$CTNT

CHEETAH NET SUPPLY CHAIN SERVICE INC.

CIK:0001951667|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

^[1]

Jun. 30, 2026

Jun. 30, 2025

^[1]

CONSOLIDATED STATEMENTS OF OPERATIONS

REVENUE

$ 868,909

$ 354,126

$ 961,609

$ 833,925

COST OF REVENUE

849,409

319,226

922,242

742,769

GROSS PROFIT

19,500

34,900

39,367

91,156

OPERATING EXPENSES

General and administrative expenses

887,115

805,305

1,657,119

1,805,824

Share-based compensation expenses

14,182

10,444

28,364

26,629

TOTAL OPERATING EXPENSES

901,297

815,749

1,685,483

1,832,453

LOSS FROM OPERATIONS

(881,797)

(780,849)

(1,646,116)

(1,741,297)

OTHER INCOME (EXPENSES)

Interest income

264,695

272,228

415,837

480,318

Interest expense

(6,799)

(8,060)

(14,499)

(16,872)

Loss on disposal of Edward

(297,610)

Other income

993,766

17,140

1,002,778

29,756

OTHER INCOME, NET

954,052

281,308

1,106,506

493,202

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

72,255

(499,541)

(539,610)

(1,248,095)

Income tax

1,210

12,987

5,610

18,342

LOSS FROM CONTINUING OPERATIONS

71,045

(512,528)

(545,220)

(1,266,437)

NET INCOME (LOSS)

$ 71,045

$ (512,528)

$ (545,220)

$ (1,266,437)

Income (loss) from continuing operations per ordinary share - basic (in dollars per share)

$ 0.037

$ (31.84)

$ (0.53)

$ (78.68)

Income (loss) from continuing operations per ordinary share - diluted (in dollars per share)

0.037

(31.84)

(0.53)

(78.68)

Income (loss) from discontinued operations per ordinary share - basic (in dollars per share)

Income (loss) from discontinued operations per ordinary share - diluted (in dollars per share)

Income (loss) per share - basic (in dollars per share)

0.037

(31.84)

(0.53)

(78.68)

Income (loss) per share - diluted (in dollars per share)

$ 0.037

$ (31.84)

$ (0.53)

$ (78.68)

Weighted average shares - basic (in shares)

1,909,536

16,096

1,027,682

16,096

Weighted average shares - diluted (in shares)

1,909,536

16,096

1,027,682

16,096

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

CONSOLIDATED STATEMENTS OF CASH FLOWS	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Cash flows from operating activities:
Net loss	$ (545,220)	$ (1,266,437)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	16,507	19,764
Loss on disposal of Edward	297,610
Amortization of operating lease right-of-use assets	254,432	161,875
Amortization of intangible assets	38,511	56,144
Share-based compensation expenses	28,364	26,629
Changes in operating assets and liabilities:
Accounts receivable	109,768	28,326
Other receivables	196,604	(472,883)
Due to a related party	4,509
Prepaid expenses and other current assets	(611,041)	219,713
Accounts payable	(104,760)
Other payables and other current liabilities	(301,003)	37,797
Operating lease liabilities	(250,041)	(17,761)
Cash used in operating activities-continuing operations	(865,760)	(1,206,833)
Cash provided by operating activities-discontinued operations	0	2,540,501
Net cash provided by operating activities	(865,760)	1,333,668
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(4,974,529)
Cash used in disposal of Edward	(3,844)
Investment	(41,110,573)
Loans made to third parties	(26,490,000)	(3,445,150)
Loans repayment received from third parties	3,968,598	784,000
Cash used in investing activities-continuing operations	(68,610,348)	(2,661,150)
Net cash used in investing activities	(68,610,348)	(2,661,150)
Cash flows from financing activities:
Proceeds from PIPE	40,140,000
Repayments of premium finance	(82,650)	(120,461)
Repayments of long-term borrowings	(18,706)	(17,833)
Cash (used in) provided by financing activities-continuing operations	71,386,496	(138,294)
Net cash (used in) provided by financing activities	71,386,496	(138,294)
Net (decrease) increase in cash	1,910,387	(1,465,776)
Cash, beginning of period	233,217	1,650,962
Cash, end of period	2,143,604	185,186
Cash of continuing operations	2,143,604	185,186
Supplemental cash flow information
Cash paid for income taxes	2,155	2,155
Cash paid for interests	14,499	$ 16,410
ATM offering
Cash flows from financing activities:
Proceeds from issuance of common stock	30,947,851
Stock subscription
Cash flows from financing activities:
Proceeds from issuance of common stock	$ 400,000

CONSOLIDATED BALANCE SHEETS

Jun. 30, 2026

USD ($)

Dec. 31, 2025

USD ($)

CURRENT ASSETS:

Cash and cash equivalents

$ 2,143,604

$ 233,217

^[1]

Accounts receivable, net

734,162

6,540

^[1]

Loan receivable

29,951,513

7,430,111

^[1]

Other receivables, net

960,451

1,157,130

^[1]

Prepaid expenses and other current assets

821,030

238,648

^[1]

Receivable from withdrawal of investment deposit

41,100,000

TOTAL CURRENT ASSETS

75,721,333

9,065,646

^[1]

NONCURRENT ASSETS:

Property, plant, and equipment, net

309,792

358,868

^[1]

Operating lease right-of-use assets

530,929

1,165,517

^[1]

Intangibles, net

505,000

792,571

^[1]

Goodwill

2,665,654

475,862

^[1]

Contingent consideration asset

2,783,884

TOTAL NONCURRENT ASSETS

6,795,259

2,792,818

^[1]

TOTAL ASSETS

82,516,592

11,858,464

^[1]

CURRENT LIABILITIES:

Accounts payable

733,426

32,762

^[1]

Current portion of long-term debt

37,279

35,902

^[1]

Loans payable from premium finance

82,650

^[1]

Due to a related party

$ 9,713

$ 5,204

^[1]

Other Liability, Current, Related Party [Extensible Enumeration]

us-gaap:RelatedPartyMember

Operating lease liabilities, current

$ 502,249

$ 594,407

^[1]

Accrued liabilities and other current liabilities

309,823

594,693

^[1]

TOTAL CURRENT LIABILITIES

1,592,490

1,345,618

^[1]

NONCURRENT LIABILITIES:

Long-term debt, net of current portion

552,570

572,653

^[1]

Operating lease liabilities, net of current portion

44,950

584,606

^[1]

TOTAL NONCURRENT LIABILITIES

597,520

1,157,259

^[1]

TOTAL LIABILITIES

2,190,010

2,502,877

^[1]

COMMITMENTS AND CONTINGENCIES

^[1]

STOCKHOLDERS' EQUITY

Common stock

^[1]

Additional paid-in capital

89,201,800

17,685,900

^[1]

Accumulated deficit

(8,875,534)

(8,330,314)

^[1]

TOTAL STOCKHOLDERS' EQUITY

80,326,582

9,355,587

^[1],[2]

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

82,516,592

11,858,464

^[1]

Class A common stock

STOCKHOLDERS' EQUITY

Common stock

296

$ 1

^[1]

Class B common stock

STOCKHOLDERS' EQUITY

Common stock

$ 20

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.
[2]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 15.