67% per annum. The note was fully repaid on January 3, 2024. Convertible Note Payable At various dates in January 2024, the Company issued to certain accredited investors convertible promissory notes in an aggregate amount of $5,014,500, for which the Company received $4,844,625 in net proceeds (the “January Notes”). As a result, the Company incurred fees of $169,875 which was recorded as a debt discount. The January Notes bore interest at a rate of 6.00% per year, compounded annually, and were due and payable upon request by each investor on or after the 12-month anniversary of the original issuance date of each note. The Company may not prepay or repay the January Notes in cash without the consent of the investors. The January Notes were to convert upon a qualified offering into common stock at the lesser of the price paid per share multiplied by 75% or the quotient resulting from dividing $80,000,000 by the outstanding shares of common stock on a fully diluted basis prior to the financing (the “Conversion Price”). Upon the closing of the Offering in April 2024, the January Notes, including accrued interest, were converted into 2,104,562 shares of common stock at a conversion price of $2.42 per share. The Company evaluated the terms of the conversion features of the January Notes as noted above in accordance with ASC Topic No. 815 - 40, Derivatives and Hedging - Contracts in Entity’s Own Stock, and determined they are not indexed to the Company’s common stock and that the conversion feature, which is akin to a redemption feature, meets the definition of a liability. The January Notes contain an indeterminate number of shares to settle with conversion options outside of the Company’s control. Therefore, the Company bifurcated the conversion feature and accounted for it as a separate derivative liability. Upon issuance of the January Notes, the Company recognized a derivative liability at a fair value of $1,489,000, which is recorded as a debt discount and was amortized over the life of the January Notes. Upon the closing of the Offering, the derivative liability had a fair value of $1,710,560, which was reclassified to additional paid-in capital in connection with the conversion of the underlying the January Notes. As a result of the January Notes, the Company recognized an aggregate debt discount of $1,658,875. Through June 30, 2024, $1,658,875 of the debt discount was amortized to interest expense. During the three and six months ended June 30, 2024, the Company incurred $15,859 and $78,540 in interest expense pertaining to the January Notes, respectively, all of which were converted into common stock in April 2024. Upon the closing of the Offering in April 2024, the outstanding principal and accrued interest of the January Notes converted into 2,104,562 shares of common stock. Accordingly, the related derivative liability was recorded into additional paid-in capital. See Note 8. In connection with the issuance of the January Notes, the Company granted the placement agent warrants to purchase (the “Convertible Promissory Notes Offering Warrants”) to purchase common stock equal to 10% of the number of shares of common stock into which the January Notes sold to investors introduced by the placement agent are initially convertible. The Convertible Promissory Notes Offering Warrants are exercisable at the same price as the Conversion Price. Upon closing of the Offering, the Company issued the Convertible Promissory Notes Offering Warrants to purchase up to 63,479 shares of common stock at an exercise price of $2.42 per share. The Convertible Promissory Notes Offering Warrants expire on April 17, 2029. The Convertible Promissory Notes Offering Warrants include customary anti-dilution provisions.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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+ Details

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (18,075,338)	$ (10,104,378)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	27,500	931,279
Stock-based compensation	7,735,469	200,872
Amortization of debt discount	1,677,942	466,706
Change in fair value of derivative liability	221,560	0
Change in fair value of simple agreements for future equity	0	1,236,912
Interest on recourse loan	0	(2,504)
Changes in operating assets and liabilities:
Accounts receivable	(90,177)	23,697
Inventory	65,060	(4,704)
Prepaid expenses	(443,026)	16,253
Escrow receivable	(180,000)	0
Accounts payable	(663,046)	704,870
Accrued liabilities	(120,231)	(36,045)
Deferred revenue	52,863	0
Right of use liabilities, net	(28,818)	(23,163)
Net cash used in operating activities	(9,820,242)	(6,590,205)
Cash flows from investing activities:
Purchase of property and equipment	(798,322)	0
Net cash used in investing activities	(798,322)	0
Cash flows from financing activities:
Proceeds from simple agreement for future equity	0	2,666,953
Proceeds from convertible notes payable	4,844,625	2,798,410
Proceeds from note payable, related party	0	399,000
Exercise of warrants	5,907	0
Exercise of options	8,757	0
Proceeds from issuance of common stock pursuant to offering, net of offering costs	35,849,136	0
Repayments of note payable	(500,000)	(500,000)
Repayments of notes payable, related party	(70,000)	0
Deferred offering costs	0	(352,617)
Repayment of lease liability financing	(746,583)	(1,118,348)
Net cash provided by financing activities	39,391,842	3,893,398
Net change in cash and cash equivalents	28,773,278	(2,696,807)
Cash and cash equivalents at beginning of period	6,756	2,715,719
Cash and cash equivalents at end of period	28,780,034	18,912
Supplemental disclosure of cash flow information:
Cash paid for income taxes	0	0
Cash paid for interest	50,097	79,866
Supplemental disclosure of non-cash investing and financing activities:
Conversion of convertible note and derivative into common stock	6,803,600	0
Vested restricted stock purchased with recourse notes	0	6,869
Derivative liability in connection with convertible note	0	601,000
Debt discount issued as accrued liability	$ 0	$ 63,840

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total	$ 3,141,276	$ 2,342,954
Less: accumulated depreciation	(2,322,032)	(2,294,532)
Property and equipment, net	819,244	48,422
Office equipment
Property, Plant and Equipment [Line Items]
Total	254,001	250,661
Robot assets
Property, Plant and Equipment [Line Items]
Total	2,092,293	2,092,293
Robot build construction-in-process
Property, Plant and Equipment [Line Items]
Total	$ 794,982	$ 0

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Lease Costs, Supplemental Cash Flow Information and Supplemental Balance Sheet Information

The components of lease costs are as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
Type	Financial Statement Line Item	2024		2023		2024		2023
Operating lease	General and administrative	$	8,863	$	202,384	$	17,725	$	411,770
Operating lease	Operations	81,663		-		163,327		-
Operating lease	Research and development	34,677		-		69,354		-
Total lease costs		$	125,203	$	202,384	$	250,406	$	411,770

Supplemental cash flow information related to leases are as follows:


	Six Months Ended June 30,
	2024		2023
Operating cash flows paid for operating leases	$	279,224	$	273,570
Right-of-use assets obtained in exchange for operating lease obligations	$	-	$	-

Supplemental balance sheet information related to leases are as follows:


	June 30, 2024		December 31, 2023
Weighted-average remaining lease term (in years)	0.80		1.30
Weighted-average discount rate	7.25	%	7.25	%

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Changes in Level 3 Liabilities Measured at Fair Value

The following table presents changes in Level 3 liabilities measured at fair value for the six months ended June 30, 2024:


	Embedded Derivative Liability
Outstanding as of December 31, 2023	$	-
Issuance of embedded derivative liability	1,489,000
Change in fair value	221,560
Conversion to common stock	(1,710,560)
Outstanding as of June 30, 2024	$	-

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows:

There were no Level 1, 2 or 3 assets or liabilities as of June 30, 2024 or December 31, 2023.

Derivative Liability

In connection with the Company’s convertible notes, the Company recorded a derivative liability (see Note 7). The estimated fair value of the derivative liability is recorded using significant unobservable measures and other fair value inputs and is therefore classified as a Level 3 financial instrument.

The fair value of the derivative liability is valued using a probability-weighted scenario analysis utilizing the terms of the notes under the with-or-without method. The Company determined a 100% probability of conversion into equity as the notes were converted into shares of common stock upon the Offering in June 2024.

The following table presents changes in Level 3 liabilities measured at fair value for the six months ended June 30, 2024:


	Embedded Derivative Liability
Outstanding as of December 31, 2023	$	-
Issuance of embedded derivative liability	1,489,000
Change in fair value	221,560
Conversion to common stock	(1,710,560)
Outstanding as of June 30, 2024	$	-

Upon the Offering in April 2024, all the convertible notes, including principal and accrued interest, were converted into 2,104,562 shares of common stock. Accordingly, the related derivative liability was converted into additional paid-in capital.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

NATURE OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 17, 2024	Jun. 30, 2024	Dec. 31, 2023	Jul. 31, 2023
Nature of Operations [Line Items]
Shares issued (in shares)	10,000,000
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001	$ 0.0001
Share price (in dollars per share)	$ 4.00
Public offering amount	$ 35.8
Common Stock
Nature of Operations [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001

GOING CONCERN (Details) - USD ($)	1 Months Ended	3 Months Ended				6 Months Ended
GOING CONCERN (Details) - USD ($)	Aug. 12, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Net losses		$ 9,037,367	$ 9,037,971	$ 4,966,256	$ 5,138,122	$ 18,075,338	$ 10,104,378
Proceeds from issuance of common stock						$ 35,849,136	$ 0
Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 13,700,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	36,642,064	24,832,814
Common stock, outstanding (in shares)	36,529,574	24,508,795

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense		$ 3,480,037	$ 106,929	$ 7,735,469	$ 200,872
Share-Based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense		185,878	$ 32,516	215,144	$ 55,097
Unrecognized compensation cost		$ 353,000		$ 353,000
Recognized weighted average period				2 years
2023 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum aggregate shares to be issued (in shares)		1,594,800		1,594,800
2023 Equity Incentive Plan \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional shares authorized (in shares)	3,703,549
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares)		4,870,663		4,870,663
Shares available for grant (in shares)		52,627		52,627
Expiration of outstanding options				7 years 4 months 24 days
2021 Equity Incentive Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				1 year
2021 Equity Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				4 years

COMMITMENTS AND CONTINGENCIES - Narrative (Details)		1 Months Ended	6 Months Ended
COMMITMENTS AND CONTINGENCIES - Narrative (Details)	Dec. 31, 2021 USD ($)	Jun. 30, 2024 USD ($) agreement	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Long-Term Purchase Commitment [Line Items]
Finance lease, liability, current		$ 1,617,224	$ 1,617,224	$ 2,363,807
Percentage of original equipment cost which assets can be purchased for		45.00%	45.00%
Purchase obligation	$ 2,300,000
Purchase commitments term	2 years
Financing Lease, Lease Not yet Commenced
Long-Term Purchase Commitment [Line Items]
Number of equipment lease agreements \| agreement		2
Lease not yet commenced, obligation					$ 11,600,000
Lease term		2 years	2 years
Security deposit					$ 930,000
Lease liability		$ 0	$ 0
Minimum
Long-Term Purchase Commitment [Line Items]
Residual value of leased asset, percentage		35.00%
Purchase commitments term			2 years
Maximum
Long-Term Purchase Commitment [Line Items]
Residual value of leased asset, percentage		40.00%
Purchase commitments term			3 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 468,375	$ 62,009	$ 1,415,086	$ 102,261
Software services
Disaggregation of Revenue [Line Items]
Revenues	296,035	0	1,147,136	0
Delivery services
Disaggregation of Revenue [Line Items]
Revenues	75,540	32,467	127,300	57,719
Branding fees
Disaggregation of Revenue [Line Items]
Revenues	$ 96,800	$ 29,542	$ 140,650	$ 44,542

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 9,577	$ 465,639	$ 27,500	$ 931,279

REVERSE MERGER ACCOUNTING	6 Months Ended
REVERSE MERGER ACCOUNTING	Jun. 30, 2024
Reverse Merger Accounting [Abstract]
REVERSE MERGER ACCOUNTING	REVERSE MERGER ACCOUNTING On July 31, 2023, Acquisition Sub, merged with and into the Company. Pursuant to the Merger, the Company was the surviving corporation and became Patricia’s wholly owned subsidiary, and all of the outstanding stock of Serve was converted into shares of Patricia’s common stock. All of Serve’s outstanding warrants and options were assumed by Patricia. Following the consummation of the Merger, Serve Robotics Inc. changed its name to “Serve Operating Co.” The Merger was accounted for as a reverse-merger, and recapitalization in accordance with generally accepted accounting principles in the United States (“GAAP”). Serve Robotics Inc. was the acquirer for financial reporting purposes and Patricia was the acquired company. Consequently, the assets and liabilities and the operations that are reflected in the historical financial statements prior to the Merger are those of Serve Robotics Inc. and have been recorded at the historical cost basis of Serve Robotics Inc., and the financial statements after completion of the Merger include the assets and liabilities of Patricia and Serve Robotics Inc., historical operations of Serve Robotics Inc. and operations of Patricia from the closing date of the Merger. Common stock and the corresponding capital amounts of Patricia pre-merger were retroactively restated as capital stock shares reflecting the exchange ratio in the Merger. In conjunction with the Merger, the Company received no cash and assumed no liabilities from Patricia. As a result of the Merger, each of Serve’s shares of capital stock issued and outstanding immediately prior to the closing of the Merger was converted into the right to receive 0.8035 shares of Patricia’s common stock (the “Common Share Conversion Ratio”). Accordingly, all share and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the Common Share Conversion Ratio. There was no effect on the number of shares of common stock or preferred stock authorized for issuance under the Company’s certificate of incorporation or the par value of such securities.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accounting and reporting policies of the Company conform to GAAP. The Company’s fiscal year end is December 31.
Principles of Consolidation	Principles of Consolidation These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Serve Operating Co. and Serve Robotics Canada Inc. All inter-company transactions and balances have been eliminated on consolidation.
Unaudited Interim Financial Information	Unaudited Condensed Consolidated Financial Information The unaudited condensed consolidated financial statements and related notes have been prepared in accordance with GAAP for interim financial information, within the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements have been prepared on a basis consistent with the audited financial statements and in the opinion of management, reflect all adjustments, consisting of only normal recurring adjustments, necessary for the fair presentation of the results for the interim periods presented and of the financial condition as of the date of the condensed consolidated balance sheet. The financial data and the other information disclosed in these notes to the condensed consolidated financial statements related to the three-month periods are unaudited. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2023 included in the Form 10-K filed with the SEC on February 29, 2024.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the valuations of common stock and options. The Company bases its estimates on historical experience, known trends and other market- specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company generally maintains balances in various operating accounts at financial institutions that management believes to be of high credit quality, in amounts that may exceed federally insured limits. The Company has not experienced any losses related to its cash and cash equivalents and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level 1—Quoted prices in active markets for identical assets or liabilities. •Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. •Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The carrying values of the Company’s accounts receivable, prepaid expenses and accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.
Accounts Receivable	Accounts Receivable Accounts receivable are derived from services delivered to customers and are stated at their net realizable value. The Company accounts for allowance for doubtful accounts under Accounting Standards Codification (“ASC”) 310-10-35. Each month, the Company reviews its receivables on a customer-by-customer basis and evaluates whether an allowance for doubtful accounts is necessary based on any known or perceived collection issues. Any balances that are eventually deemed uncollectible are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Inventory	Inventory Inventory is stated at the lower of cost or market value and accounted for using the specific identification cost method. As of June 30, 2024 and December 31, 2023, inventory primarily consists of robotic component parts purchased from the Company’s suppliers. Management reviews its inventory for obsolescence and impairment periodically and did not record a reserve for obsolete inventory for the six months ended June 30, 2024 and 2023.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of the asset, which is three (3) to five (5) years for office equipment and two (2) years for the Company’s robot assets. Estimated useful lives are periodically assessed to determine if changes are appropriate. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation or amortization are eliminated from the balance sheets and any resulting gains or losses are included in the statement of operations in the period of disposal.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.
Deferred Offering Costs	Deferred Offering Costs The Company complies with the requirements of ASC 340-10-S99-1 with regards to offering costs. Prior to the completion of an offering, offering costs are capitalized. The deferred offering costs are charged to additional paid-in capital or as a discount to debt, as applicable, upon the completion of an offering or to expense if the offering is not completed.
Convertible Instruments	Convertible Instruments GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free-standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when the host instrument is deemed to be conventional as that term is described under applicable GAAP.
Revenue Recognition	Revenue Recognition The Company accounts for revenue in accordance with ASC 606 – Revenue from Contracts with Customers (“ASC 606”). The Company determines revenue recognition through the following steps: •Identification of a contract with a customer; •Identification of the performance obligations in the contract; •Determination of the transaction price; •Allocation of the transaction price to the performance obligations in the contract; and •Recognition of revenue when or as the performance obligations are satisfied. Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. As a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between customer payment and the transfer of goods or services is expected to be one year or less. The Company recognizes revenue on its software services over time. The Company utilizes labor hours as a measure of progress to estimate the percentage of completion of the performance obligation at each reporting period. Service fees that have been invoiced or paid but performance obligations have not been met are recorded as deferred revenue. As of June 30, 2024, the Company had $52,863 in deferred revenue pertaining to software services, which is expected to be recognized in the third quarter of 2024. For delivery services, the Company satisfies its performance obligation when the delivery is complete, which is the point in time control of the delivered product transfers to the customer. The Company recognizes branding fees over time as performance obligations are completed over the term of the agreement.
Cost of Revenue	Cost of Revenue Cost of revenue consists primarily of allocations of depreciation on robot assets used for revenue producing activities, personnel time related to revenue activities, and costs related to data, software and similar costs that allow the robots to function as intended and for the Company to communicate with the robots while in service.
Sales and Marketing	Sales and Marketing Sales and marketing expenses include personnel costs and public relations expenses. Advertising costs are expensed as incurred and included in sales and marketing expenses.
Operations	Operations Operations expenses primarily consist of costs for field operations personnel.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses primarily consist of personnel-related expenses for executive management and administrative functions, including finance and accounting, legal, and human resources, as well as general corporate expenses and general insurance. General and administrative expenses also include depreciation on property and equipment as well as amortization of right of use assets. These costs are expensed as incurred.
Research and Development Costs	Research and Development Costs Costs incurred in the research and development of the Company’s products are expensed as incurred. Research and development costs include product design, hardware and software costs.
Leases	Leases The Company accounts for leases under ASC 842 – Leases. The company does not apply the recognition requirements for leases with a term of twelve months or less. The Company determines if an arrangement is a lease, or includes an embedded lease, at inception for each contract or agreement. A contract is or contains an embedded lease if the contract meets all of the below criteria: (i)there is an identified asset; (ii)the Company obtains substantially all of the economic benefits of the asset; and (iii)the Company has the right to direct the use of the asset. The Company’s operating lease agreements include office and warehouse space. ROU assets represent the right to use an underlying asset for the lease term and operating lease liabilities represent the obligation to make payments arising from the lease or embedded lease. Operating lease ROU assets and operating lease liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate that is based on the estimated rate of interest for a collateralized borrowing of a similar asset, using a similar term as the lease payments at the commencement date. Indirect capital costs are capitalized and included in the ROU assets at commencement. The operating lease ROU assets and operating lease liabilities include any lease payments made, including any variable amounts that are based on an index or rate, and exclude lease incentives. Variability that is not due to an index or rate, such as payments made based on hourly rates, are excluded from the lease liability. Lease terms may include options to extend or terminate the lease. Renewal option periods are included within the lease term and the associated payments are recognized in the measurement of the operating ROU asset and operating lease liability when they are at our discretion and considered reasonably certain of being exercised. Over the lease term, the Company uses the effective interest rate method to account for the lease liability as lease payments are made and the ROU asset is amortized in a manner that results in straight-line expense recognition.
Net Loss per Share	Net Loss per Share Net earnings or loss per share is computed by dividing net income or loss by the weighted-average number of common shares outstanding during the period, excluding shares subject to redemption or forfeiture. The Company presents basic and diluted net earnings or loss per share. Diluted net earnings or loss per share reflect the actual weighted average of common shares issued and outstanding during the period, adjusted for potentially dilutive securities outstanding. Potentially dilutive securities are excluded from the computation of the diluted net loss per share if their inclusion would be anti-dilutive. As all potentially dilutive securities are anti-dilutive as of June 30, 2024 and 2023, diluted net loss per share is the same as basic net loss per share for each period.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying consolidated financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Disaggregation of Revenue

The disaggregation of revenue is as follows:


	Three Months Ended June 30, 2024				Six Months Ended June 30, 2024
	2024		2023		2024		2023
Software services	$	296,035	$	-	$	1,147,136	$	-
Delivery services	75,540		32,467		127,300		57,719
Branding fees	96,800		29,542		140,650		44,542

	$	468,375	$	62,009	$	1,415,086	$	102,261

Potentially Dilutive Items Outstanding

Potentially dilutive items outstanding as of June 30, 2024 and 2023 is as follows:


	June 30,
	2024	2023
Series Seed preferred stock (convertible to common stock)	-	3,091,672
Series Seed-1 preferred stock (convertible to common stock)	-	2,440,411
Series Seed-2 preferred stock (convertible to common stock)	-	2,088,696
Series Seed-3 preferred stock (convertible to common stock)	-	357,836
Common stock warrants	3,493,671	13,912
Preferred stock warrants	-	128,820
Convertible note payable	-	3,014,632
Stock options	1,529,900	1,590,769
Unvested restricted stock units	955,804	-
Shares related to recourse and non-recourse loans	112,490	329,661
Total potentially dilutive shares	6,091,865	13,056,409

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Leases – Right of Use Asset and Liability

The components of lease costs are as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
Type	Financial Statement Line Item	2024		2023		2024		2023
Operating lease	General and administrative	$	8,863	$	202,384	$	17,725	$	411,770
Operating lease	Operations	81,663		-		163,327		-
Operating lease	Research and development	34,677		-		69,354		-
Total lease costs		$	125,203	$	202,384	$	250,406	$	411,770

Supplemental cash flow information related to leases are as follows:


	Six Months Ended June 30,
	2024		2023
Operating cash flows paid for operating leases	$	279,224	$	273,570
Right-of-use assets obtained in exchange for operating lease obligations	$	-	$	-

Supplemental balance sheet information related to leases are as follows:


	June 30, 2024		December 31, 2023
Weighted-average remaining lease term (in years)	0.80		1.30
Weighted-average discount rate	7.25	%	7.25	%

In June 2023, the Company entered in two equipment lease agreements for its robot assets for an aggregate commitment amount of approximately $11.60 million. The agreements have an initial term of two years and will require security deposits of approximately $930,000, which is not due until initial funds are drawn. The Company has the option to purchase the assets at the end of the lease for 35%- 40% of the original equipment cost. As of June 30, 2024, no amount has been drawn under these agreements.

Finance Lease – Failed Sales-Leaseback

In November 2022, the Company entered into a lease agreement with Farnam Capital for its robot assets. As per ASC 842-40-25-1, the transaction was considered a failed sales-leaseback and therefore the lease was accounted for as a financing agreement. The outstanding liability at June 30, 2024 was 1,617,224. The Company has the option to purchase the assets at the end of the lease for 45% of the original equipment cost.

Commitments

On December 31, 2021, the Company entered into a strategic supply agreement with a manufacturer of component parts used for the Company’s robot assets. The agreement originally called for the Company to make a minimum of $2.30 million in purchases over a two-year period ending December 2023. At the end of the two-year period, the manufacturer was permitted to invoice the Company for any shortfall in orders. This agreement was extended in January 2024, pursuant to which half of the required $2.30 million is to be purchased in 2024 and the other half by December 31, 2025. The Company has minimum spend agreements related to simulation software and storage services. The purchase commitments extend for a period of two to three years.

Contingencies

The Company may be subject to pending legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company does not anticipate that the final outcome,

if any, arising out of any such matters will have a material adverse effect on its business, financial condition or results of operations.

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) - USD ($)	Total	Conversion Of Convertible Note And Derivative	Preferred Stock Series Seed Preferred Stock	Preferred Stock Series Seed-1 Preferred Stock	Preferred Stock Series Seed-2 Preferred Stock	Preferred Stock Series Seed-3 Preferred Stock	Common Stock	Common Stock Conversion Of Convertible Note And Derivative	Additional Paid-in Capital	Additional Paid-in Capital Conversion Of Convertible Note And Derivative	Subscription Receivable	Accumulated Deficit
Beginning balances (in shares) at Dec. 31, 2022			3,091,672	2,440,411	2,088,696	357,836	6,826,352
Beginning balances at Dec. 31, 2022	$ (12,452,146)		$ 309	$ 244	$ 209	$ 36	$ 683		$ 31,232,737		$ (165,719)	$ (43,520,645)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vested restricted stock purchased with recourse notes (in shares)							2,820
Vested restricted stock purchased with recourse notes	2,234								3,436		(1,202)
Restricted stock awards repurchased (in shares)							(238,625)
Restricted stock awards repurchased	(4)						$ (24)		20
Stock-based compensation	93,943								93,943
Net loss	(5,138,122)											(5,138,122)
Ending balances (in shares) at Mar. 31, 2023			3,091,672	2,440,411	2,088,696	357,836	6,590,547
Ending balances at Mar. 31, 2023	(17,494,095)		$ 309	$ 244	$ 209	$ 36	$ 659		31,330,136		(166,921)	(48,658,767)
Beginning balances (in shares) at Dec. 31, 2022			3,091,672	2,440,411	2,088,696	357,836	6,826,352
Beginning balances at Dec. 31, 2022	$ (12,452,146)		$ 309	$ 244	$ 209	$ 36	$ 683		31,232,737		(165,719)	(43,520,645)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock awards repurchased (in shares)	(375,358)
Net loss	$ (10,104,378)
Ending balances (in shares) at Jun. 30, 2023			3,091,672	2,440,411	2,088,696	357,836	6,530,392
Ending balances at Jun. 30, 2023	(22,351,291)		$ 309	$ 244	$ 209	$ 36	$ 653		31,440,504		(168,223)	(53,625,023)
Beginning balances (in shares) at Mar. 31, 2023			3,091,672	2,440,411	2,088,696	357,836	6,590,547
Beginning balances at Mar. 31, 2023	(17,494,095)		$ 309	$ 244	$ 209	$ 36	$ 659		31,330,136		(166,921)	(48,658,767)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vested restricted stock purchased with recourse notes (in shares)							2,820
Vested restricted stock purchased with recourse notes	2,131								3,433		(1,302)
Restricted stock awards repurchased (in shares)							(62,975)
Restricted stock awards repurchased	0						$ (6)		6
Stock-based compensation	106,929								106,929
Net loss	(4,966,256)											(4,966,256)
Ending balances (in shares) at Jun. 30, 2023			3,091,672	2,440,411	2,088,696	357,836	6,530,392
Ending balances at Jun. 30, 2023	(22,351,291)		$ 309	$ 244	$ 209	$ 36	$ 653		31,440,504		(168,223)	(53,625,023)
Beginning balances (in shares) at Dec. 31, 2023			0	0	0	0	24,508,795
Beginning balances at Dec. 31, 2023	(4,033,406)		$ 0	$ 0	$ 0	$ 0	$ 2,450		64,468,141		(169,616)	(68,334,381)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants/Conversion of convertible note and derivative into common stock (in shares)							125,000
Exercise of warrants/Conversion of convertible note and derivative liability into common stock	5,832						$ 12		5,820
Interest on recourse loan/Interest and forgiveness on recourse loans	3,987										3,987
Stock-based compensation	4,255,432								4,255,432
Net loss	(9,037,971)											(9,037,971)
Ending balances (in shares) at Mar. 31, 2024			0	0	0	0	24,633,795
Ending balances at Mar. 31, 2024	(8,806,126)		$ 0	$ 0	$ 0	$ 0	$ 2,462		68,729,393		(165,629)	(77,372,352)
Beginning balances (in shares) at Dec. 31, 2023			0	0	0	0	24,508,795
Beginning balances at Dec. 31, 2023	$ (4,033,406)		$ 0	$ 0	$ 0	$ 0	$ 2,450		64,468,141		(169,616)	(68,334,381)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock awards repurchased (in shares)	(245,060)
Exercise of options (in Shares)	17,936
Net loss	$ (18,075,338)
Ending balances (in shares) at Jun. 30, 2024			0	0	0	0	36,529,574
Ending balances at Jun. 30, 2024	28,463,741		$ 0	$ 0	$ 0	$ 0	$ 3,651		114,869,809		0	(86,409,719)
Beginning balances (in shares) at Mar. 31, 2024			0	0	0	0	24,633,795
Beginning balances at Mar. 31, 2024	(8,806,126)		$ 0	$ 0	$ 0	$ 0	$ 2,462		68,729,393		(165,629)	(77,372,352)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock awards repurchased (in shares)							(245,060)
Restricted stock awards repurchased	0						$ (24)		24
Issuance of common stock pursuant to offering (in shares)							10,000,000
Issuance of common stock pursuant to offering	40,000,000						$ 1,000		39,999,000
Offering costs	(4,150,864)								(4,150,864)
Exercise of warrants/Conversion of convertible note and derivative into common stock (in shares)							18,341	2,104,562
Exercise of warrants/Conversion of convertible note and derivative liability into common stock	75	$ 6,803,600					$ 2	$ 210	73	$ 6,803,390
Exercise of options (in Shares)							17,936
Exercise of options	8,757						$ 1		8,756
Interest on recourse loan/Interest and forgiveness on recourse loans	165,629										165,629
Stock-based compensation	3,480,037								3,480,037
Net loss	(9,037,367)											(9,037,367)
Ending balances (in shares) at Jun. 30, 2024			0	0	0	0	36,529,574
Ending balances at Jun. 30, 2024	$ 28,463,741		$ 0	$ 0	$ 0	$ 0	$ 3,651		$ 114,869,809		$ 0	$ (86,409,719)

STOCK-BASED COMPENSATION - Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense	$ 3,480,037	$ 106,929	$ 7,735,469	$ 200,872
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense	427,781	11,335	434,377	21,315
Operations
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense	137,728	9,874	144,239	18,302
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense	2,861,060	81,914	7,100,808	154,185
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense	$ 53,468	$ 3,806	$ 56,045	$ 7,070

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
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+ Details

STOCKHOLDERS’ EQUITY - Valuation Assumptions (Details)	Jun. 30, 2024 USD ($)
Magna Warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding	$ 8,566,184
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0.0409
Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	10.0
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0.750
Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0

STOCKHOLDERS’ EQUITY

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the Company’s board of directors.

Upon closing of the Merger, there were 10,000,000 and 300,000,000 shares of preferred and common stock, respectively, par value $0.0001 per share, authorized for issuance.

In February 2024, 125,000 common stock warrants were exercised for proceeds of $5,832.

In April 2024, the Company issued 10,000,000 shares of common stock for gross proceeds of 40,000,000.00, or $4.00 per share, pursuant to the Offering. In connection with the Offering, the Company incurred $4,150,864 in offering costs. In connection with the Offering, the Company issued to warrants to purchase 500,000 shares of common stock (the “Representative’s Warrant”). The Representative’s Warrant will be exercisable at a per share exercise price equal to $5.00 and is exercisable at any time and from time to time, in whole or in part, commencing October 14, 2024. The Representative’s Warrant expires on April 17, 2029.

Upon closing of the Offering, the January Notes converted into 2,104,562 shares of common stock based upon a conversion price of $2.42 per share.

In April 2024, the Company issued 18,341 shares of common stock pursuant to cashless exercises of warrants.

In May 2024, 17,936 common stock options were exercised for proceeds of $8,757.

Restricted Common Stock and Restricted Stock Units

During 2022, the Company issued 338,121 shares of restricted common stock for recourse notes totaling $164,116. The shares were issued with a corresponding note receivable, a recourse loan that was collateralized by the underlying shares. The Company planned to enforce the recourse terms for the holders. As such, in accordance with ASC 505-10-45-2, the Company recognized a subscription receivable of $165,719, inclusive of interest on the note, which is included as a contra-equity on the Company’s consolidated balance sheets. The Company recorded a corresponding restricted stock award liability of $162,747 for the potential settlement if the call right for the shares of restricted common stock is exercised and unvested shares repurchased. The Company reduced the liability and increased additional paid-in capital for the value of the note associated with vested shares no longer subject to the call right. During the six months ended June 30, 2024, the Company forgave one recourse loan, and due to the lack of enforcement, the remaining loans were deemed nonrecourse. Accordingly, the Company extinguished restricted stock award liability and the related subscription receivable related to loans previously classified as recourse loans. In accordance with ASC 718, these actions were deemed award modifications. The Company recognized $204,272 in stock based compensation related to the incremental value of the award and an additional $11,503 related to the change in classification; all of which was included in general and administrative expense in the consolidated statements of operations.

As of June 30, 2024, there were 112,490 shares of common stock issued, that are subject to the non-recourse note and deemed not outstanding.

As of June 30, 2024, the Company issued 6,273,402 shares of common stock subject to vesting requirements, whereby the Company can repurchase unvested shares at its option upon an employee’s termination.

During the six months ended 2024, the Company issued 1,051,632 of restricted stock units ("RSUs") with vesting periods ranging one month to four years. As of June 30, 2024, 95,828 RSUs vested, however the shares have not yet been issued. As of June 30, 2024, 955,804 RSUs remained unvested and will vest over approximately 3.00 years.

During the three months ended June 30, 2024 and 2023, the Company recorded stock-based compensation pertaining to vesting of restricted common stock and RSUs of $951,514 and $74,413, respectively. During the six months ended June 30, 2024 and 2023, the Company recorded stock-based compensation pertaining to vesting of restricted common stock and RSUs of $995,137 and $145,775, respectively.

During the six months ended June 30, 2024 and 2023, the Company repurchased restricted stock awards of 245,060 and 375,358 shares of common stock, respectively, for nominal value.

Warrants

The following is a summary of warrants for the six months ended June 30, 2024:


	Warrants	Weighted Average Exercise Price
Outstanding as of December 31, 2023	1,090,272	$	2.67
Granted	2,708,479	0.99
Exercised	(291,169)	2.13
Forfeited	(13,911)	3.89
Outstanding as of June 30, 2024	3,493,671	$	1.41

Exercisable as of June 30, 2024	2,421,171	$	2.02

The weighted-average remaining term of the warrants outstanding was 7.15 years as of June 30, 2024.

Magna Warrant

On February 1, 2024, Serve entered into a Master Services Agreement (the “MSA”) with Magna New Mobility USA, Inc. (“Magna”), retroactively effective as of January 15, 2024.

In connection with the strategic partnership with Magna, on February 7, 2024, the Company issued to Magna a warrant (the “Magna Warrant”) to purchase up to 2,145,000 shares of its common stock (the “Magna Warrant Shares”), subject to at an exercise price of $0.01 per share. The Magna Warrant was issued pursuant to a production agreement executed in connection with the MSA between the parties in April 2024 whereby Magna will assist the Company in assembly of robotic delivery vehicles.

The Magna Warrant is exercisable in two equal tranches: (i) the first tranche became exercisable on May 15, 2024; and (ii) the second tranche will become exercisable upon Magna’s achievement of a certain manufacturing milestone as set forth in a production and purchase agreement to be entered into with respect to the contract manufacturing of our autonomous delivery robots by Magna or its affiliates. Notwithstanding the foregoing, the Magna Warrant Shares will vest and become exercisable upon any “change of control” (as defined in the Magna Warrant).

The fair value of the Magna Warrant was $8,566,184, which was valued using the Black-Scholes pricing model using the range of inputs as indicated below:


Risk-free interest rate	4.09	%
Expected term (in years)	10.0
Expected volatility	75.0	%
Expected dividend yield	—	%

The Company recognized $2,138,373 and $6,320,916 in stock-based compensation expense pertaining to these warrants during the three and six months ended June 30, 2024, respectively, based on the vesting conditions noted above and the Company’s estimations of when the services will be completed. The Company recorded the expense to research and development expense in the consolidated statements of operations.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 28,780,034	$ 6,756
Accounts receivable	93,132	2,955
Inventory	709,289	774,349
Prepaid expenses	1,119,995	676,969
Escrow Receivable	180,000	0
Total current assets	30,882,450	1,461,029
Property and equipment, net	819,244	48,422
Right of use asset	552,143	782,439
Security Deposits	512,659	512,659
Total assets	32,766,496	2,804,549
Current liabilities:
Accounts payable	1,387,559	2,050,605
Accrued liabilities	46,079	255,849
Deferred revenue	52,863	0
Right of use liability, current portion	413,800	496,963
Lease liability, current portion	1,617,224	2,363,807
Total current liabilities	4,267,525	6,237,224
Note payable, net of current portion	0	230,933
Restricted stock award liability	0	158,617
Right of use liability	35,230	211,181
Total liabilities	4,302,755	6,837,955
Commitments and contingencies (Note 10)
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of both June 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized,36,642,064 and 24,832,814 shares issued and 36,529,574 and 24,508,795 shares outstanding as of June 30, 2024 and December 31, 2023.	3,651	2,450
Additional paid-in capital	114,869,809	64,468,141
Subscription receivable	0	(169,616)
Accumulated deficit	(86,409,719)	(68,334,381)
Total stockholders’ equity (deficit)	28,463,741	(4,033,406)
Total liabilities and stockholders’ equity (deficit)	32,766,496	2,804,549
Nonrelated Party
Current liabilities:
Note payable, current	750,000	1,000,000
Related Party
Current liabilities:
Note payable, current	$ 0	$ 70,000

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

2023 Equity Incentive Plan

The 2023 Equity Incentive Plan (the “2023 Plan”) permits the grant of incentive stock options, nonstatutory stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units (“RSUs”) and stock bonus awards (all such types of awards, collectively, “stock awards”).

Subject to adjustments as set forth in the 2023 Plan, the maximum aggregate number of shares of common stock that may be issued under the 2023 Plan will not exceed 1,594,800 shares.

In July 2024, the 2023 Plan was amended, and the number of shares authorized under the 2023 Plan was increased by 3,703,549 additional shares. See Note 11.

Serve Robotics 2021 Equity Incentive Plan

The Company has adopted the Serve Robotics 2021 Equity Incentive Plan (the “2021 Plan”), as amended and restated, which provides for the grant of shares of stock options and SARs and restricted common shares to employees, non-employee directors, and non-employee consultants. The number of shares authorized by the 2021 Plan was 4,870,663 shares as of June 30, 2024. As of June 30, 2024, there were 52,627 shares available for grant under the 2021 Plan. Stock options granted under the 2021 Plan typically vest over a 4 year period, with a one year cliff as well as via specified milestones.

A summary of information related to stock options for the six months ended June 30, 2024 is as follows:


	Options	Weighted Average Exercise Price		Intrinsic Value
Outstanding as of December 31, 2023	1,515,386	$	0.61	$	5,111,928
Granted	110,168	4.03
Exercised	(17,936)	0.80
Forfeited	(77,718)	0.63
Outstanding as of June 30, 2024	1,529,900	$	0.86	$	16,931

Exercisable as of June 30, 2024	910,285	$	0.86	$	11,450
Exercisable and expected to vest at June 30, 2024	1,529,900	$	0.86	$	16,931

As of June 30, 2024, the weighted average duration to expiration of outstanding options was 7.40 years.

Stock-based compensation expense for stock options of $185,878 and $32,516 was recognized for the three months ended June 30, 2024 and 2023, respectively. Stock-based compensation expense for stock options of $215,144 and $55,097 was recognized for the six months ended June 30, 2024 and 2023, respectively. Total unrecognized compensation cost related to non-vested stock option awards amounted to approximately $353,000 as of June 30, 2024, which will be recognized over a weighted average period of 2 years.

Classification

Stock-based compensation expense for stock options, restricted common stock and RSUs (Note 8) and the Magna Warrant (Note 8) was classified in the statements of operations as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
General and administrative	$	427,781	$	11,335	$	434,377	$	21,315
Operations	137,728		9,874		144,239		18,302
Research and development	2,861,060		81,914		7,100,808		154,185
Sales and marketing	53,468		3,806		56,045		7,070
	$	3,480,037	$	106,929	$	7,735,469	$	200,872

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

The following is a summary of property and equipment, net:


	June 30, 2024		December 31, 2023
Office equipment	$	254,001	$	250,661
Robot assets	2,092,293		2,092,293
Robot build construction-in-process	794,982		—
Total	3,141,276		2,342,954
Less: accumulated depreciation	(2,322,032)		(2,294,532)
Property and equipment, net	$	819,244	$	48,422

Depreciation expense was $9,577 and $465,639 for the three months ended June 30, 2024 and 2023, and $27,500 and $931,279 for the six months ended June 30, 2024 and 2023, respectively.

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Securities Purchase Agreement On July 23, 2024, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with a certain accredited and institutional investor for a private placement offering (the “Private Placement”) of pre-funded warrants (the “Pre-Funded Warrants”) to purchase shares of the Company’s common stock and warrants exercisable for common stock (the “Investor Warrants”). Pursuant to the Purchase Agreement, the Company sold 2,500,000 Pre-Funded Warrants with each Pre-Funded Warrant exercisable for one share of common stock, together with Investor Warrants to purchase up to 2,500,000 shares of common stock. Each Pre-Funded Warrant and accompanying Investor Warrant were sold together at a combined offering price of $5.9999. The Company received net proceeds of $13.70 million pursuant to the Purchase Agreement. The Pre-Funded Warrants were exercised in full in August 2024. The Investor Warrants have an exercise price of $6.00 per share, are exercisable upon issuance and will expire five and a half years from the date of issuance. Warrant Exercises Through August 9th, 2024, the Company has issued shares for exercised warrants for an aggregate of 3,166,266 shares of common stock. This amount includes 2,500,000 shares resulting from the exercise of the Pre-Funded Warrants.