Cheetah Net Supply Chain Service Inc. - 2025年季度报告

CHEETAH NET SUPPLY CHAIN SERVICEINC. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. CHEETAH NET SUPPLY CHAIN SERVICEINC.NOTESTO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE1— ORGANIZATION AND BUSINESS DESCRIPTION Cheetah Net Supply Chain Service Inc. (“Cheetah Net,” the “Company,” “we,” “our,” and “us”), formerly knownas Yuan Qiu Business Group LLC, was established under the laws of the State of North Carolina on August 9,2016 as a limited liability company (“LLC”). On March 1, 2022, the Company filed articles of incorporationincluding articles of conversion with the Secretary of State of the State of North Carolina to convert from an LLC ●(i)Allen-Boy International LLC (“Allen-Boy”), an LLC organized on August 31, 2016 under the laws ofthe State of Delaware, which was acquired by Cheetah Net from Yingchang Yuan, the previous owner ofAllen-Boy who beneficially owns1,200,000shares of Class A common stock of Cheetah Net, for a totalconsideration of$100on January 1, 2017. Allen-Boy did not have any business activities until acquired ●(ii)Pacific Consulting LLC (“Pacific”), an LLC organized on January 17, 2019, under the laws of theState of New York, which was acquired by Cheetah Net from Yingchang Yuan, the previous owner ofPacific who beneficially owns1,200,000shares of Class A common stock of Cheetah Net, for a totalconsideration of$100on February 15, 2019. Pacific did not have any business activities until acquiredby Cheetah Net. Pacific previously engaged in the parallel-import vehicle dealership business, which the ●(iii)Entour Solutions LLC (“Entour”), an LLC organized on April 8, 2021 under the laws of the State ofNew York, which was acquired by Cheetah Net from Daihan Ding, the previous owner of Entour, for atotal consideration of$100on April 9, 2021. Entour did not have any business activities until acquiredby Cheetah Net. Entour previously engaged in the parallel-import vehicle dealership business, which the ●(iv)Cheetah Net Logistics LLC (“Logistics”), an LLC organized on October 12, 2022 under the laws ofthe State of New York, whose previous sole member and owner, Hanzhang Li, the previous owner ofLogistics, for a total consideration of$100, assigned all his membership interests in Logistics to CheetahNet on October 19, 2022. Logistics previously engaged in the parallel-import vehicle dealership ●(v)Edward Transit Express Group Inc. (“Edward”), a corporation incorporated on July 14, 2010 underthe laws of the State of California, whose previous sole shareholder and owner, Juguang Zhang,transferred all his right, title, and interest in and to all of the issued and outstanding equity interests ofEdward to Cheetah Net for a total consideration of$1,500,000, consisting of a$300,000cash paymentand Cheetah Net’s Class A common stock initially valued at$1.2million through a stock purchase ●(vi) TW & EW Services Inc. (“TWEW”), a corporation incorporated on February 27, 2020 under thelaws of the State of California, whose previous shareholders and owners transferred all their rights, titles,and interests in and to all of the issued and outstanding equity interests of TWEW to Cheetah Net for atotal consideration of$1.0million, consisting of a$200,000cash payment and Class A common stockvalued at$800,000 through a stock purchase agreement dated November 27, 2024. The TWEW ●(vii) NexTrade International LLC (“NexTrade”), a limited liability company organized on September 13,2024 under the laws of the State of Delaware. NexTrade holds100%of the ownership interests inNaiside (Shenzhen) International Trading Co., Ltd., a limited liability company organized on December3, 2024 under the laws of the PRC. On December 19, 2024, the Company entered into a membershipinterest purchase agreement with Pingzheng Li, the then100%owner of NexTrade, pursuant to which ●(viii) Cheetah Net Supply Chain Service Ltd (“Cheetah BVI”), a corporation incorporated on March 28,2025 under the laws of the British Virgin Islands. As of the date of this quarterly report, Cheetah BVI is On September 30, 2024, the Company’s stockholders approved its fourth amended and restated articles ofincorporation, which authorizes a reverse stock split of the issued shares of its common stock, par value $0.0001per share, at a ratio ranging from1-for-10 to1-for-30, as determined at the discretion of the Company’s board ofdirectors. On October 7, 2024, the Company’s board of directors (“Board”) approved a reverse stock split of theCompany’s common stock at a ratio of1-for-16. On October 21, 2024, the Company effectuated a reverse stocksplit of its common stock at a ratio of1-for-16. Following such reverse split, each 16 shares of the Company’scommon stock outstanding were automatically combined intoonenew share of common stock.Nofractionalshares were issued in connection with the reverse split; any fractional shares resulting from the reverse split were Discontinued opera