Cheetah Net Enters Material Definitive Agreement
Ticker: CTNT · Form: 8-K · Filed: Jul 25, 2024 · CIK: 1951667
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
TL;DR
Cheetah Net signed a big deal, new financial obligations incoming.
AI Summary
Cheetah Net Supply Chain Service Inc. entered into a material definitive agreement on July 19, 2024. This agreement also created a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. The company is incorporated in North Carolina and its principal executive offices are located in Charlotte.
Why It Matters
This filing indicates a significant new agreement for Cheetah Net, which could impact its financial obligations and future operations.
Risk Assessment
Risk Level: medium — The nature of the material definitive agreement and its financial implications are not fully detailed, introducing uncertainty.
Key Players & Entities
- Cheetah Net Supply Chain Service Inc. (company) — Registrant
- July 19, 2024 (date) — Date of earliest event reported
- North Carolina (location) — State of incorporation
- Charlotte (location) — City of Principal Executive Offices
FAQ
What type of material definitive agreement did Cheetah Net Supply Chain Service Inc. enter into?
The filing does not specify the exact nature of the material definitive agreement, only that one was entered into on July 19, 2024.
What are the specific financial obligations created by this agreement?
The filing states that a direct financial obligation or an obligation under an off-balance sheet arrangement was created, but does not provide specific dollar amounts or details.
When was the agreement reported?
The report date for this event is July 19, 2024.
Where is Cheetah Net Supply Chain Service Inc. incorporated and headquartered?
The company is incorporated in North Carolina and its principal executive offices are located in Charlotte, North Carolina.
What is the SIC code for Cheetah Net Supply Chain Service Inc.?
The Standard Industrial Classification code for the company is 5010, Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies.
Filing Stats: 628 words · 3 min read · ~2 pages · Grade level 10.9 · Accepted 2024-07-25 16:05:54
Key Financial Figures
- $42,000 — ase. The monthly base rent ranges from $42,000 to $45,427, adjusted gradually over the
- $45,427 — onthly base rent ranges from $42,000 to $45,427, adjusted gradually over the Lease's te
- $100,000 — he Company posted a security deposit of $100,000, which is subject to use by the Lessor
Filing Documents
- tm2420171d1_8k.htm (8-K) — 26KB
- 0001104659-24-082632.txt ( ) — 196KB
- ctnt-20240719.xsd (EX-101.SCH) — 3KB
- ctnt-20240719_lab.xml (EX-101.LAB) — 33KB
- ctnt-20240719_pre.xml (EX-101.PRE) — 22KB
- tm2420171d1_8k_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On July 19, 2024, Cheetah Net Supply Chain Service Inc. (the "Company") entered into a lease agreement (the "Lease") with Zina Development, LLC, a California limited liability company (the "Lessor"), for office space of approximately 15,000 square feet located at 8707 Research Drive, Irvine, CA 92618 (the "Property"). The Company plans to use the Property for general office purposes. The Lease commenced on July 23, 2024 and will expire on July 31, 2027. West Buy Media Inc., a North Carolina corporation wholly owned by the Company's chief executive officer, Huan Liu, served as the guarantor in connection with the Lease. The monthly base rent ranges from $42,000 to $45,427, adjusted gradually over the Lease's term. The Company posted a security deposit of $100,000, which is subject to use by the Lessor under certain circumstances, per the terms of the Lease. The Lease also contains customary termination, renewal, and expense arrangement provisions. The foregoing description of the Lease is qualified in its entirety by reference to the Lease, a copy of which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.
03 Creation of a Direct Financial Obligation
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant. The information set forth above in Item 1.01 of this Current Report on Form 8-K regarding the Lease is incorporated into this Item 2.03 by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 25, 2024 Cheetah Net Supply Chain Service Inc. By: /s/ Huan Liu Huan Liu Chief Executive Officer, Director, and Chairman of the Board of Directors