Cheetah Net Supply Chain Service Inc. Files Q2 2024 10-Q

Ticker: CTNT · Form: 10-Q · Filed: Aug 13, 2024 · CIK: 1951667

Sentiment: neutral

Topics: 10-Q, filing-update, quarterly-report

Related Tickers: CTNT

TL;DR

CTNT filed its Q2 10-Q, looks like they're up to date on filings.

AI Summary

Cheetah Net Supply Chain Service Inc. filed its 10-Q for the quarterly period ended June 30, 2024. The company is incorporated in North Carolina and its Class A common stock trades under the symbol CTNT on The Nasdaq Stock Market LLC. The filing indicates the company has met its reporting requirements for the past 12 months and 90 days.

Why It Matters

This filing provides investors with an update on Cheetah Net's financial performance and operational status for the second quarter of 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: low — This is a routine quarterly filing and does not contain any immediately apparent negative or high-risk information.

Key Players & Entities

FAQ

What is the primary purpose of this Form 10-Q filing?

The primary purpose is to provide a quarterly report on the financial condition and operations of Cheetah Net Supply Chain Service Inc. for the period ended June 30, 2024.

What is the trading symbol and exchange for Cheetah Net Supply Chain Service Inc.'s common stock?

The trading symbol is CTNT, and it is registered on The Nasdaq Stock Market LLC.

In which state was Cheetah Net Supply Chain Service Inc. incorporated?

Cheetah Net Supply Chain Service Inc. was incorporated in North Carolina.

Has Cheetah Net Supply Chain Service Inc. filed all required reports for the preceding 12 months?

Yes, the filing indicates that the registrant has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Has Cheetah Net Supply Chain Service Inc. submitted all Interactive Data Files required by Rule 405 of Regulation S-T?

Yes, the filing indicates that the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Filing Stats: 4,441 words · 18 min read · ~15 pages · Grade level 16.9 · Accepted 2024-08-13 16:09:32

Key Financial Figures

Filing Documents

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 Item 4

Controls and Procedures

Controls and Procedures 34 Part II Other Information 36 Item 1

Legal Proceedings

Legal Proceedings 36 Item 1A

Risk Factors

Risk Factors 36 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3 Defaults Upon Senior Securities 37 Item 4 Mine Safety Disclosures 37 Item 5 Other Information 37 Item 6 Exhibits 38

Signatures

Signatures 39 i Table of Contents CHEETAH NET SUPPLY CHAIN SERVICE INC.

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CHEETAH NET SUPPLY CHAIN SERVICE INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 6,292,901 $ 432,998 Accounts receivable 5,128,119 6,494,695 Loans receivable 1,000,000 672,500 Inventory — 1,515,270 Other receivables 911,497 410,920 Prepaid expenses and other current assets 289,200 294,154 TOTAL CURRENT ASSETS 13,621,717 9,820,537 OTHER NONCURRENT ASSETS: Property, plant, and equipment, net 418,159 — Operating lease right-of-use assets 758,647 190,823 Deferred tax assets, net 414,630 47,905 Intangibles, net 494,214 — Goodwill 568,532 — TOTAL ASSETS $ 16,275,899 $ 10,059,265 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 4,366 $ 40,430 Current portion of long-term debt 33,721 32,887 Loans payable from letter of credit financing — 1,004,565 Loans payable from line of credit 584,541 688,711 Loans payable from premium finance — 148,621 Due to a related party — 13,423 Operating lease liabilities, current 156,460 39,703 Accrued liabilities and other current liabilities 461,879 390,451 TOTAL CURRENT LIABILITIES 1,240,967 2,358,791 NONCURRENT LIABILITIES: Long-term debt, net of current portion 628,215 644,725 Operating lease liabilities, net of current portion 592,904 151,121 TOTAL LIABILITIES 2,462,086 3,154,637 COMMITMENTS AND CONTINGENCIES (Note 17) — — STOCKHOLDERS' EQUITY Common stock, $ 0.0001 par value, 100,000,000 shares authorized; 32,398,329 and 17,916,000 shares issued and outstanding , including: Class A common stock, $ 0.0001 par value, 91,750,000 shares authorized, 24,148,329 and 9,666,000 shares issued and outstanding 2,415 967 Class B common stock, $ 0.0001 par value, 8,250,000 shares authorized, 8,250,000 shares issued and outstanding 825 825

View Full Filing

View this 10-Q filing on SEC EDGAR

View on Read The Filing