Cheetah Net Supply Chain Q3 2024 Update

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

Sentiment: neutral

Topics: 10-Q, financials, equity, supply-chain

TL;DR

Cheetah Net Supply Chain filed its Q3 2024 10-Q. Financials and equity changes detailed.

AI Summary

Cheetah Net Supply Chain Service Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial figures and changes in equity accounts like Additional Paid-In Capital and Retained Earnings are presented, alongside information on common stock transactions.

Why It Matters

This filing provides investors with a crucial update on Cheetah Net's financial health and operational status for the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains standard financial reporting for a public company, but the nature of supply chain services can involve inherent risks not fully detailed in this summary.

Key Numbers

Key Players & Entities

FAQ

What was the net income for the nine months ended September 30, 2024?

The filing implies a net income of $1,058,509 for the period ending September 30, 2024.

What is the company's fiscal year end?

The company's fiscal year ends on December 31.

When did Cheetah Net Supply Chain Service Inc. have its IPO?

The IPO occurred on August 3, 2023.

What are the main components of the company's equity as of September 30, 2024?

As of September 30, 2024, key equity components include Additional Paid-In Capital and Retained Earnings.

Who is listed as a related party member in relation to common stock transactions?

Juguang Zhang and Edward Transit Express Group Inc. are listed as related party members in relation to common stock transactions.

Filing Stats: 4,418 words · 18 min read · ~15 pages · Grade level 16.9 · Accepted 2024-11-13 17:05:56

Key Financial Figures

Filing Documents

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 27 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 39 Item 4

Controls and Procedures

Controls and Procedures 39 Part II Other Information 40 Item 1

Legal Proceedings

Legal Proceedings 40 Item 1A

Risk Factors

Risk Factors 40 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3 Defaults Upon Senior Securities 41 Item 4 Mine Safety Disclosures 41 Item 5 Other Information 41 Item 6 Exhibits 42

Signatures

Signatures 44 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 September 30, December 31, 2024 2023 ASSETS (Unaudited) CURRENT ASSETS: Cash and cash equivalents $ 5,287,376 $ 432,998 Accounts receivable, net 3,291,450 6,494,695 Loans receivable 3,058,295 672,500 Inventory — 1,515,270 Other receivables 353,576 410,920 Prepaid expenses and other current assets 428,184 294,154 TOTAL CURRENT ASSETS 12,418,881 9,820,537 OTHER NONCURRENT ASSETS: Property, plant, and equipment, net 408,277 — Operating lease right-of-use assets 1,976,714 190,823 Deferred tax assets, net 974,609 47,905 Intangibles, net 481,142 — Goodwill 568,532 — TOTAL ASSETS $ 16,828,155 $ 10,059,265 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 7,515 $ 40,430 Current portion of long-term debt 34,146 32,887 Loans payable from letter of credit financing — 1,004,565 Loans payable from line of credit — 688,711 Loans payable from premium finance 178,801 148,621 Due to a related party — 13,423 Operating lease liabilities, current 376,062 39,703 Accrued liabilities and other current liabilities 239,361 390,451 TOTAL CURRENT LIABILITIES 835,885 2,358,791 NONCURRENT LIABILITIES: Long-term debt, net of current portion 619,198 644,725 Operating lease liabilities, net of current portion 1,419,329 151,121 TOTAL LIABILITIES 2,874,412 3,154,637 COMMITMENTS AND CONTINGENCIES (Note 18) — — STOCKHOLDERS' EQUITY Common stock, $ 0.0001 par value, 1,000,000,000 shares authorized; 2,507,093 and 1,119,750 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively, including*: Class A common stock, $ 0.0001 par value, 891,750,000 shares authorized, 1,960,218 and 604,125 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respecti

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