Cheetah Net Supply Chain Service Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Cheetah Net Supply Chain Service Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing financial performance and key business events.</b>

AI Summary

CHEETAH NET SUPPLY CHAIN SERVICE INC. (CTNT) filed a Annual Report (10-K) with the SEC on March 18, 2024. Cheetah Net Supply Chain Service Inc. filed its 10-K for the fiscal year ending December 31, 2023. The company's principal business address is 6201 FAIRVIEW ROAD, SUITE 225, CHARLOTTE, NC 28210. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement items such as Retained Earnings, Additional Paid-In Capital, and Subscription Receivable are detailed for multiple periods. Subsequent events noted include a transaction involving Juguang Zhang and Edward Transit Express Group Inc. on February 2, 2024.

Why It Matters

For investors and stakeholders tracking CHEETAH NET SUPPLY CHAIN SERVICE INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cheetah Net's financial health and operational status for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The inclusion of detailed financial data across multiple periods and specific events like subsequent transactions allows for trend analysis and understanding of the company's financial trajectory and potential risks or opportunities.

Risk Assessment

Risk Level: — CHEETAH NET SUPPLY CHAIN SERVICE INC. shows moderate risk based on this filing. The filing is a 10-K, which is a standard annual report, but the limited specific financial figures provided in the extract suggest a need for deeper analysis of the full document to fully assess risk.

Analyst Insight

Review the full 10-K filing to analyze revenue, net income, debt levels, and any disclosed risk factors to form a complete investment thesis.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-18 — Filing Date (As of Date)
• 8250000 — Value (Financial data point for FY 2023)
• 16666000 — Value (Financial data point for FY 2023)
• 17916000 — Value (Financial data point for FY 2023)
• 9666000 — Value (Financial data point for FY 2023)
• 2024-02-02 — Subsequent Event Date (Transaction involving Juguang Zhang and Edward Transit Express Group Inc.)

Key Players & Entities

• CHEETAH NET SUPPLY CHAIN SERVICE INC. (company) — Filer name
• CTNT (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 6201 FAIRVIEW ROAD, SUITE 225, CHARLOTTE, NC 28210 (address) — Business address
• Juguang Zhang (person) — Mentioned in relation to a subsequent event
• Edward Transit Express Group Inc. (company) — Mentioned in relation to a subsequent event
• Mr. Huan Liu (person) — Mentioned in relation to related party transactions
• Thread Capital Inc. (company) — Mentioned in financial context

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-18: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.0001 — tered Class A common stock, par value $0.0001 per share CTNT The Nasdaq Stock Ma
• $38.3 million — 2023 and 2022, we had total revenue of $38.3 million and $55.2 million, respectively, repres
• $55.2 m — had total revenue of $38.3 million and $55.2 million, respectively, representing a dec
• $0.1 million — m 2022 to 2023. We earned net income of $0.1 million for the year ended December 31, 2023, c
• $0.8 million — ber 31, 2023, compared to net income of $0.8 million for the year ended December 31, 2022.
• $0.7 million — arallel-import car dealers. We provided $0.7 million in loans to third parties in the fourth
• $300,000 — holder of Edward, for a cash payment of $300,000 and 1,272,329 shares of our Class A com
• $100 — eetah Net, for a total consideration of $100 on January 1, 4 Table of Contents

Filing Documents

• ctnt-20231231x10k.htm (10-K) — 2211KB
• ctnt-20231231xex4d2.htm (EX-4.2) — 22KB
• ctnt-20231231xex10d16.htm (EX-10.16) — 37KB
• ctnt-20231231xex10d17.htm (EX-10.17) — 37KB
• ctnt-20231231xex19d1.htm (EX-19.1) — 265KB
• ctnt-20231231xex21d1.htm (EX-21.1) — 18KB
• ctnt-20231231xex31d1.htm (EX-31.1) — 11KB
• ctnt-20231231xex31d2.htm (EX-31.2) — 13KB
• ctnt-20231231xex32d1.htm (EX-32.1) — 8KB
• ctnt-20231231xex32d2.htm (EX-32.2) — 8KB
• ctnt-20231231xex97d1.htm (EX-97.1) — 44KB
• ctnt-20231231x10k001.jpg (GRAPHIC) — 48KB
• ctnt-20231231x10k002.jpg (GRAPHIC) — 44KB
• ctnt-20231231x10k003.jpg (GRAPHIC) — 3KB
• 0001410578-24-000224.txt (&nbsp;) — 8547KB
• ctnt-20231231.xsd (EX-101.SCH) — 62KB
• ctnt-20231231_cal.xml (EX-101.CAL) — 67KB
• ctnt-20231231_def.xml (EX-101.DEF) — 219KB
• ctnt-20231231_lab.xml (EX-101.LAB) — 464KB
• ctnt-20231231_pre.xml (EX-101.PRE) — 398KB
• ctnt-20231231x10k_htm.xml (XML) — 1035KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 16 Item 1C. Cybersecurity 16 Item 2.

Properties

Properties 17 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosure 17 PART II 18 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 18 Item 6. [Reserved] 19 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 34 Item 9A.

Controls and Procedures

Controls and Procedures 34 Item 9B. Other Information 35 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 35 PART III 35 Item 10. Directors, Executive Officers and Corporate Governance 35 Item 11.

Executive Compensation

Executive Compensation 35 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 35 Item 13. Certain Relationships and Related Transactions, and Director Independence 35 Item 14. Principal Accounting Fees and Services 35 PART IV 36 Item 15. Exhibit and Financial Statement Schedules 36 Item 16. Form 10-K Summary 38

Signatures

Signatures 39 i Table of Contents PART I

Business

Item 1. Business. Overview We are a supplier of parallel-import vehicles sourced in the U.S. to be sold in the PRC market. In the PRC, parallel-import vehicles refer to those purchased by dealers directly from overseas markets and imported for sale through channels other than brand manufacturers' official distribution systems. Parallel-import cars have been popular in the PRC because they are generally priced 10% to 15% cheaper than vehicles sold through distribution systems authorized by brand manufacturers and generally offer a wider variety of models and versions with more customization. In addition, some overseas models can only be obtained through this channel rather than through the brand manufacturers' authorized distribution systems as a result of certain regulations that prohibit their production and sale in the PRC due to environmental protection and emission standards. Customers demand our parallel-import vehicles largely because our selling prices are lower than those offered by other suppliers of parallel-import vehicles to the PRC market, driven by our scalable operations and a systematic approach to procurement. We have available a large number of professional purchasing agents that we believe can supply stable and large quantities of cars at reasonable prices to Chinese parallel-import car dealers and maintain a long-term relationship with them. See "—Our Competitive Strengths—In-depth Industry Insight and Strong Overseas Procurement Capability Enabled by a Large Team of Professional Purchasing Agents." In China, sales of parallel-import vehicles have been facilitated by a series of related regulations and policies that have been promulgated by the PRC government since 2016, including "Several Opinions on Promoting Pilot Parallel Import of Automobiles," "Opinions on Further Promoting the Development of Parallel Import of Automobiles," and the "Circular on Several Measures for Invigorating Automobile Circulation and Promoting Automobile Consumpti

View Full Filing

View this 10-K filing on SEC EDGAR