Cheetah Net Supply Chain Service Inc 10-Q for FY2025 Q2

Cheetah Net Supply Chain Service Inc. (CTNT)

10-Q 2025-08-04 For: 2025-06-30

Added on April 06, 2026

About this 10-Q

Cheetah Net Supply Chain Service Inc filed this 10-Q on August 4, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $354.13K; up 278.5% from $93.56K a year earlier
Net loss: $512.53K; compared with a net loss of $612.88K a year earlier
Diluted EPS: -$0.16; compared with -$0.38 a year earlier

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North Carolina		81-3509120
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)


Title of each Class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.0001 per share	CTNT	The Nasdaq Stock Market LLC


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

Part I	Financial Information	2

Item 1	Financial Statements	2

	Condensed Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024	2

	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	3

	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	4

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited)	5

	Notes to Unaudited Condensed Consolidated Financial Statements	6

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33

Item 3	Quantitative and Qualitative Disclosures about Market Risk	45

Item 4	Controls and Procedures	45

Part II	Other Information	46

Item 1	Legal Proceedings	46

Item 1A	Risk Factors	46

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	46

Item 3	Defaults Upon Senior Securities	47

Item 4	Mine Safety Disclosures	47

Item 5	Other Information	47

Item 6	Exhibits	48

Signatures		49


	June 30,		December 31,
	2025		2024*
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	185,186	$	1,650,962
Accounts receivable, net		19,650		47,976
Loan receivable		8,749,445		6,088,295
Other receivables		843,579		370,696
Prepaid expenses and other current assets		118,929		338,642
Current assets of discontinued operations		—		2,540,501
TOTAL CURRENT ASSETS		9,916,789		11,037,072
NONCURRENT ASSETS:
Property, plant, and equipment, net		378,631		398,395
Operating lease right-of-use assets		1,548,646		1,836,521
Intangibles, net		1,006,928		1,063,072
Goodwill		1,044,394		1,044,394
TOTAL ASSETS	$	13,895,388	$	15,379,454

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	1,283	$	18,992
Current portion of long-term debt		36,412		34,577
Loan payable from premium finance		—		120,461
Tax payable		5,200		—
Operating lease liabilities, current		612,719		438,351
Accrued liabilities and other current liabilities		321,186		217,980
Current liabilities of discontinued operations		—		52,900
TOTAL CURRENT LIABILITIES		976,800		883,261
NONCURRENT LIABILITIES:
Long-term debt, net of current portion		590,352		610,020
Operating lease liabilities, net of current portion		950,372		1,268,501
TOTAL LIABILITIES	$	2,517,524	$	2,761,782

COMMITMENTS AND CONTINGENCIES		—		—

STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 3,218,886 shares issued and outstanding, including*:
Class A common stock, $0.0001 par value, 891,750,000 shares authorized, 2,672,011 shares issued and outstanding		267		267
Class B common stock, $0.0001 par value, 108,250,000 shares authorized, 546,875 shares issued and outstanding		55		55
Additional paid-in capital		17,324,590		17,297,961
Accumulated deficit		(5,947,048)		(4,680,611)
TOTAL STOCKHOLDERS’ EQUITY		11,377,864		12,617,672

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	13,895,388	$	15,379,454


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024**		2025		2024**
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
REVENUE	$	354,126	$	93,563	$	833,925	$	170,397

COST OF REVENUE		319,226		45,598		742,769		88,098

GROSS PROFIT		34,900		47,965		91,156		82,299

OPERATING EXPENSES
General and administrative expenses		805,305		865,354		1,805,824		1,632,996
Share-based compensation expenses		10,444		—		26,629		—
TOTAL OPERATING EXPENSES		815,749		865,354		1,832,453		1,632,996

LOSS FROM OPERATIONS		(780,849)		(817,389)		(1,741,297)		(1,550,697)

OTHER INCOME (EXPENSES)
Interest income		272,228		28,241		480,318		57,171
Interest expenses		(8,060)		(8,302)		(16,872)		(16,607)
Other income		17,140		153		29,756		774
OTHER INCOME, NET		281,308		20,092		493,202		41,338

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(499,541)		(797,297)		(1,248,095)		(1,509,359)

Income tax (benefits)		12,987		(247,275)		18,342		(492,989)

LOSS FROM CONTINUING OPERATIONS		(512,528)		(550,022)		(1,266,437)		(1,016,370)

LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX**		—		(62,858)		—		(205,440)

NET LOSS	$	(512,528)	$	(612,880)	$	(1,266,437)	$	(1,221,810)

Loss from continuing operations per ordinary share - basic and diluted*	$	(0.16)	$	(0.34)	$	(0.39)	$	(0.73)
Loss from discontinued operations per ordinary share - basic and diluted*	$	0.00	$	(0.04)	$	0.00	$	(0.15)
Loss per share - basic and diluted*	$	(0.16)	$	(0.38)	$	(0.39)	$	(0.88)
Weighted average shares - basic and diluted*		3,218,886		1,625,692		3,218,886		1,398,500


	Common Stock*
	Class A			Class B			Additional						Total
	Common			Common			paid-in		Subscription		Accumulated		Stockholders’
	stock	Amount		stock	Amount		capital		Receivable		Deficit		Equity
Balance, December 31, 2024	2,672,011	$	267	546,875	$	55	$	17,297,961	$	—	$	(4,680,611)	$	12,617,672

Share-based compensation expenses	—		—	—		—		16,185		—		—		16,185
Net loss from continuing operations for the period	—		—	—		—		—		—		(753,909)		(753,909)

Balance, March 31, 2025	2,672,011	$	267	546,875	$	55	$	17,314,146	$	—	$	(5,434,520)	$	11,879,948

Share-based compensation expenses	—		—	—		—		10,444		—		—		10,444
Net loss from continuing operations for the period	—		—	—		—		—		—		(512,528)		(512,528)

Balance, June 30, 2025	2,672,011	$	267	546,875	$	55	$	17,324,590	$	—	$	(5,947,048)	$	11,377,864


	For the Six Months Ended
	June 30,
	2025		2024

	(Unaudited)
Cash flows from operating activities:
Net Loss	$	(1,266,437)	$	(1,221,810)
Less: Loss from discontinued operations, net of tax		—		(205,440)
Loss from continuing operations		(1,266,437)		(1,016,370)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		19,764		7,636
Amortization of operating lease right-of-use assets		161,875		77,801
Amortization of intangible assets		56,144		21,786
Share-based compensation expenses		26,629		—
Deferred income tax benefits		—		(497,875)
Accrued current income tax expense		—		(8,776)
Changes in operating assets and liabilities:
Accounts receivable		28,326		19,077
Other receivables		(472,883)		(697,660)
Prepaid expenses and other current assets		219,713		30,139
Other payables and other current liabilities		37,797		(30,474)
Operating lease liabilities		(17,761)		(42,564)
Cash used in operating activities-continuing operations		(1,206,833)		(2,137,280)
Cash provided by operating activities-discontinued operations		2,540,501		2,965,260
Net cash provided by operating activities		1,333,668		827,980

Cash flows from investing activities:
Acquisition of business, net of cash acquired		—		(220,117)
Purchase of property and equipment		—		(365,000)
Loans made to third parties		(3,445,150)		(1,000,000)
Loans repayment received from third parties		784,000		672,500
Cash used in investing activities-continuing operations		(2,661,150)		(912,617)
Net cash used in investing activities		(2,661,150)		(912,617)

Cash flows from financing activities:
Proceeds from follow-on public offering, net		—		7,309,120
Cash paid for warrant termination		—		(78,125)
Repayments of premium finance		(120,461)		(148,621)
Repayments of long-term borrowings		(17,833)		(15,676)
Borrowing from a related party		—		(13,423)
Cash (used in) provided by financing activities-continuing operations		(138,294)		7,053,275
Cash used in financing activities-discontinued operations		—		(1,108,735)
Net cash (used in) provided by financing activities		(138,294)		5,944,540

Net (decrease) increase in cash		(1,465,776)		5,859,903
Cash, beginning of year		1,650,962		432,998
Cash, end of year		185,186		6,292,901
Less cash and cash equivalents of discontinued operations		—		—
Cash of continuing operations	$	185,186	$	6,292,901

Supplemental cash flow information
Cash paid for income taxes	$	2,155	$	—
Cash paid for interests	$	16,410	$	15,563


	June 30, 2025		December 31, 2024
	(Unaudited)
Cash held in Current Accounts	$	185,186	$	627,924
Certificate of Deposit		—		1,023,038
Total cash and cash equivalents shown in the statements of cash flows	$	185,186	$	1,650,962


Property, plant, and equipment		Estimated useful life
Motor vehicles		10 years
Leasehold improvements		3-6 years


Intangible assets		Estimated useful life
Developed technology		7 years
Customer relationships		10-12 years
Trade names		7 years


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
U.S. domestic market	$	333,591	$	50,236	$	798,474	$	99,715
Overseas market		20,535		43,327		35,451		70,682
Total revenue	$	354,126	$	93,563	$	833,925	$	170,397


	June 30, 2025
	(Unaudited)
	Loss		Share		Per share amount
Basic and diluted EPS
Loss from continuing operations per ordinary share	$	(1,266,437)		3,218,886	$	(0.39)
Loss from discontinued operations per ordinary share		—		3,218,886		0.00
Loss from operations per ordinary share	$	(1,266,437)			$	(0.39)


	June 30, 2024
	(Unaudited)
	Income (loss)		Share		Per share amount
Basic and diluted EPS
Loss from continuing operations per ordinary share	$	(1,016,370)		1,398,500	$	(0.73)
Loss from discontinued operations per ordinary share		(205,440)		1,398,500		(0.15)
Loss from operations per ordinary share	$	(1,221,810)		—	$	(0.88)


	For the Three Months Ended		For the Six Months Ended
	June 30,		June 30,
	2024		2024
	(Unaudited)		(Unaudited)

Revenue	$	200,297	$	1,631,248

Cost of Revenue		215,834		1,656,068

Gross loss		(15,537)		(24,820)

Operating expenses
Selling, General and administrative expenses		19,422		98,262
Total operating expenses		19,422		98,262

Loss from discontinued operations		(34,959)		(123,082)

Other income (expenses)
Interest expenses		27,899		82,358
Other expenses, net		27,899		82,358

Loss from discontinued operations before income taxes		(62,858)		(205,440)

Income tax provision		—		—

Loss from discontinued operations	$	(62,858)	$	(205,440)


	December 31,
	2024

Vehicle deposits ⁽¹⁾	$	100,800
Sales tax deposits ⁽²⁾		34,886
Other receivables		—
Less: allowance of credit loss		(135,686)
Total other receivables, net	$	—


	Estimated Useful Life
	in Years	June 30, 2025		December 31, 2024
		(Unaudited)
Motor Vehicles	10	$	365,000	$	365,000
Leasehold improvements*	3-6		60,795		60,795
Subtotal			425,795		425,795
Less accumulated depreciation			(47,164)		(27,400)
Property, plant, and equipment, net		$	378,631	$	398,395


Fiscal Years	Amount
	(Unaudited)
2025 (from July 1, 2025 to December 31, 2025)	$	388,479
2026		795,559
2027		517,765
Thereafter		126,976
Total lease payments		1,828,779
Less: imputed interest		(265,688)
Present value of lease liabilities	$	1,563,091


	As of December 31, 2024		As of June 30, 2024		Change
	Finalized value		Preliminary value		Amount
Acquired assets acquired and (liabilities):
Cash	$	79,883	$	79,883	$	—
Accounts Receivable		47,354		47,354		—
Other Current Assets		42,685		42,685		—
Right-of-use Lease Asset		645,625		645,625		—
Fixed Assets		60,795		60,795		—
Developed Technology		120,000		120,000		—
Customer Relationships		360,000		360,000		—
Trade Names		36,000		36,000		—
Goodwill		568,532		437,382		131,150
Other Noncurrent Assets		27,000		27,000		—
Accounts Payable		(34,686)		(34,686)		—
Accrued Expenses Payable		(20,933)		(20,933)		—
Deferred Tax Liability		(131,150)		—		(131,150)
Operating Lease Liability, Current		(94,548)		(94,548)		—
Operating Lease Liability, Long Term		(506,557)		(506,557)		—
Total Purchase Consideration	$	1,200,000	$	1,200,000	$	—


Acquired assets acquired and (liabilities):
Cash	$	69,980
Accounts Receivable		43,120
Other Current Assets		1,210
Customer Relationships		600,000
Goodwill		475,861
Deferred Tax Liability		(140,171)
Short term loan payable		(50,000)
Total Purchase Consideration	$	1,000,000


Intangible Assets		Estimated Useful Lives (month)
Edward-Developed Technology		84
Edward-Customer Relationships		144
Edward-Trade Names		84
TWEW-Customer Relationships		120


2025 (from July 1, 2025 to December 31, 2025)	$	56,142
2026		112,286
2027		112,286
2028		112,286
2029		112,286
Thereafter		501,642
Total	$	1,006,928


Fiscal Years	Future repayment
	(Unaudited)
2025 (from July 1, 2025 to December 31, 2025)	$	5,567
2026		11,474
2027		11,942
2028		12,429
2029		12,937
Thereafter		407,980
Total	$	462,329


Fiscal Years	Future repayment
	(Unaudited)
2025 (from July 1, 2025 to December 31, 2025)	$	11,938
2026		24,881
2027		26,285
2028		27,768
2029		29,334
Thereafter		44,229
Total	$	164,435


		Weighted
	Number of	Average Grant
	non-vested	Date Fair Value
	Shares	Per Share (US$)
Outstanding as of December 31, 2024	79,062	3.28
Correction	(6,250)	3.39
Forfeited	(6,250)	1.94
Outstanding as of June 30, 2025	66,562	3.39


					Total Common
					Shares
					Issuable &
					terminated as
					of
			Exercise		March 31,
Title of Warrant	Date Issued	Expiry Date	Price		2024
Equity-classified warrants

August 2023 – underwriter warrants	8/3/2023	07/31/2026	$	80.00	3,906


	Three Months Ended June 30,								Change				Six Months Ended June 30,								Change
	2025				2024				Amount		%		2025				2024				Amount		%
	USD		%		USD		%						USD		%		USD		%
Revenues	$	354,126	100.0	%	$	93,563	100.0	%	$	260,563	278.5	%	$	833,925	100.0	%	$	170,397	100.0	%	$	663,528	389.4	%
Cost of Revenues		319,226	90.1			45,598	48.7	%		273,628	600.1	%		742,769	89.1			88,098	51.7	%		654,671	743.1	%
Gross Profit		34,900	9.9	%		47,965	51.3	%		(13,065)	(27.2)	%		91,156	10.9	%		82,299	48.3	%		8,857	10.8	%
General and administration expenses		805,305	227.4	%		865,354	924.9	%		(60,049)	(6.9)	%		1,805,824	216.5	%		1,632,996	958.3	%		172,828	10.6	%
Share-based compensation expenses		10,444	2.9	%		—	—	%		10,444	N/A	%		26,629	3.2	%		—	—	%		26,629	N/A	%
Interest income, net		264,168	74.6	%		19,939	21.3	%		244,229	1,224.9	%		463,446	55.6	%		40,564	23.8	%		422,882	1,042.5	%
Other income, net		17,140	4.8	%		153	0.2	%		16,987	11,102.6	%		29,756	3.6	%		774	0.5	%		28,982	3,744.4	%
(Loss) from continuing operations before tax provision		(499,541)	(141.1)	%		(797,297)	(852.1)	%		297,756	37.3	%		(1,248,095)	(149.7)	%		(1,509,359)	(885.8)			261,264	(17.3)	%
Income tax (benefits)		12,987	3.7	%		(247,275)	(264.3)	%		260,262	(105.3)	%		18,342	2.2	%		(492,989)	(289.3)	%		511,331	(103.7)	%
Loss from continuing operations		(512,528)	(144.7)	%		(550,022)	(587.9)	%		37,494	6.8	%		(1,266,437)	(151.9)	%		(1,016,370)	(596.5)	%		(250,067)	(24.6)	%
Loss from discontinued operations, net of tax		—	—	%		(62,858)	(67.2)	%		62,858	100.0	%		—	—	%		(205,440)	(120.6)	%		(205,440)	100.0	%
Net Loss	$	(512,528)	(144.7)	%	$	(612,880)	(655.0)	%	$	100,352	16.4	%	$	(1,266,437)	(151.9)	%	$	(1,221,810)	(717.0)	%	$	(44,627)	(3.7)	%

Exhibit		Incorporated by Reference (Unless Otherwise Indicated)
Number	Exhibit Title	Form	File	Exhibit	Filing Date

3.1	Fourth Amended and Restated Article of Incorporation	8-K	001-41761	3.1	October 21, 2024

3.2	Bylaws	S-1	333-271185	3.2	April 7, 2023

4.1	Specimen Stock Certificate	S-1	333-280743	4.1	July 10, 2024

10.1	Loan Agreement dated June 13, 2025 by and between the Company and Asia Finance Investment Limited	—	—	—	Filed herewith

10.2	Loan Agreement dated June 26, 2025 by and between the Company and Asia Finance Investment Limited	—	—	—	Filed herewith

31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	Filed herewith

31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	Filed herewith

32.1*	Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	Furnished herewith

32.2*	Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	Furnished herewith

101.INS	Inline XBRL Instance Document	—	—	—	Filed herewith

101.SCH	Inline XBRL Taxonomy Extension Schema Document	—	—	—	Filed herewith

101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document	—	—	—	Filed herewith

101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document	—	—	—	Filed herewith

101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document	—	—	—	Filed herewith

101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document	—	—	—	Filed herewith

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)	—	—	—	Filed herewith

		Cheetah Net Supply Chain Service Inc.

		By:	/s/ Huan Liu
			Huan Liu
			Chief Executive Officer, Director, and Chairman of the Board of Directors


Beneficiary Bank
SWIFT Code#	[*]
Bank Name:	[*]
Address:	[*]

Beneficiary Party
Name:	[*]
Account #:	[*]

BORROWER:

Asia Finance Investment Limited
Signature:	/s/ Peizhe Han
Print Name:	Peizhe Han
	Title:	CEO



LENDOR:

Cheetah Net Supply Chain Service, Inc.
Signature:	/s/ Huan Liu
Print Name:	Huan Liu
Title:	CEO

/s/ Cindy Tang
Cindy Tang
Chief Financial Officer (Principal Accounting and Financial Officer)