2023 Q1 Form 10-K Financial Statement
#000121390023025527 Filed on March 31, 2023
Income Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
Revenue | |||
YoY Change | |||
Cost Of Revenue | $367.3K | $1.148M | |
YoY Change | |||
Gross Profit | -$327.0K | -$1.041M | |
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $291.1K | $576.8K | |
YoY Change | -83.66% | ||
% of Gross Profit | |||
Research & Development | $2.083M | $13.57M | |
YoY Change | 91.27% | ||
% of Gross Profit | |||
Depreciation & Amortization | $465.6K | $388.1K | |
YoY Change | 813.91% | ||
% of Gross Profit | |||
Operating Expenses | $3.900M | $19.91M | |
YoY Change | 87.46% | ||
Operating Profit | -$11.48K | -$51.35K | |
YoY Change | 45.56% | -5.99% | |
Interest Expense | $41.74K | $636.3K | |
YoY Change | -105.76% | ||
% of Operating Profit | |||
Other Income/Expense, Net | -$910.9K | -$902.1K | |
YoY Change | |||
Pretax Income | -$21.86M | ||
YoY Change | 0.88% | ||
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$11.48K | -$51.35K | |
YoY Change | 45.56% | -5.99% | |
Net Earnings / Revenue | |||
Basic Earnings Per Share | $0.00 | -$0.01 | |
Diluted Earnings Per Share | $0.00 | -$0.01 | |
COMMON SHARES | |||
Basic Shares Outstanding | 5.000M shares | 5.000M shares | 5.000M shares |
Diluted Shares Outstanding | 5.000M shares | 5.000M shares |
Balance Sheet
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $2.716M | ||
YoY Change | -65.91% | ||
Cash & Equivalents | $12.37K | $457.00 | |
Short-Term Investments | |||
Other Short-Term Assets | $81.34K | ||
YoY Change | 628.85% | ||
Inventory | $618.3K | $618.3K | |
Prepaid Expenses | $81.34K | ||
Receivables | $23.70K | $23.70K | |
Other Receivables | $0.00 | ||
Total Short-Term Assets | $12.37K | $457.00 | $3.439M |
YoY Change | 68.63% | -59.26% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $3.376M | $4.592M | |
YoY Change | 3739.16% | ||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $512.7K | ||
YoY Change | 430.43% | ||
Total Long-Term Assets | $0.00 | $0.00 | $5.105M |
YoY Change | 2260.61% | ||
TOTAL ASSETS | |||
Total Short-Term Assets | $12.37K | $457.00 | $3.439M |
Total Long-Term Assets | $0.00 | $0.00 | $5.105M |
Total Assets | $12.37K | $457.00 | $8.544M |
YoY Change | 68.63% | -1.3% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $15.89K | $10.00K | $162.0K |
YoY Change | 33.33% | -51.82% | |
Accrued Expenses | $37.43K | $520.6K | |
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | ||
YoY Change | |||
Long-Term Debt Due | $3.214M | ||
YoY Change | |||
Total Short-Term Liabilities | $147.4K | $124.0K | $3.897M |
YoY Change | 71.13% | 1058.75% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $3.078M | ||
YoY Change | |||
Other Long-Term Liabilities | $14.02M | ||
YoY Change | |||
Total Long-Term Liabilities | $17.10M | ||
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $147.4K | $124.0K | $3.897M |
Total Long-Term Liabilities | $17.10M | ||
Total Liabilities | $147.4K | $124.0K | $21.00M |
YoY Change | 71.13% | 6143.11% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$135.5K | -$124.0K | |
YoY Change | 70.65% | ||
Common Stock | $500.00 | $500.00 | |
YoY Change | 0.0% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$135.0K | -$123.5K | -$12.45M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $12.37K | $457.00 | $8.544M |
YoY Change | 68.63% | -1.3% |
Cashflow Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$11.48K | -$51.35K | |
YoY Change | 45.56% | -5.99% | |
Depreciation, Depletion And Amortization | $465.6K | $388.1K | |
YoY Change | 813.91% | ||
Cash From Operating Activities | -$5.591K | -$48.85K | |
YoY Change | -40.45% | -5.37% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | $3.645M | ||
YoY Change | 2148.72% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$416.0K | ||
YoY Change | 330.43% | ||
Cash From Investing Activities | -$4.061M | ||
YoY Change | 1469.58% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | $17.50K | $49.04K | |
YoY Change | 75.35% | 15.5% | |
NET CHANGE | |||
Cash From Operating Activities | -$5.591K | -$48.85K | |
Cash From Investing Activities | -$4.061M | ||
Cash From Financing Activities | $17.50K | $49.04K | |
Net Change In Cash | $11.91K | $186.00 | |
YoY Change | 1911.66% | -102.03% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$5.591K | -$48.85K | |
Capital Expenditures | $3.645M | ||
Free Cash Flow | -$5.591K | -$3.694M | |
YoY Change | 1628.36% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2022 | dei |
Document Type
DocumentType
|
10-K | |
CY2022 | dei |
Document Annual Report
DocumentAnnualReport
|
true | |
CY2022 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2022-12-31 | |
CY2022 | dei |
Current Fiscal Year End Date
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|
--12-31 | |
CY2022 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2022 | |
CY2022 | dei |
Document Transition Report
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|
false | |
CY2022 | dei |
Entity File Number
EntityFileNumber
|
000-56237 | |
CY2022 | dei |
Entity Registrant Name
EntityRegistrantName
|
Patricia Acquisition Corp. | |
CY2022 | dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
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DE | |
CY2022 | dei |
Entity Tax Identification Number
EntityTaxIdentificationNumber
|
85-3844872 | |
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2255 Glades Road | |
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Suite 324A | |
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Boca Raton | |
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FL | |
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33431 | |
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(561) | |
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989-2208 | |
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Entity Well Known Seasoned Issuer
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No | |
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Entity Voluntary Filers
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No | |
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Yes | |
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Raich Ende Malter & Co. LLP | |
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50 | |
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Melville, New York | |
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Net Income Loss
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Increase Decrease In Accounts Payable And Accrued Liabilities
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Increase Decrease In Accounts Payable And Accrued Liabilities
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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271 | usd |
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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Nature Of Operations
NatureOfOperations
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1. <span style="text-decoration:underline">Nature of Operations</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Patricia Acquisition Corp. (the “Company”) was incorporated in the State of Delaware on November 9, 2020. The Company’s management has chosen December 31st for its fiscal year end.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly traded corporation. The Company’s principal business objective is to achieve long-term growth potential through a combination with a business, rather than immediate short-term earnings. The Company will not restrict its potential target companies to any specific business, industry, or geographical location. The analysis of business opportunities will be undertaken by, or under the supervision of, the officer and directors of the Company.</p> | |
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Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> | |
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Smaller Reporting Company Description
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|
(1) the market value of the ordinary shares held by non-affiliates equals or exceeds $250 million as of the prior June 30, and (2) the annual revenues equaled or exceeded $100 million during such completed fiscal year or the market value of the ordinary shares held by non-affiliates equals or exceeds $700 million as of the prior June 30. | |
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Preferred Stock Shares Authorized
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|
10000000 | shares |
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Preferred Stock Par Or Stated Value Per Share
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|
0.0001 | |
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Common Stock Shares Authorized
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|
50000000 | shares |
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Common Stock Shares Authorized
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|
50000000 | shares |
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Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
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Common Stock Shares Issued
CommonStockSharesIssued
|
5000000 | shares |
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Common Stock Shares Issued
CommonStockSharesIssued
|
5000000 | shares |
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Deferred Tax Assets Gross
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|
22300 | usd |
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Deferred Tax Assets Gross
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|
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Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
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106000 | usd |
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Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
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Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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Investment Interest Rate
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|
0.18 | pure |
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Notes Payable Related Parties Noncurrent
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114000 | usd |
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Notes Payable Related Parties Noncurrent
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64960 | usd |
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Going Concern
GoingConcern
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 6. <span style="text-decoration:underline">Going Concern</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has incurred losses from inception of $124,043, has negative working capital of $123,543, and has a stockholders’ deficit of $123,543 as of December 31, 2022. Management believes these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the date these financial statements are issued. Management intends to finance operations over the next twelve months through additional borrowings on the existing Note.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.</p> | |
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Stockholders Equity Other
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|
124043 | usd |
CY2022Q4 | patr |
Working Capital Deficit
WorkingCapitalDeficit
|
123543 | usd |
CY2022 | patr |
Net Income Loss Attributable To Parent
NetIncomeLossAttributableToParent
|
123543 | usd |
CY2021Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2021Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2022 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
pure | |
CY2021 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
pure | |
CY2022 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2022 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
FY | |
CY2022 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001832483 |