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Can not install Ubuntu Server v23.04 guest on macOS host machine in virtual box

I tried to set up Ubuntu Server v.23.04 guest machine for SSH remote access in my virtual environment using Virtual Box v. 7.0 hosted on macOS Monterey 12.6.5 . To my surprise I receive some errors.
Below I paste error.

Kernel panic - not syncing: no working init found. Try passing init= option to Kernel. See Linux Documentation/admin-guide/init.rst for guidance.

I have logs. Let me know what if there is something needed for Troubleshooting.