We have recently suggested (Usoskin et al., 2000) that one low sunspot cycle was possibly lost in 1790s, and argued (Usoskin et al., 2002) that the existence of such a cycle does not contradict with available solar proxies, like auroral observations and cosmogenic isotopes. However, some arguments based on a statistical analysis of sunspot activity have been presented against the lost cycle (Krivova et al., 2002). Since the consequences of a new cycle are significant for solar cycle studies, it is important to try to estimate the probability of such a cycle to exist. Here we present the results of a rigorous statistical analysis of all available sunspot observations around the suggested additional cycle minimum in 1792-1793. We show that the level of sunspot activity in 1792-1793 is statistically similar to that in the minimum phase, but significantly different from that in the mid-declining or maximum phases. Using the estimated uncertainties we also calculate new, weighted annual values of group sunspot numbers in 1790-1796 which show a clear minimum in 1792-1793 and a maximum in 1794-1795, supporting the idea of an additional weak cycle in 1790's.