CHEETAH NET SUPPLY CHAIN SERVICE INC. 10-Q

Cheetah Net Supply Chain Service Inc._March 31, 2025 Table of Contents ​ ​ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41761 Cheetah Net Supply Chain Service Inc. (Exact name of registrant as specified in its charter) ​ ​ ​ North Carolina 81-3509120 (State or other jurisdiction of incorporation or organization) ​ (I.R.S. Employer Identification No.) ​ 8707 Research Drive Irvine , California 92618 (Address of principal executive offices) (Zip Code) ( 949 ) 418-7804 (Registrant’s telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: ​ ​ ​ ​ ​ Title of each Class Trading Symbol(s) Name of each exchange on which registered Class A common stock, par value $0.0001 per share ​ CTNT ​ The Nasdaq Stock Market LLC ​ Indicate by check mark whether the registrant (1) 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. ​ ​ ​ ​ ​ ​ Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ ​ Smaller reporting company ☒ ​ ​ ​ Emerging growth company ☒ ​ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of May 5, 2025, there were 2,672,011 shares of Class A common stock, par value $0.0001 per share, outstanding. ​ ​ ​ ​ Table of Contents Cheetah Net Supply Chain Service Inc. Form 10-Q For the Quarterly Period Ended March 31, 2025 Contents Part I Financial Information 2 ​ ​ ​ ​ ​ Item 1 ​ Financial Statements ​ 2 ​ ​ ​ ​ ​ ​ ​ Condensed Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024 ​ 2 ​ ​ ​ ​ ​ ​ ​ Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited) ​ 3 ​ ​ ​ ​ ​ ​ ​ Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2025 and 2024 (Unaudited) ​ 4 ​ ​ ​ ​ ​ ​ ​ Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited) ​ 5 ​ ​ ​ ​ ​ ​ ​ Notes to Unaudited Condensed Consolidated Financial Statements ​ 6 ​ ​ ​ ​ ​ Item 2 ​ Management’s Discussion and Analysis of Financial Condition and Results of Operations ​ 31 ​ ​ ​ ​ ​ Item 3 ​ Quantitative and Qualitative Disclosures about Market Risk ​ 39 ​ ​ ​ ​ ​ Item 4 ​ Controls and Procedures ​ 39 ​ ​ ​ ​ ​ Part II ​ Other Information ​ 40 ​ ​ ​ ​ ​ Item 1 ​ Legal Proceedings ​ 40 ​ ​ ​ ​ ​ Item 1A ​ 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 ​ ​ ​ 43 ​ ​ ​ i Table of Contents CHEETAH NET SUPPLY CHAIN SERVICE INC. PART I - FINANCIAL INFORMATION Item 1. Financial Statements CHEETAH NET SUPPLY CHAIN SERVICE INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2025 ​ 2024 ​ ​ (Unaudited) ​ ​ ​ ASSETS ​ ​ ​ CURRENT ASSETS: ​ ​ Cash and cash equivalents ​ $ 324,142 ​ $ 1,650,962 Accounts receivable ​ 59,059 ​ ​ 47,976 Loan receivable ​ ​ 9,114,695 ​ ​ 6,088,295 Other receivable ​ 500,862 ​ ​ 370,696 Prepaid expenses and other current assets ​ 247,188 ​ ​ 338,642 Current assets of discontinued operations ​ ​ — ​ ​ 2,540,501 TOTAL CURRENT ASSETS ​ ​ 10,245,946 ​ ​ 11,037,072 NONCURRENT ASSETS: ​ ​ ​ ​ ​ ​ Property, plant, and equipment, net ​ ​ 388,513 ​ ​ 398,395 Operating lease right-of-use assets ​ 1,693,790 ​ ​ 1,836,521 Deferred tax assets, net ​ 600 ​ ​ — Intangibles, net ​ ​ 1,035,000 ​ ​ 1,063,072 Goodwill ​ ​ 1,044,394 ​ ​ 1,044,394 Other non-current assets ​ ​ 100,000 ​ ​ — TOTAL ASSETS ​ $ 14,508,243 ​ $ 15,379,454 ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ CURRENT LIABILITIES: ​ ​ ​ ​ Accounts payable ​ $ 33,010 ​ $ 18,992 Current portion of long-term debt ​ 35,013 ​ ​ 34,577 Loan payable from premium finance ​ 60,871 ​ ​ 120,461 Tax payable ​ ​ 5,200 ​ ​ — Operating lease liabilities, current ​ 524,140 ​ ​ 438,351 Accrued liabilities and other current liabilities ​ ​ 257,388 ​ ​ 217,980 Current liabilities of discontinued operations ​ — ​ 52,900 TOTAL CURRENT LIABILITIES ​ 915,622 ​ ​ 883,261 NONCURRENT LIABILITIES: ​ ​ ​ ​ ​ ​ Long-term debt, net of current portion ​ 600,634 ​ ​ 610,020 Operating lease liabilities, net of current portion ​ 1,112,039 ​ ​ 1,268,501 TOTAL LIABILITIES ​ $ 2,628,295 ​ $ 2,761,782 ​ ​ ​ ​ ​ ​ ​ STOCKHOLDERS’ EQUITY ​ ​ ​ ​ Common stock, $ 0.0001 par value, 1,000,000,000 shares authorized; 3,218,886 and 1,119,750 shares issued and outstanding, including*: ​ ​ ​ ​ Class A common stock, $ 0.0001 par value, 891,750,000 shares authorized, 2,672,011 and 604,125 shares issued and outstanding ​ 267 ​ ​ 267 Class B common stock, $ 0.0001 par value, 108,250,000 shares authorized, 546,875 and 515,625 shares issued and outstanding ​ 55 ​ ​ 55 Additional paid-in capital ​ 17,314,146 ​ ​ 17,297,961 Accumulated deficit ​ ​ ( 5,434,520 ) ​ ​ ( 4,680,611 ) TOTAL STOCKHOLDERS’ EQUITY ​ 11,879,948 ​ ​ 12,617,672 ​ ​ ​ ​ ​ ​ ​ TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY ​ $ 14,508,243 ​ $ 15,379,454 * Retrospectively adjusted for the reverse split of the Company’s common stock at a ratio of 1-for-16 , which took effect on October 21, 2024 (the “Reverse Stock Split”). See also Note 15. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. ​ 2 Table of Contents CHEETAH NET SUPPLY CHAIN SERVICE INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ 2025 2024** ​ ​ (Unaudited) REVENUE ​ $ 479,799 ​ $ 76,834 ​ ​ ​ ​ ​ ​ ​ COST OF REVENUE ​ 423,543 ​ 42,500 ​ ​ ​ ​ ​ ​ ​ GROSS PROFIT ​ 56,256 ​ ​ 34,334 ​ ​ ​ ​ ​ ​ ​ OPERATING EXPENSES ​ ​ ​ General and administrative expenses ​ 1,000,519 ​ ​ 767,642 Share-based compensation expenses ​ ​ 16,185 ​ ​ — TOTAL OPERATING EXPENSES ​ 1,016,704 ​ ​ 767,642 ​ ​ ​ ​ ​ ​ ​ LOSS FROM OPERATIONS ​ ( 960,448 ) ​ ​ ( 733,308 ) ​ ​ ​ ​ ​ ​ ​ OTHER INCOME (EXPENSES) ​ ​ ​ Interest income ​ ​ 208,090 ​ ​ 28,930 Interest expenses ​ ​ ( 8,812 ) ​ ​ ( 8,305 ) Other income ​ ​ 12,616 ​ ​ 621 OTHER INCOME, NET ​ ​ 211,894 ​ ​ 21,246 ​ ​ ​ ​ ​ ​ ​ LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES ​ ( 748,554 ) ​ ​ ( 712,062 ) ​ ​ ​ ​ ​ ​ ​ Income tax provision (benefits) ​ 5,355 ​ ​ ( 245,714 ) ​ ​ ​ ​ ​ ​ ​ LOSS FROM CONTINUING OPERATIONS ​ ​ ( 753,909 ) ​ ​ ( 466,348 ) ​ ​ ​ ​ ​ ​ ​ LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX** ​ ​ — ​ ​ ( 142,582 ) ​ ​ ​ ​ ​ ​ ​ NET LOSS ​ $ ( 753,909 ) ​ $ ( 608,930 ) Loss from continuing operations per ordinary share - basic and diluted* ​ $ ( 0.23 ) ​ $ ( 0.40 ) Loss from discontinued operations per ordinary share - basic and diluted* ​ $ 0.00 ​ $ ( 0.12 ) Loss per share - basic and diluted* ​ $ ( 0.23 ) ​ $ ( 0.52 ) Weighted average shares - basic and diluted* ​ 3,218,886 ​ ​ 1,171,307 * Retrospectively adjusted for the Reverse Stock Split. See also Note 15. ** Reclassification- certain reclassifications have been made to the financial statements for the period ended March 31, 2024, to conform to the presentation for the discontinued operations, with no effect on previously reported net income (loss). See Note 5. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. ​ ​ 3 Table of Contents CHEETAH NET SUPPLY CHAIN SERVICE INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A ​ ​ ​ ​ Class B ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ Total ​ ​ Common ​ ​ ​ ​ Common ​ ​ ​ ​ paid-in ​ Subscription ​ Accumulated ​ Stockholders’ ​ stock Amount stock Amount capital Receivable Deficit Equity Balance, December 31, 2024 2,672,011 ​ $ 267 546,875 ​ $ 55 ​ $ 17,297,961 ​ $ — ​ $ ( 4,680,611 ) ​ $ 12,617,672 Share-based compensation expenses ​ — ​ ​ — ​ — ​ ​ — ​ ​ 16,185 ​ ​ — ​ ​ — ​ ​ 16,185 Net loss from continuing operations for the year — ​ — — ​ — ​ — ​ — ​ ( 753,909 ) ​ ( 753,909 ) Balance, March 31, 2025 2,672,011 ​ $ 267 546,875 ​ $ 55 ​ $ 17,314,146 ​ $ — ​ $ ( 5,434,520 ) ​ $ 11,879,948 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A ​ ​ ​ ​ Class B ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ Total ​ ​ Common ​ ​ ​ ​ Common ​ ​ ​ ​ paid-in ​ Subscription ​ Retained Earnings ​ Stockholders’ ​ stock Amount stock Amount capital Receivable (Accumulated Deficit) Equity Balance, December 31, 2023 604,125 ​ $ 60 515,625 ​ $ 52 ​ $ 6,996,275 $ ( 600,000 ) ​ $ 508,241 ​ $ 6,904,628 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Termination of equity classified warrant ​ — ​ ​ — ​ — ​ ​ — ​ ​ ( 78,125 ) ​ ​ — ​ ​ — ​ ​ ( 78,125 ) Issuance of common stock for acquisition ​ 79,521 ​ ​ 8 ​ — ​ ​ — ​ ​ 899,992 ​ ​ — ​ ​ — ​ ​ 900,000 Net loss from continuing operations for the year ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 466,348 ) ​ ​ ( 466,348 ) Net loss from discontinued operations for the year ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 142,582 ) ​ ​ ( 142,582 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, March 31, 2024 683,646 ​ $ 68 515,625 ​ $ 52 ​ $ 7,818,142 $ ( 600,000 ) ​ $ ( 100,689 ) ​ $ 7,117,573 * Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and share reverse split on October 24, 2024. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. ​ ​ 4 Table of Contents CHEETAH NET SUPPLY CHAIN SERVICE INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2025 2024 ​ ​ (Unaudited) Cash flows from operating activities: ​ ​ Net Loss ​ $ ( 753,909 ) ​ $ ( 608,930 ) Less: Loss from discontinued operations, net of tax ​ ​ — ​ ​ ( 142,582 ) Loss from continuing operations ​ ​ ( 753,909 ) ​ ​ ( 466,348 ) Adjustments to reconcile net (loss) income to net cash provided by operating activities: ​ ​ ​ ​ ​ Depreciation ​ ​ 9,882 ​ ​ 2,171 Amortization of operating lease right-of-use assets ​ 79,730 ​ ​ 38,560 Amortization of Intangible Assets ​ ​ 28,071 ​ ​ 8,714 Share-based compensation expenses ​ ​ 16,185 ​ ​ — Deferred income tax benefits ​ — ​ ​ ( 247,343 ) Changes in operating assets and liabilities: ​ ​ ​ ​ ​ Accounts receivable ​ ( 11,083 ) ​ ​ 11,890 Other receivables ​ ( 230,166 ) ​ ​ ( 672,295 ) Prepaid expenses and other current assets ​ 90,856 ​ ​ ( 35,785 ) Other payables and other current liabilities ​ 5,734 ​ ​ 41,152 Operating lease liabilities ​ ( 7,674 ) ​ ​ ( 8,475 ) Cash used in operating activities-continuing operations ​ ​ ( 772,374 ) ​ ​ ( 1,470,341 ) Cash provided by operating activities-discontinued operations * ​ ​ 2,540,500 ​ ​ 3,166,058 Net cash provided by operating activities ​ 1,768,126 ​ ​ 1,695,717 ​ ​ ​ ​ ​ ​ ​ Cash flows from investing activities: ​ ​ ​ ​ ​ ​ Acquisition of business, net of cash acquired ​ ​ — ​ ​ ( 220,117 ) Loans made to third parties ​ ​ ( 3,075,400 ) ​ ​ — Loans repayment received from third parties ​ ​ 49,000 ​ ​ 172,500 Cash used in investing activities-continuing operations ​ ​ ( 3,026,400 ) ​ ​ ( 47,617 ) Net cash used in investing activities ​ ​ ( 3,026,400 ) ​ ​ ( 47,617 ) ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities: ​ ​ ​ ​ Cash paid for warrant termination ​ ​ — ​ ​ ( 78,125 ) Repayments of premium finance ​ ​ ( 59,590 ) ​ ​ ( 73,713 ) Repayments of long-term borrowings ​ ​ ( 8,949 ) ​ ​ ( 8,068 ) Borrowing from a related party ​ — ​ ​ ( 13,423 ) Cash provided by financing activities-continuing operations ​ ( 68,539 ) ​ ( 173,329 ) Cash used in financing activities-discontinued operations* ​ — ​ ( 1,004,565 ) Net cash used in financing activities ​ ( 68,539 ) ​ ​ ( 1,177,894 ) ​ ​ ​ ​ ​ ​ ​ Net (decrease) increase in cash ​ ( 1,326,813 ) ​ ​ 470,206 Cash, beginning of year ​ 1,650,955 ​ ​ 432,998 Cash, end of year ​ ​ 324,142 ​ ​ 903,204 Cash of continuing operations ​ $ 324,142 ​ $ 903,204 ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information ​ ​ ​ ​ Cash paid for income taxes ​ $ 155 ​ $ — Cash paid for interests ​ $ 8,812 ​ $ 7,552 Noncash Financing and investing activities: ​ ​ ​ ​ ​ ​ Fair value of common stock issued for acquisition ​ $ — ​ $ 1,700,000 * Reclassification- certain reclassifications have been made to the financial statements for the three months ended March 31, 2024, to conform to the presentation for the discontinued operations, with no effect on previously reported net income (loss). See Note 5. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. ​ ​ 5 Table of Contents CHEETAH NET SUPPLY CHAIN SERVICE INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ​ NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION Cheetah Net Supply Chain Service Inc. (“Cheetah Net,” the “Company,” “we,” “our,” and “us”), formerly known as Yuan Qiu Business Group LLC, was established under the laws of the State of North Carolina on August 9, 2016 as a limited liability company (“LLC”). On March 1, 2022, the Company filed articles of incorporation including articles of conversion with the Secretary of State of the State of North Carolina to convert from an LLC to a corporation, and changed its name to Cheetah Net Supply Chain Service Inc. The Company holds 100 % of the equity interests in the following entities: ● (i) Allen-Boy International LLC (“Allen-Boy”), an LLC organized on August 31, 2016 under the laws of the State of Delaware, which was acquired by Cheetah Net from Yingchang Yuan, the previous owner of Allen-Boy who beneficially owns 1,200,000 shares of Class A common stock of Cheetah Net, for a total consideration of $ 100 on January 1, 2017. Allen-Boy did not have any business activities until acquired by Cheetah Net. Allen-Boy previously engaged in the parallel-import vehicle dealership business, which the Company discontinued in March 2025. ● (ii) Pacific Consulting LLC (“Pacific”), an LLC organized on January 17, 2019, under the laws of the State of New York, which was acquired by Cheetah Net from Yingchang Yuan, the previous owner of Pacific who beneficially owns 1,200,000 shares of Class A common stock of Cheetah Net, for a total consideration of $ 100 on February 15, 2019. Pacific did not have any business activities until acquired by Cheetah Net. Pacific previously engaged in the parallel-import vehicle dealership business, which the Company discontinued in March 2025. The Company intends to dissolve Pacific during the second quarter of fiscal year 2025. ● (iii) Entour Solutions LLC (“Entour”), an LLC organized on April 8, 2021 under the laws of the State of New York, which was acquired by Cheetah Net from Daihan Ding, the previous owner of Entour, for a total consideration of $ 100 on April 9, 2021. Entour did not have any business activities until acquired by Cheetah Net. Entour previously engaged in the parallel-import vehicle dealership business, which the Company discontinued in March 2025. The Company intends to dissolve Entour during the second quarter of fiscal year 2025. ● (iv) Cheetah Net Logistics LLC (“Logistics”), an LLC organized on October 12, 2022 under the laws of the State of New York, whose previous sole member and owner, Hanzhang Li, the previous owner of Logistics, for a total consideration of $ 100 , assigned all his membership interests in Logistics to Cheetah Net on October 19, 2022. Logistics previously engaged in the parallel-import vehicle dealership business, which the Company discontinued in March 2025. The Company intends to dissolve Logistics during the second quarter of fiscal year 2025. ● (v) Edward Transit Express Group Inc. (“Edward”), a corporation incorporated on July 14, 2010 under the laws of the State of California, whose previous sole shareholder and owner, Juguang Zhang, transferred all his right, title, and interest in and to all of the issued and outstanding equity interests of Edward to Cheetah Net for a total consideration of $ 1,500,000 , consisting of a $ 300,000 cash payment and Cheetah Net’s Class A common stock initially valued at $ 1.2 million through a stock purchase agreement dated January 24, 2024, as amended. The fair value of stock consideration was determined to be $ 900,000 . (See Note 8). As of the date of this quarterly report, Edward is engaged in logistics and warehousing services. ● (vi) TW & EW Services Inc. (“TWEW”), a corporation incorporated on February 27, 2020 under the laws of the State of California, whose previous shareholders and owners transferred all their rights, titles, and interests in and to all of the issued and outstanding equity interests of TWEW to Cheetah Net for a total consideration of $ 1.0 million, consisting of a $ 200,000 cash payment and Class A common stock valued at $ 800,000 through a stock purchase agreement dated November 27, 2024. The TWEW acquisition was closed on December 19, 2024. As of the date of this quarterly report, TWEW is engaged in logistics and labor services to strengthen the Company’s position in the logistics sector. 6 Table of Contents ● (vii) NexTrade International LLC (“NexTrade”), a limited liability company organized on September 13, 2024 under the laws of the State of Delaware. NexTrade holds 100 % of the ownership interests in Naiside (Shenzhen) International Trading Co., Ltd., a limited liability company organized on December 3, 2024 under the laws of the PRC. On December 19, 2024, the Company entered into a membership interest purchase agreement with Pingzheng Li, the then 100 % owner of NexTrade, pursuant to which the Company purchased the 100 % membership interests in NexTrade for the consideration of $ 1 . The transaction closed on the same day. As of the date of this quarterly report, NexTrade is not engaged in any business operations. ● (viii) Cheetah Net Supply Chain Service Ltd (“Cheetah BVI”), a corporation incorporated on March 28, 2025 under the laws of the British Virgin Islands. As of the date of this quarterly report, Cheetah BVI is not engaged in any business operations. On September 30, 2024, the Company’s stockholders approved its fourth amended and restated articles of incorporation, which authorizes a reverse stock split of the issued shares of its common stock, par value $ 0.0001 per share, at a ratio ranging from 1 -for-10 to 1 -for-30, as determined at the discretion of the Company’s board of directors. On October 7, 2024, the Company’s board of directors (“Board”) approved a reverse stock split of the Company’s common stock at a ratio of 1 -for-16. On October 21, 2024, the Company effectuated a reverse stock split of its common stock at a ratio of 1 -for-16. Following such reverse split, each 16 shares of the Company’s common stock outstanding were automatically combined into one new share of common stock. No fractional shares were issued in connection with the reverse split; any fractional shares resulting from the reverse split were rounded up to the nearest whole share. The par value per share of the Company’s common stock remained unchanged. The Company’s Class A common stock started trading on a post-split basis on October 24, 2024, at which time the Class A common stock was assigned a new CUSIP number (16307X202). All share information included in this quarterly report has been retrospectively adjusted to reflect the Reverse Stock Split as if it had occurred as of the earliest period presented. Discontinued operations - Parallel-import Vehicles The Company previously engaged in the business of sourcing and reselling parallel-import vehicles, primarily from the U.S. market to dealers in the U.S. and the PRC. Parallel-import vehicles in the PRC refer to automobiles purchased directly from overseas markets and imported for sale outside of the brand manufacturers’ official distribution networks. In the past, this business contributed significantly to the Company’s revenue. Between 2016 and the first half of 2022, the Company experienced growth in sales volume and gross profit due to favorable market conditions. However, beginning in the second half of 2022, the business was negatively affected by the impact of the COVID-19 pandemic and related lockdowns in the PRC, a decline in customer demand due to weakening macroeconomic conditions, price competition from luxury automakers in the PRC, and a shift in consumer preference toward domestic electric vehicles (“EVs”). These market challenges led to a decline in parallel-import vehicle sales by 30.5 % in 2023 and a reduction in net income by 83.6 % compared to 2022. The decline accelerated in 2024, and the Company’s vehicle sales decreased from 82 units in the first three months of fiscal year 2023 to 13 units in the first three months of 2024, representing a 86.0 % decrease in revenue. The Company’s vehicle sales decreased from 303 units in 2023 to 14 units in 2024, resulting in a 95.7 % drop in revenue from $ 38.3 million in 2023 to $ 1.6 million in 2024.In addition, the financial strains on the Company’s customers made it increasingly difficult to collect outstanding receivables. While the Company successfully recovered $ 4.0 million in 2024 and collected additional $ 2.5 million from the five aged accounts as of the date of the annual report for 2024, the remaining $ 1.6 million from two customers was determined to be uncollectible, as a result, the management recorded as a credit loss of $ 1.6 million for the year ended December 31, 2024. As the parallel-import vehicle market conditions continued to deteriorate and sales activity in this segment ceased, management determined that the business no longer had a sustainable path forward. On March 3, 2025, the Board formally approved the discontinuation of the parallel-import vehicle business. In accordance with ASC 205-20, Presentation of Financial Statements – Discontinued Operations, the Company determined that the parallel-import vehicle segment met the conditions for reporting as a discontinued operation during the year ended December 31, 2024. As a result, all financial results associated with this business have been reclassified as discontinued operations in the accompanying unaudited condensed consolidated financial statements for the three months ended March 31, 2024 and the consolidated financial statements for the year ended December 31, 2024 presented. For additional financial details regarding discontinued operations, refer to Note 5-Discontinued Operations. 7 Table of Contents Logistics and Warehousing Services The Company’s subsidiary, Edward, operates as a licensed Non-Vessel Operating Common Carrier. It manages freight forwarding, including shipment consolidation and carrier selection, aimed at optimizing shipping operations. Edward also provides warehousing services encompassing fulfillment, storage, and inventory management, crucial for supporting both the Company’s operations and its clients’ logistics needs. The Company’s subsidiary, TWEW, specializes in general labor support services and logistics coordination, providing workforce solutions and operational efficiency tools tailored to the logistics and labor sectors. TWEW’s expertise in labor management and logistical support enables the Company to streamline operations, expand service offering, and enhance market position. As of the date of this quarterly report, the Company is undergoing a business transformation of its business model. The Company is shifting its business focus from parallel-import vehicle sales to logistics and warehousing services. Management continues to focus on improving operational efficiencies and expanding its market presence of the two acquired businesses. The transformation of the Company’s business model could have a material and adverse effect on the Company’s business, financial condition, and results of operations. The business shift may take longer time than expected to generate ideal profits depending on factors from the business environment and operation management and market expansion. NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted consistent with Article 10 of Regulation S-X. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments as necessary for the fair statement of the Company’s financial position as of March 31, 2025 and 2024, and results of operations and cash flows for the three months ended March 31, 2025 and 2024. The consolidated balance sheet as of December 31, 2024 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by U.S. GAAP. The unaudited condensed consolidated financial statements and related disclosures have been prepared with the presumption that users of the unaudited condensed consolidated financial statements have read or have access to the audited consolidated financial statements for the preceding fiscal years. Accordingly, these financial statements should be read in conjunction with the audited consolidated financial statements and related footnotes for the year ended December 31, 2024. The accounting policies applied are consistent with those of the audited consolidated financial statements for the preceding fiscal year. Results for the three months ended March 31, 2025 are not necessarily indicative of the results expected for the full fiscal year or for any future period. The Company’s fiscal year end date is December 31. Going Concern Consideration The Company’s unaudited condensed consolidated financial statements are prepared assuming that the Company will continue as a going concern. For the three months ended March 31, 2025, the Company reported a net operating loss of approximately $0.7 million. Net cash provided by operating activities was approximately $ 1.8 million, with an approximately $ 2.5 million of positive cash flows from discontinued operations, partially offset by $0.7 million cash used in operating activities-continuing operations due to the ongoing transition to the logistics and warehousing business. The Company may continue to incur operating losses and generate negative cash flow. These factors may raise doubts about the Company’s ability to continue as a going concern. As of March 31, 2025, the Company had cash and cash equivalents of approximately $ 0.3 million and a working capital balance of $ 9.3 million, including a loan receivable of $ 9.1 million due from third parties within a year. Management has evaluated the Company’s ability to continue as a going concern in accordance with ASC 205-40, Presentation of Financial Statements – Going Concern. This evaluation considered the Company’s current financial condition, expected cash flows, obligations due within the next 12 months, and available sources of liquidity. 8 Table of Contents While management understands that the ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations, management has concluded that there are no conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the issuance date of these consolidated financial statements. Accordingly, the Company’s unaudited condensed consolidated financial statements as of March 31, 2025 have been prepared on a going concern basis. Use of estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, allowance credit losses of accounts receivables, the revenue recognition, impairment of long-lived assets, and the realization of deferred tax assets. Actual results could differ from those estimates. Risks and uncertainties The Company is undergoing a business transformation of our business model. As a company located in the U.S. and doing business with the PRC, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the U.S. and the PRC, as well as by the general state of the U.S. and the PRC economies. The Company’s results may be adversely affected by changes in the political, regulatory, and social conditions in the U.S. and the PRC. Risks and uncertainties related to the Company’s business include, but are not limited to, the following: ● The business shift from parallel-import vehicle sales to logistics and warehousing services may depend on factors from the business environment to operation management and market expansion; ● The government policies on ocean freight business and tariff policy may reduce the market demand for the freight, logistics, and warehousing business, and thus negatively affect the Company’s business and growth prospects; ● The logistics and warehousing business depend highly on the limited customers and third-party transportation and labor providers; ● The competition of logistics and warehousing industry dependent on factors such as service quality, speed reliability, and pricing may limit the Company’s expanding non-vehicle logistics warehousing revenue, and its success in these areas will depend on its ability to develop and scale an effective salesforce to market these services to international trading companies in the U.S. and the PRC; and ● Recent changes in the U.S. and international trade policies and tariffs on imports and exports, particularly the trade tensions between China and the U.S., have been intensified and may become worse in the future, resulting in the imposition of more tariffs or other trade restrictions, and may adversely impact our business and operating results. The Company’s business, financial condition, and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics, and other catastrophic incidents, which could significantly disrupt the Company’s operations. 9 Table of Contents Cash and cash equivalents Cash and cash equivalents consist of cash in bank and interest-bearing certificates of deposit with an initial term of three months when purchased. As of March 31, 2025 and December 31, 2024, all cash and cash equivalents were related to continuing operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2025 2024 ​ (Unaudited) ​ ​ ​ Cash held in Current Accounts ​ $ 324,142 ​ $ 627,924 Certificate of Deposit ​ — ​ ​ 1,023,038 Total cash and cash equivalents shown in the statements of cash flows ​ $ 324,142 ​ $ 1,650,962 ​ Accounts receivable Accounts receivable represent the amounts that the Company has an unconditional right to consideration, which are stated at the original amount less an allowance of credit loss, in accordance with the Current Expected Credit Loss (“CECL”) model under ASC 326. The Company estimates expected credit losses based on a combination of historical loss experience, customer creditworthiness, current economic conditions, and reasonable and supportable forward-looking information. The allowance for credit losses is updated at each reporting period to reflect changes in credit risk. The allowance for credit losses is recorded against accounts receivable balances, with a corresponding charge to the consolidated statements of operations. Delinquent account balances are written off against the allowance when management determines that collection is remote. If previously written-off receivables are subsequently recovered, the Company records a reversal of the allowance for credit losses. As a result of the Company’s decision to discontinue the parallel-import vehicles business, the entire accounts receivable balance of $ 2,540,501 as of December 31, 2024 was reclassified to “Current Assets of Discontinued Operations” in accordance with ASC 205-20, Presentation of Financial Statements – Discontinued Operations. During the three months ended March 31, 2025 and 2024, no allowance for credit losses on accounts receivable from continuing operations was recorded. (See Note 5 – Discontinued Operations for further details.) Loan receivable The Company’s loans receivable, which consist of loans to third parties, are recognized at the point of loan disbursement, initially measured at fair value, primarily reflecting the disbursed amount and associated transaction costs. Both secured and unsecured lending are encompassed in these receivables, with terms including varying interest rates and maturity dates. Subsequently, these receivables are measured at amortized cost using the effective interest method, which ensures the accurate recognition of interest income over the loan period. The interest rates for these loans may be subject to change based on the terms of loan agreements. Periodic reviews of the loan portfolio are conducted to assess for impairment, utilizing the expected credit loss model. This approach considers historical credit loss experience, current conditions, and reasonable forecasts in estimating potential credit losses. As of March 31, 2025 and December 31, 2024, no impairment allowance was recorded for the loan receivable. Property, plant, and equipment, net Property, plant, and equipment, net are stated at cost less accumulated depreciation and impairment charges. Depreciation is calculated primarily based on the straight-line method (after taking into account their respective estimated residual values) over the estimated useful lives of the assets: ​ Property, plant, and equipment E stimated useful li fe Motor vehicles ​ 10 years Leasehold improvements ​ 3 - 6 years ​ Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expenses as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. 10 Table of Contents Intangible assets, net The Company recorded intangible assets with the acquisitions of Edward and TWEW during the first quarter and the fourth quarter of 2024, respectively (see Note 8- Intangible Asset and Goodwill). Intangible assets consist of developed technology, customer relationships, and trade names, which are amortized on a straight-line basis or over their respective useful lives using patterns that reflect the economic benefits the assets are expected to realize. The Company reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Amortization of intangible assets is computed using the straight-line method over the estimated useful lives as below: ​ I ntangible assets E stimated useful li fe Developed technology ​ 7 years ​ Customer relationships ​ 10 - 12 years ​ Trade names ​ 7 years ​ ​ The estimated useful lives of intangible assets with finite lives are reassessed if circumstances occur that indicate the original estimated useful lives have changed. The Company did no t recognize any impairment to intangible assets for the three months ended March 31, 2025 and 2024. Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of input used to measure fair value are as follows: ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 — inputs to the valuation methodology are unobservable. Unless otherwise disclosed, the fair value of the Company’s financial instruments, including cash, accounts receivable, loans receivable, loans payable, and other payables and other current liabilities, approximated the fair value of the respective assets and liabilities as of March 31, 2025 and December 31, 2024 based upon the short-term nature of the assets and liabilities. The Company applied level 3 to obtain the fair value of intangible assets and goodwill. See NOTE 8 — Intangible Asset and Goodwill. The Company believes that the carrying amount of long-term loans approximated fair value as of March 31, 2025 and December 31, 2024 based on the terms of the borrowings and current market rates as the rates of the borrowings are reflective of the current market rates. Leases The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 842, Leases (“Topic 842”). The Company leases office space, which is classified as operating leases in accordance with Topic 842. Under Topic 842, lessees are required to recognize the following for all leases (with the exception of short-term leases, usually with an initial term of 12 months or less) on the commencement date: (i) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and (ii) right-of-use (“ROU”) asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. 11 Table of Contents At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The ROU asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All ROU assets are reviewed for impairment annually. There was no impairment for ROU lease assets for the three months ended March 31, 2025 and 2024. Additionally, the Company elected a short-term lease exception policy, which allows entities to not apply the new standard to short-term leases (i.e., leases with terms of 12 months or less) and a hindsight policy, which allows an entity to include current considerations for existing leases when determining initial lease terms. Goodwill The Company records goodwill as the excess of the consideration transferred over the fair value of net assets acquired in business combinations. Goodwill is tested for impairment at the reporting unit level, which is an operating segment, or one level below. The Company has one reporting unit. The Company measures goodwill impairment, if any, as the amount by which the carrying amount of the reporting unit exceeds its fair value, not to exceed the carrying amount of goodwill. The review of goodwill impairment consists of either using a qualitative approach to determine whether it is more likely than not that the fair value of the assets is less than their respective carrying values or a one-step quantitative impairment test. In performing the qualitative assessment, the Company considers many factors in evaluating whether the carrying value of goodwill may not be recoverable, including declines in the Company’s stock price and market capitalization of the Company and macroeconomic conditions. If, based on the results of the qualitative assessment, it is concluded that it is not more likely than not that the fair value of a reporting unit exceeds its carrying value, additional quantitative impairment testing is performed. The quantitative test requires that the carrying value of each reporting unit be compared with its estimated fair value. If the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded for the difference (up to the carrying value of goodwill). The Company uses the income approach and/or a market-based approach to determine the reporting units’ fair values, which are based on discounted cash flows. The determination of discounted cash flows of the reporting units and assets and liabilities within the reporting units requires significant estimates and assumptions. Due to the inherent uncertainty involved in making these estimates, actual results could differ from those estimates. Impairment of long-lived assets The Company reviews long-lived assets to be held-and-used for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If an impairment indicator is present, the Company evaluates recoverability by comparing the carrying amount of the asset group to the sum of the undiscounted expected future cash flows over the remaining useful life of a long-lived asset group. If the assets are impaired, an impairment loss is measured as the amount by which the carrying amount of the asset group exceeds the fair value of the asset. The Company estimates fair value using the expected future cash flows discounted at a rate consistent with the risks associated with the recovery of the asset. For the three months ended March 31, 2025 and 2024, the Company did not record any impairment. Revenue recognition ASC 606 establishes principles for reporting information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. ASC 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenue. Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the new guidance requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. 12 Table of Contents In 2024, the Company generated revenue from the parallel-import vehicle dealership and logistics and warehousing services. Revenue from the parallel-import vehicle dealership business is generated from the sales of parallel-import vehicles to both domestic and overseas parallel-import vehicle dealers. It purchases automobiles from the U.S. market through its team of professional purchasing agents, and resells them to parallel-import vehicle dealers in the U.S. and the PRC. In accordance with ASC 606, the Company recognizes revenue at the point in time when the performance obligation has been satisfied and control of the vehicles has been transferred to the dealers. For sales to U.S. domestic parallel-import car dealers, revenue is recognized when a vehicle is delivered, and its title has been transferred to the dealers. For overseas sales, the Company sells vehicles under Cost and Freight (“CFR”) shipping point terms, and revenue is recognized when a vehicle is loaded on a cargo ship and its title has been transferred to the dealers. The Company accounts for the revenue generated from sales of vehicles on a gross basis as the Company is acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. All of the Company’s contracts have one single performance obligation as the promise is to transfer the individual vehicle to parallel-import vehicle dealers, and there is no separately identifiable other promise in the contracts. The Company’s vehicles are sold with no right of return and the Company does not provide other credits or sales incentives to parallel-import car dealers. Historically, no customer returns have occurred. Therefore, the Company did not provide any sales return allowances for the three months ended March 31, 2024. The Company generates revenues from freight forwarding services provided by Edward and general labor and logistics provided by TWEW to corporate and retail clients, including transportation, cargo warehousing, freight forwarding, labor service, and cargo loading and unloading. Revenue for freight forwarding services generated by Edward, both export and import, is recognized when the services are provided. The Company’s role as the principal in these services involves managing the process up to the point where control is transferred based on contractual terms, allowing revenue recognition on a gross basis throughout the transit period. For warehousing services, revenue is primarily derived from storage fees, which are recognized based on the actual number of days the goods are stored in the warehouse while awaiting further transportation. Across all operations, the Company maintains a principal position, controlling the goods and services, bearing inventory and pricing risks, and fulfilling performance obligations directly. Each contract is typically structured with a single performance obligation without allowances for returns or sales incentives. There were no provisions for sales return allowances based on historical experiences of no returns. Revenue from general labor and logistics services, provided through TWEW, is recognized upon services rendered, based on verified labor hours or project milestones outlined in client agreements, with billing tied to predefined service rates (e.g., per-hour fees or fixed-scope pricing). The Company recognizes revenue on a gross basis as the principal service provider, reflecting its contractual obligation to deliver labor solutions to clients, despite outsourcing workforce operations to third parties. Contracts generally consist of a single performance obligation (supplying labor resources), with revenue measured at the transaction price agreed upon in service agreements. No provisions for returns or sales incentives are included, as historical experience indicates no material rights of return or refunds. Disaggregation of Revenue The Company disaggregates its revenue by geographic areas, as the Company believes it best depicts how the nature, amount, timing, and uncertainty of the revenue and cash flows are affected by economic factors. ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2025 2024 ​ ​ (Unaudited) ​ ​ U.S. domestic market ​ $ 464,883 ​ $ 49,479 Overseas market ​ 14,916 ​ ​ 27,355 Total revenue ​ $ 479,799 ​ $ 76,834 ​ For the three months ended March 31, 2025, total revenue from continuing operations was $ 479,799 , an increase from $ 76,834 for the same period in 2024. This growth was primarily driven by the acquisition of TWEW in November 2024, whose operations are entirely focused on the U.S. domestic market. 13 Table of Contents Cost of Revenues Logistics and Warehousing Segment Cost of logistics and warehousing service revenue mainly includes the cost of freight and fulfillment expenses for freight forwarding services, while cost of labor services comprises payments to third parties for outsourced workforce provisioning, including bundled recruitment, training, and payroll processing. Cost recognition aligns with service delivery progress, validated through subcontractor utilization reports and client acceptance documentation. General and Administration Expenses The Company’s general and administrative expenses for the continuing operations primarily include employee salaries and benefits, depreciation and amortization, office lease expenses, travelling and entertainment expenses, legal and consulting fees, insurance and other miscellaneous administrative expenses. For the three months ended March 31, 2025 and 2024, general and administration expenses for the continuing operations were $ 1,000,519 and $ 767,642 , respectively. Share-based Compensation The Company has adopted its Amended and Restated 2024 Stock Incentive Plan (the “Plan”), for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Company’s operations. Shareholders, directors, and employees of the Company receive remuneration in the form of share-based awards including option, restricted stock, restricted stock unit, dividend equivalent, or other awards that are permitted under the Plan, whereby the recipients render services as consideration for such share-based compensation. The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the period during which the employee is required to provide service in exchange for the award, which generally is the vesting period. The amount of cost recognized is adjusted to reflect any expected forfeitures prior to vesting. The fair value of stock award is measured at grant date’s per share closing price of the Company’s common stock, and the fair value of option is measured at grant date using the Black-Scholes pricing model, taking into account the terms and conditions upon which the share-based awards are granted. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the share-based awards, the total estimated fair value of the share-based awards is spread over the vesting period, taking into account the probability that the share-based awards will vest, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date. Income Taxes The Company accounts for income taxes under the asset and liability method, recognizing deferred tax assets and liabilities based on temporary differences between financial statement and tax bases of assets and liabilities, using enacted tax rates expected to apply when these differences reverse. The impact of tax rate changes is recorded in the period of enactment. The Company assesses deferred tax assets to determine whether they are realizable. As of March 31, 2025 and December 31, 2024, the Company recorded a full valuation allowance against deferred tax assets, as it has generated a three -year cumulative pretax book loss and is forecasting a loss for 2025. Based on this evidence, realization of deferred tax assets is not considered more-likely-than-not at this time. The Company records uncertain tax positions in accordance with ASC 740, using a two-step process to determine whether tax positions will be sustained. The Company has concluded that there are no uncertain tax positions requiring recognition as of March 31, 2025 and December 31, 2024. The Company is not subject to the Section 163(j) interest expense limitation, as it qualifies for an exception due to floor plan financing indebtedness. The Company monitors tax law changes and has determined that no recent changes materially impact the financial statements. 14 Table of Contents The Company and its U.S. operating subsidiaries are subject to the U.S. tax laws. The Company elected to file income taxes as a corporation instead of an LLC for the tax years ended December 31, 2020 through December 31, 2021. As of March 31, 2025, the Company’s consolidated income tax returns for the tax years ended December 31, 2021 through December 31, 2024 remained open for statutory examination by U.S. tax authorities. (Loss) Earnings per share The Company computes (loss) earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the three months ended March 31, 2025 and 2024, there were no dilutive shares outstanding, as presented in the tables below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2025 ​ Loss Share Per share amount Basic and diluted EPS ​ ​ ​ Loss from continuing operations per ordinary share ​ $ ( 753,909 ) ​ 3,218,886 ​ $ ( 0.23 ) Loss from discontinued operations per ordinary share ​ — ​ 3,218,886 ​ 0.00 Loss from operations per ordinary share ​ $ ( 753,909 ) ​ ​ ​ ​ $ ( 0.23 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Income (loss) ​ Share ​ Per share amount Basic and diluted EPS ​ ​ ​ Loss from continuing operations per ordinary share ​ $ ( 466,348 ) ​ 1,171,307 ​ $ ( 0.40 ) Loss from discontinued operations per ordinary share ​ ( 142,582 ) ​ 1,171,307 ​ ( 0.12 ) Loss from operations per ordinary share ​ $ ( 608,930 ) ​ ​ ​ ​ $ ( 0.52 ) ​ Related parties and transactions The Company identifies related parties, and accounts for and discloses related party transactions in accordance with ASC 850, “Related Party Disclosures” and other relevant ASC standards. Parties, which can be a corporation or individual, are considered related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Corporations are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. Segment reporting The Company uses the management approach in determining reportable operating segments. The management approach considers the internal reporting used by the Company’s chief operating decision maker for making operating decisions about the allocation of resources of the segment and the assessment of its performance in determining the Company’s reportable operating segments. The Company reported two operating segments: the parallel-import vehicle business and logistics and warehousing services in 2024. Following the discontinuation of the parallel-import vehicles business, during the three months ended March 31, 2025, the Company reported a single reportable segment on logistics and warehousing services. 15 Table of Contents Recent accounting pronouncements ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , requires disclosures about significant segment expenses and additional interim disclosure requirements. This standard also requires a single reportable segment to provide all disclosures required by Accounting Standards Codification Topic 280. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively for all prior periods presented in the consolidated financial statements. The Company adopted ASU 2023-07 beginning January 1, 2025. The adoption did not have a material impact on its consolidated financial statements. Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , establishes incremental disaggregation of income tax disclosures pertaining to the effective tax rate reconciliation and income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. The Company adopted ASU 2023-09 beginning January 1, 2025. The adoption did not have a material impact on its consolidated financial statements. ​ NOTE 3 — LOAN RECEIVABLE Loan receivable consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2025 2024 ​ ​ (Unaudited) ​ ​ ​ Short-term loan receivables ​ $ 9,114,695 ​ $ 6,088,295 ​ On June 20, 2024, the Company entered into a one - year unsecured short-term loan agreement with Hongkong Sanyou Petroleum Co Limited. The principal amount of the loan is $ 1,000,000 , bearing an annual interest rate of 12.0 %, and is set to mature in 12 months . On July 23, 2024, the Company extended an additional unsecured short-term loan of $ 1,500,000 to Hongkong Sanyou Petroleum Co Limited under the same terms. On August 16, 2024, the Company entered into a one-year unsecured short-term loan agreement with Asia Finance Investment Limited for a principal amount of $ 649,250 . After mutual debt adjustments, the adjusted principal balance of this loan is $ 558,295 . This loan accrues interest at a monthly rate of 1.0 %, with a single lump-sum repayment due 12 months from the disbursement date. The agreement includes a mutual debt adjustment provision, where the balance after offsetting mutual debts is applied to reduce interest charges. Any overdue payments under this agreement bear an annual interest rate of 18 %. On October 2, 2024 and October 28, 2024, the Company entered into two one-year unsecured short-term loan agreements with Hongkong Sanyou Petroleum Co Limited, for the principal amount of the loan $ 1,000,000 and $ 1,000,000 , respectively, bearing an annual interest rate of 12.0 % and set to mature in 12 months . On October 24, 2024, the Company entered into a one-year unsecured short-term loan agreement with Asia Finance Investment Limited for a principal amount of $ 530,000 . This loan accrues interest at a monthly rate of 1.0 %, with a single lump-sum repayment due 12 months from the disbursement date. On November 20, 2024, the Company entered into a one-year unsecured short-term loan agreement with Hongkong Sanyou Petroleum Co Limited. The principal amount of the loan is $ 500,000 . This loan carries an annual interest rate of 12.0 % and is set to mature in 12 months. On January 7, 2025, the Company entered into a one-year unsecured short-term loan agreement with Asia Finance Investment Limited for a principal amount of $ 100,000 . This loan accrues interest at a monthly rate of 1.0 %, with a single lump-sum repayment due 12 months from the disbursement date. On January 29, 2025, the Company extended an additional unsecured short-term loan of $ 300,000 to Asia Finance Investment Limited under the same terms. On March 5, 2025, the Company received an early repayment of $ 49,000 for the loan scheduled to mature on June 20, 2025. 16 Table of Contents On March 17, 2025, the Company entered into a one-year unsecured short-term loan agreement with Hongkong Sanyou Petroleum Co Limited. The principal amount of the loan is $ 950,000 . This loan carries an annual interest rate of 12.0 % and is set to mature in 12 months . On March 18, 2025, the Company entered into a one-year unsecured short-term loan agreement with Asia Finance Investment Limited for a principal amount of $ 825,400 . This loan accrues interest at a monthly rate of 1.0 %, with a single lump-sum repayment due 12 months from the disbursement date. On March 19, 2025, the Company extended an additional unsecured short-term loan of $ 900,000 to Asia Finance Investment Limited under the same terms. During the three months ended March 31, 2025 and 2024, the Company recorded interest income of $ 202,668 and $ 22,333 from short-term loan receivables, respectively. NOTE 4 — OTHER RECEIVABLES Other receivables consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2025 December 31, 2024 ​ ​ (Unaudited) ​ ​ Rent Deposit ​ $ 13,498 ​ $ 112,751 Interest Receivable (1) ​ ​ 443,176 ​ ​ 245,655 Others ​ ​ 44,188 ​ ​ 12,290 Total Other Receivables ​ $ 500,862 ​ $ 370,696 (1) Interest receivable primarily relates to accrued interests from loan agreements disclosed in Note 3- Loan Receivable. For further details on the loan arrangements generating these interest receivables, refer to Note 3. ​ NOTE 5 — DISCONTINUED OPERATIONS 1) Loss from discontinued operations for the three months ended March 31, 2024 was as follows : ​ ​ ​ ​ ​ ​ For the Three Months ​ ​ Ended March 31, ​ ​ 2024 ​ ​ ​ ​ Revenue ​ $ 1,430,951 ​ ​ ​ ​ Cost of Revenue ​ 1,440,234 ​ ​ ​ ​ Gross loss ​ ( 9,283 ) ​ ​ ​ ​ Operating expenses ​ Selling, General and administrative expenses ​ 78,840 Total operating expenses ​ 78,840 ​ ​ ​ ​ Loss from discontinued operations ​ ( 88,123 ) ​ ​ ​ ​ Other income (expenses) ​ Interest expenses ​ 54,459 Other expenses, net ​ 54,459 ​ ​ ​ ​ Loss from discontinued operations before income taxes ​ ( 142,582 ) ​ ​ ​ ​ Income tax provision ​ — ​ ​ ​ ​ Loss from discontinued operations ​ $ ( 142,582 ) ​ 17 Table of Contents On March 3, 2025, the Board approved the discontinuation of the Company’s parallel-import vehicles business authorizing the writing off of receivables, and winding down of operations in compliance with applicable legal and regulatory requirements. In accordance with ASC 205-20, Presentation of Financial Statements — Discontinued Operations, the Company determined that the parallel-import vehicle segment met the conditions for reporting as a discontinued operation. As a result, all financial results associated with this business have been reclassified as discontinued operations in the accompanying consolidated financial statements for the three months ended March 31, 2024. For the three months ended March 31, 2024, revenue from discontinued operations was $ 1.4 million. The significant decline was due to the discontinuation of the Company’s parallel-import vehicles business. Selling expenses related to the discontinued parallel-import vehicles business include salaries and benefits for the Company’s sales personnel, and ocean freight expenses, which are associated with shipping and delivery of vehicles to automobile dealers, are expensed as incurred. Total selling expenses of discontinued operations was $ 78,840 for three months ended March 31, 2024. General and administrative expenses related to discontinued operations were operational expenses associated with sourcing, purchasing, and shipping vehicles, leading to improved financial performance in future periods. Interest expenses of discontinued operations were $ 54,459 for the three months ended March 31, 2024, which were related to loan of inventory financing, loan of letter of credit financing, loan of dealer financing and revolving credit line of financing, all of which are classified under Current liabilities of discontinued operations. Further details on these financing arrangements are provided in “3) Current liabilities of discontinued operations.” The loans related were all paid off as of March 31, 2025. 2) Results of Discontinued Operations and Assets and Liabilities of Discontinued Operations The major components of assets and liabilities related to discontinued operations are summarized below: ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ASSETS ​ CURRENT ASSETS: ​ Accounts receivable, net* ​ $ 2,540,501 Other receivables** ​ — TOTAL CURRENT ASSETS OF DISCONTINUED OPERATIONS ​ 2,540,501 ​ ​ ​ ​ TOTAL ASSETS OF DISCONTINUED OPERATIONS ​ $ 2,540,501 ​ ​ ​ ​ LIABILITIES ​ CURRENT LIABILITIES: ​ Accrued expense and other liabilities ​ 52,900 TOTAL CURRENT LIABILITIES OF DISCONTINUED OPERATIONS ​ 52,900 TOTAL LIABILITIES OF DISCONTINUED OPERATIONS ​ $ 52,900 ​ *Accounts Receivable, net Accounts receivable consisted of the following: ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ ​ Accounts receivable ​ ​ ​ Parallel-import Vehicles ​ $ 4,130,047 Less: allowance of credit loss ​ ( 1,589,546 ) Total accounts receivable, net ​ $ 2,540,501 ​ 18 Table of Contents The Company’s parallel-import vehicle business was negatively impacted by deteriorating macroeconomic conditions since the second half of 2022. Several aged accounts receivable were concentrated among four long-term customers, who were in the process of business recovery. These receivables were partially backed by third-party guarantees, providing some assurance of collection. Through management’s active collection efforts, the Company successfully collected approximately $ 4.0 million of the outstanding balances during the year ended December 31, 2024. The Company conducted an initial assessment of collectability and recognized a credit loss of $ 1.1 million for accounts deemed uncollectible during the first three quarters of 2024. During the year-end CECL reassessment, the Company evaluated expected credit losses based on historical loss trends, customer risk factors, and forward-looking economic conditions, and provided an additional credit loss provision of $ 475,366 in the fourth quarter of 2024, resulting in a total allowance for credit loss of $ 1.6 million for the year ended December 31, 2024. Subsequently, the Company collected an additional $ 2.5 million of the outstanding balance. On March 3, 2025, following the Board’s approved decision on discontinued operations, the Company had zero account receivable balance after the above mentioned credit loss of $ 1.6 million and the subsequent collection of additional $ 2.5 million outstanding balance. **Other Receivables Write-down of other receivables for discontinued operations include below: ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ ​ ​ ​ Vehicle deposits (1) ​ $ 100,800 Sales tax deposits (2) ​ 34,886 Other receivables ​ — Less: allowance of credit loss ​ ( 135,686 ) Total other receivables, net ​ $ — ​ (1) Vehicle deposits were prepaid to suppliers for purchasing vehicles under the parallel-import vehicle business. Following the business discontinuation, certain deposits became unrecoverable due to supplier financial distress and contract terminations. The Company recognized a total expected credit loss of $ 100,800 on vehicle deposits for the discontinued operations during the year ended December 31, 2024. (2) Sales tax receivables related to tax refunds and overpayments associated with vehicle transactions. Due to changes in tax policies and the cessation of vehicle sales, certain tax receivables became unrecoverable. The Company recognized a total credit loss of $ 34,886 for the discontinued operations during the year ended December 31, 2024. 19 Table of Contents 3) Cash Flows from discontinued operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2025 ​ 2024 ​ (Unaudited) ​ Cash flows from operating activities: ​ ​ Net (loss) income ​ $ ( 753,909 ) ​ $ ( 608,930 ) Less: (Loss) income from discontinued operations, net of tax ​ — ​ ( 142,582 ) (Loss) from continuing operations ​ ( 753,909 ) ​ ( 466,348 ) Cash used in operations-continuing operations ​ ( 772,374 ) ​ ( 1,470,341 ) Cash provided by operations-discontinued operations ​ 2,540,500 ​ 3,166,058 Net Cash provided by operating activities ​ 1,768,126 ​ 1,695,717 ​ ​ ​ ​ ​ ​ ​ Cash flows from investing activities: ​ ​ Cash used in investing activities-continuing operations ​ ( 3,026,400 ) ​ ( 47,617 ) Net Cash used in investing activities ​ ( 3,026,400 ) ​ ( 47,617 ) ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities: ​ ​ Cash used by financing activities-continuing operations ​ ( 68,539 ) ​ ( 173,329 ) Cash used in financing activities-discontinued operations ​ — ​ ( 1,004,565 ) Net Cash used in financing activities ​ $ ( 68,539 ) ​ $ ( 1,177,894 ) ​ ​ NOTE 6 — PROPERTY, PLANT, AND EQUIPMENT, NET Property, plant, and equipment, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Useful Life ​ ​ ​ ​ ​ in Years March 31, 2025 December 31, 2024 ​ ​ ​ ​ (Unaudited) ​ ​ ​ Motor Vehicles ​ 10 ​ $ 365,000 ​ $ 365,000 Leasehold improvements* ​ 3 - 6 ​ ​ 60,795 ​ ​ 60,795 Subtotal ​ ​ 425,795 ​ ​ 425,795 Less accumulated depreciation ​ ( 37,282 ) ​ ( 27,400 ) Property, plant, and equipment, net ​ $ 388,513 ​ $ 398,395 ​ During the three months ended March 31, 2025 and 2024, the Company recorded deprecation of $ 9,882 and $ 2,171 , respectively. There was no impairment loss during the three months ended March 31, 2025 and 2024. *Leasehold improvements were related to Edward’s full steel manual gates, yard fence, and office roof upgrade. ​ NOTE 7 — LEASES The Company leases office spaces from various third parties under non-cancelable operating leases, with terms ranging from 12 to 55 months . The Company considers the renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of ROU assets and lease liabilities. Lease expenses are recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company determines whether a contract is or contains a lease at the inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. 20 Table of Contents On July 19, 2024, the Company entered into a non-cancellable operating lease with an independent third party, Zina Development, LLC, for office space in Irvine, California, comprising approximately 15,000 square feet. The lease term commenced on July 23, 2024, and expires on July 31, 2027. The lease is guaranteed by West Buy Media Inc., a North Carolina Corporation 100 % owned by the Company’s chief executive officer, Huan Liu, ensuring the Company’s full payment and performance of all obligations under the lease. Monthly base rent payments under this lease range from $ 42,000 to $ 45,000 , with scheduled increases over the lease term. The office space is designated for general business operations. In accordance with ASC 842, the Company has recognized a right-of-use asset and a lease liability on its balance sheet related to this operating lease. On April 28, 2023, the Company entered a First Amendment to Lease Agreement (the “ Amended Lease ”) with one of its landlords, which amended a previous lease agreement between the two parties, whereby the Company leases office space from the landlord with an initial lease term from December 1, 2020 to December 31, 2023. Pursuant to the Amended Lease, the initial lease term was extended for a period commencing January 1, 2024 and expiring February 28, 2027, unless sooner terminated as provided in the Amended Lease. On January 10, 2025 and January 31, 2025, the Company sent two letters to the lessor requesting to terminate the lease, as the Company had vacated the property. As of the date of this quarterly report, the Company has ceased to pay rent per the Company's legal counsel advice. The Company’s subsidiary, Edward, entered into a Second Amendment to Lease Agreement with its landlord on May 22, 2023, which amended a previous lease agreement and the first amendment between the parties, whereby Edward leases a warehouse from the landlord with an initial lease term from June 1, 2013 to July 31, 2018. The lease term was extended to July 31, 2023 by the first amendment. The second amendment further extended the lease to August 31, 2028. The short-term lease runs month-to-month from January 1, 2024 to August 31, 2024. Both operating lease expenses and short-term lease expenses are recognized in general and administrative expenses. The components of lease expenses for the three months ended March 31, 2025 and 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2025 2024 ​ ​ (Unaudited) Lease expenses ​ ​ ​ ​ ​ ​ Operating lease expenses ​ $ 177,763 ​ $ 48,606 Short-term lease expenses ​ ​ 30,366 ​ ​ 6,911 Total lease expenses ​ $ 208,129 ​ $ 55,517 ​ During the three months ended March 31, 2025 and 2024, the Company incurred total operating lease expenses of $ 177,763 and $ 48,606 , respectively. The total lease expenses were $ 208,129 and $ 55,517 for the three months ended March 31, 2025 and 2024, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2025 March 31, 2024 ​ ​ (Unaudited) ​ ​ Right-of-use assets ​ $ 1,693,790 ​ $ 797,888 ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities – current ​ $ 524,140 ​ $ 148,916 Operating lease liabilities – non-current ​ ​ 1,112,039 ​ ​ 634,538 Total operating lease liabilities ​ $ 1,636,179 ​ $ 783,454 ​ The weighted average remaining lease terms and discount rates for all operating leases were as follows for the three months ended March 31, 2025 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2025 March 31, 2024 ​ ​ (Unaudited) ​ Remaining lease term and discount rate: ​ ​ ​ ​ ​ Weighted average remaining lease term (years) ​ 2.63 ​ 4.08 ​ Weighted average discount rate * ​ 5.2 % 14.5 % * The Company used weighted average incremental borrowing rate of 5.2 % per annum for its lease contracts based on the Company’s current borrowings from various financial institutions. 21 Table of Contents As of March 31, 2025, future maturities of lease liabilities were as follows: ​ ​ ​ ​ ​ Fiscal Years Amount ​ ​ (Unaudited) 2025 (from April 1, 2025 to December 31, 2025) ​ $ 514,114 2026 ​ ​ 795,559 2027 ​ ​ 517,765 Thereafter ​ ​ 126,976 Total lease payments ​ ​ 1,954,415 Less: imputed interest ​ ​ ( 318,236 ) Present value of lease liabilities ​ $ 1,636,179 ​ ​ NOTE 8 — INTANGIBLE ASSET AND GOODWILL 1) Acquisition of Edward On January 24, 2024, Cheetah Net entered into a Stock Purchase Agreement to acquire 100 % of the entity interests in Edward. The transaction closed on February 2, 2024. The gross purchase price was $ 1.5 million. Consideration paid consisted of $ 0.3 million of cash and the issuance of 79,521 shares of the Company’s Class A common stock with a fair value of $ 1.2 million. In accordance with ASC 805, Business Combinations (“ASC 805”), it was determined that the fair value of the stock consideration was $ 0.9 million at the time of the transaction, reflecting a comprehensive evaluation of the stock’s market conditions and liquidity impacted by lock-up period restrictions. The purchase price was initially recorded on a preliminary basis as of February 2, 2024. The assets acquired and liabilities assumed were estimated based on management’s estimates, available information, and supportable assumptions that management considered reasonable. During the second quarter of 2024, the Company finalized the purchase price allocation. As a result, adjustments were made, particularly concerning the deferred tax liability related to intangible assets, which led to a corresponding adjustment in the value of goodwill. The final valuation of assets acquired and liabilities assumed was reflected in the financial statements as of December 31, 2024 and shown below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ As of March 31, 2024 ​ Change ​ ​ Finalized value Preliminary value Amount Acquired assets acquired and (liabilities): ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 79,883 ​ $ 79,883 ​ $ — Accounts Receivable ​ ​ 47,354 ​ ​ 47,354 ​ ​ — Other Current Assets ​ ​ 42,685 ​ ​ 42,685 ​ ​ — Right-of-use Lease Asset ​ ​ 645,625 ​ ​ 645,625 ​ ​ — Fixed Assets ​ ​ 60,795 ​ ​ 60,795 ​ ​ — Developed Technology ​ ​ 120,000 ​ ​ 120,000 ​ ​ — Customer Relationships ​ ​ 360,000 ​ ​ 360,000 ​ ​ — Trade Names ​ ​ 36,000 ​ ​ 36,000 ​ ​ — Goodwill ​ ​ 568,532 ​ ​ 437,382 ​ ​ 131,150 Other Noncurrent Assets ​ ​ 27,000 ​ ​ 27,000 ​ ​ — Accounts Payable ​ ​ ( 34,686 ) ​ ​ ( 34,686 ) ​ ​ — Accrued Expenses Payable ​ ​ ( 20,933 ) ​ ​ ( 20,933 ) ​ ​ — Deferred Tax Liability ​ ​ ( 131,150 ) ​ ​ — ​ ​ ( 131,150 ) Operating Lease Liability, Current ​ ​ ( 94,548 ) ​ ​ ( 94,548 ) ​ ​ — Operating Lease Liability, Long Term ​ ​ ( 506,557 ) ​ ​ ( 506,557 ) ​ ​ — Total Purchase Consideration ​ $ 1,200,000 ​ $ 1,200,000 ​ $ — ​ 22 Table of Contents The fair value of the accounts receivable, other assets, and liabilities assumed approximates their gross contractual amounts. The fair value of the fixed assets approximates its net carrying value as of the acquisition date. The fair values of intangible assets, including $ 120,000 of developed technology, $ 360,000 of customer relationships, and $ 36,000 of trade names, were determined using assumptions that are representative of those market participants would use in estimating fair value. 2) Acquisition of TWEW On November 27, 2024, Cheetah Net entered into a Stock Purchase Agreement to acquire 100 % of the equity interests in TWEW. The transaction closed on December 19, 2024. The gross purchase price was $ 1 million. Consideration paid consisted of $ 0.2 million of cash and the issuance of 469,484 shares of the Company’s Class A common stock with a fair value of $ 0.8 million. Following ASC 805, it was determined that the fair value of the stock consideration was $ 1 million at the time of the transaction, reflecting a comprehensive evaluation of the stock’s market conditions and liquidity impacted by lock-up period restrictions. ​ ​ ​ ​ ​ Acquired assets acquired and (liabilities): ​ Cash ​ $ 69,980 Accounts Receivable ​ 43,120 Other Current Assets ​ 1,210 Customer Relationships ​ 600,000 Goodwill ​ 475,861 Deferred Tax Liability ​ ( 140,171 ) Short term loan payable ​ ( 50,000 ) Total Purchase Consideration ​ $ 1,000,000 ​ The fair value of the accounts receivable, other current assets, and short-term loan payable assumed approximates their gross contractual amounts. The customer relationship intangibles of $ 600,000 were valued by discounting estimated after-tax earnings over their remaining useful lives using the multi-period excess earnings method, that are representative of those a market participant would use in estimating fair value. The Company recorded amortization of intangible assets with finite lives are computed using the straight-line method over the estimated useful lives as below: ​ ​ ​ ​ Intangible Assets Estimated Useful Lives (month) Edward-Developed Technology ​ 84 Edward-Customer Relationships ​ 144 Edward-Trade Names ​ 84 TWEW-Customer Relationships ​ 120 ​ During the three months ended March 31, 2025 and 2024, the Company incurred accumulated amortization expenses of $ 28,071 and $ 8,714 , respectively. Total future amortization expenses for finite-lived intangible assets were estimated as follows: ​ ​ ​ ​ ​ 2025 (from April 1, 2025 to December 31, 2025) $ 84,214 2026 ​ 112,286 2027 ​ 112,286 2028 ​ 112,286 2029 ​ 112,286 Thereafter ​ 501,642 Total ​ $ 1,035,000 ​ No impairment loss was made to the carrying amounts of the intangible assets for the three months ended March 31, 2025 and 2024. ​ 23 Table of Contents NOTE 9 — PREMIUM FINANCE On August 1, 2024, the Company entered into a premium finance agreement (the “Premium Finance Agreement”) with ETI Financial Corporation to finance the purchase of its directors and officers’ insurance. Pursuant to the Premium Finance Agreement, the Company borrowed $ 205,774.80 at an annual interest rate of 8.51 %. The loan is structured to be repaid in 10 monthly installments, starting with the first payment on September 1, 2024. Premium finance consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2025 ​ 2024 ​ (Unaudited) ​ ​ ​ Premium finance ​ $ 60,871 ​ $ 120,461 ​ Interest expenses incurred related to the Premium Finance Agreement were $ 2,142 and $ 996 for the three months ended March 31, 2025 and 2024, respectively. NOTE 10 — LONG-TERM BORROWINGS Long-term borrowings consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2025 ​ 2024 ​ ​ (Unaudited) ​ ​ ​ Small Business Administration (1) ​ $ 465,363 ​ $ 468,542 Thread Capital Inc. (2) ​ ​ 170,284 ​ ​ 176,055 Total long-term borrowings ​ $ 635,647 ​ $ 644,597 ​ ​ ​ ​ ​ ​ ​ Current portion of long-term borrowings ​ $ 35,013 ​ $ 34,577 ​ ​ ​ ​ ​ ​ ​ Non-current portion of long-term borrowings ​ $ 600,634 ​ $ 610,020 (1) On May 24, 2020, the Company entered into a loan agreement with the U.S. Small Business Administration (the “SBA”), an agency of the U.S. Government, to borrow $ 150,000 for 30 years , with a maturity date of May 23, 2050. Under the terms of the SBA loan, the loan proceeds are used as working capital to alleviate economic injury caused by the COVID-19 pandemic. The loan bears a fixed interest rate of 3.75 % per annum. Beginning 12 months from the date of this loan agreement, the Company is required to make a monthly installment payment of $ 731 within the term of loan, with the last installment to be paid in May 2050. On March 16, 2022, the Company entered into an amended agreement with SBA to borrow an additional $ 350,000 for 30 years as working capital to alleviate economic injury caused by the COVID-19 pandemic. In the aggregate, the Company’s borrowings amounted to $ 500,000 with a maturity date of May 23, 2050. The amended loan bears a fixed interest rate of 3.75 % per annum. Beginning from March 2022, 24 months from the date of the original loan agreement, the Company is required to make a new monthly installment payment of $ 2,485 within the remaining term of loan, with the last installment to be paid in May 2050. 24 Table of Contents The future maturities of the SBA loan as of March 31, 2025 were as follows: ​ ​ ​ ​ ​ Fiscal Years Future repayment ​ ​ (Unaudited) 2025 (from April 1, 2025 to December 31, 2025) ​ $ 8,309 2026 ​ ​ 11,474 2027 ​ ​ 11,942 2028 ​ ​ 12,430 2029 ​ ​ 12,937 Thereafter ​ ​ 408,271 Total ​ $ 465,363 (2) On May 15, 2020, the Company entered into a loan agreement with Thread Capital Inc. (“Thread Capital”) to borrow $ 50,000 as working capital with a maturity date of November 1, 2024. The loan bore a fixed interest rate of 5.50 % per annum. This loan agreement was subsequently terminated on May 17, 2021, at which time the Company entered into a new loan agreement with Thread Capital to borrow an additional $ 171,300 as working capital. In the aggregate, the Company’s borrowings from Thread Capital amounted to $ 221,300 with a maturity date of May 1, 2031. Interest is payable at a fixed annual interest rate of 0.25 % between September 1, 2021 and November 30, 2022. Beginning from December 1, 2022, the loan bears a fixed annual interest rate of 5.5 %, and the Company is required to make a monthly installment payment of $ 2,721 within the remaining term of loan, with the last installment to be paid in May 2031. The future maturities of the loan from Thread Capital as of March 31, 2025 were as follows: ​ ​ ​ ​ ​ Fiscal Years Future repayment ​ ​ (Unaudited) 2025 (from April 1, 2025 to December 31, 2025) ​ $ 17,785 2026 ​ 24,881 2027 ​ 26,285 2028 ​ 27,768 2029 ​ 29,334 Thereafter ​ 44,231 Total ​ $ 170,284 ​ For the above-mentioned long-term borrowings, the Company recorded interest expenses of $ 9,279 and $ 8,305 for the three months ended March 31, 2025 and 2024, respectively. ​ NOTE 11 — STOCK BASED COMPENSATION On August 16, 2024, the Company’s board of directors approved the adoption of the Plan. Subsequently, on September 30, 2024, the Company’s stockholders approved the Plan. The Plan provides for the granting of share-based awards, including options, restricted stock, restricted stock units, dividend equivalents, and other awards to directors, employees, and consultants of the Company. Vested shares On September 30, 2024, the compensation committee of the Company’s Board approved the grant of 45,938 shares of Class A common stock and 31,250 shares of Class B common stock (the “Award”) to Mr. Huan Liu, chief executive officer of the Company. The Award vested immediately upon grant. Nonvested shares On September 30, 2024, the compensation committee of the Company’s Board approved the grant of 18,750 and 54,062 shares of Class A common stock to one director and six employees, respectively, vesting ratably on each of the first three anniversaries of the grant date. Subsequently, on November 30, 2024, the compensation committee of the Company’s board of directors approved the grant of 6,250 shares of Class A common stock to one employee. 25 Table of Contents A summary of the nonvested shares activity for the three months ended March 31, 2025 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average Grant ​ ​ non-vested ​ Date Fair Value ​ Shares Per Share (US$) Outstanding as of December 31, 2024 79,062 ​ 3.28 Grant — ​ — Vested — ​ — Forfeited — ​ — Outstanding as of March 31, 2025 79,062 ​ 3.28 ​ The fair value of vested and nonvested shares is determined by the market closing price of Class A common stock at the grant date. Accordingly, the Company recorded share-based compensation expenses of $ 16,185 for the three months ended March 31, 2025. As of March 31, 2025, total unrecognized compensation cost relating to nonvested shares was $ 227,093 , which is to be recognized over a weighted average period of three years . ​ NOTE 12 — INCOME TAXES The Company and its operating subsidiaries in the United States are subject to federal and various state income taxes. The Company elected to file income taxes as a corporation instead of an LLC for the tax years ended December 31, 2020 through December 31, 2024. (i) (Loss) before Income tax expense (benefit) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2025 ​ 2024 Loss from continuing operations before income taxes ​ $ ( 748,554 ) ​ $ ( 712,062 ) ​ (ii) The components of the income tax provision were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2025 ​ 2024 Current: ​ ​ ​ ​ ​ Federal ​ $ — ​ $ ( 128 ) State ​ ​ 5,200 ​ ​ 5,156 Total current income tax provision ​ ​ 5,200 ​ ​ 5,028 Deferred: ​ ​ ​ ​ ​ ​ Federal ​ ​ — ​ ​ ( 166,147 ) State ​ ​ — ​ ​ ( 84,595 ) Total deferred income tax expenses (benefits) ​ ​ — ​ ​ ( 250,742 ) Total income tax expense (benefits) ​ $ 5,200 ​ $ ( 245,714 ) ​ (iii) Reconciliations of the statutory income tax rate to the effective income tax rate were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ ​ 2025 2024 Federal income tax at the statutory rate ​ ​ 21.0 % ​ 21.0 % State statutory tax rate ​ 7.7 % ​ — % Permanent Items ​ ( 0.4 ) % ​ — % Change in valuation allowance ​ ( 29.0 ) % ​ — % Non-deductible expenses ​ ​ — % ​ 8.1 % Effective tax rate ​ ​ ( 0.7 ) % ​ 29.1 % ​ 26 Table of Contents (iv) Deferred tax assets, net were composed of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2025 ​ 2024 ​ ​ ​ (Unaudited) ​ ​ ​ Deferred tax assets: ​ ​ ​ ​ ​ Net operating loss carry forwards ​ $ — ​ $ 1,001,992 Tax attribute carryovers ​ ​ 1,110,892 ​ ​ — Lease liability ​ ​ 382,246 ​ ​ 398,757 Others ​ ​ 438,159 ​ ​ 436,613 Total gross deferred tax assets ​ ​ 1,931,297 ​ ​ 1,837,362 ​ ​ ​ ​ ​ ​ ​ Less valuation allowance ​ ​ ( 1,293,194 ) ​ ​ ( 1,159,129 ) Total deferred tax assets, net of valuation allowance ​ ​ 638,103 ​ ​ 678,233 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Intangible assets ​ ​ ( 241,798 ) ​ ​ ( 249,183 ) Right of use assets ​ ​ ( 395,705 ) ​ ​ ( 429,050 ) Total deferred tax liabilities ​ ​ ( 637,503 ) ​ ​ ( 678,233 ) ​ ​ ​ ​ ​ ​ ​ Total deferred tax assets, net ​ $ 600 ​ $ — ​ The Company assesses deferred tax assets to determine whether they are realizable. As of March 31, 2025 and December 31, 2024, the Company recorded a valuation allowance of $ 1,293,194 and $ 1,159,129 against deferred tax assets, respectively, as it has generated a three -year cumulative pretax book loss and is forecasting a loss for 2025. Based on this evidence, realization of deferred tax assets is not considered more-likely-than-not at this time. The Company records uncertain tax positions in accordance with ASC 740, using a two-step process to determine whether tax positions will be sustained. The Company has concluded that there are no uncertain tax positions requiring recognition as of March 31, 2025 and 2024. The Company was not previously subject to the interest expenses limitation under §163(j) of the U.S. Internal Revenue Code, due to the small business exemption. Its average annual gross receipts for the three tax years preceding 2022 do not exceed the relevant threshold amount ($ 27 million for 2022). The Company no longer met the small business exception in 2024, but it meets one of the other exceptions to the §163(j) limitation, “floor plan financing indebtedness” (indebtedness used to finance the acquisition of motor vehicles held for sale or lease or secured by such inventory) and will therefore continue to be exempt from the §163(j) interest expenses limitation in 2025. The Company monitors tax law changes and has determined that no recent changes materially impact the financial statements. 27 Table of Contents NOTE 13 — CONCENTRATIONS Political and economic risk The operations of the Company are in the U.S. and the Company’s primary market is in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the U.S. and the PRC, as well as by the general states of the U.S. and the PRC economy. The Company’s results may be adversely affected by changes in the political, regulatory, and social conditions in the U.S. and the PRC. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations, including its organization and structure disclosed in Note 1, such experience may not be indicative of future results. Recent tariff actions imposed by governments of the U.S. and the PRC present risks to the Company’s logistics and warehousing operations, potentially affecting shipping volumes, warehouse utilization, and customer demand. The Company has been monitoring trade policy developments closely. Credit risk As of March 31, 2025 and December 31, 2024, all of the Company’s cash was on deposit at financial institutions in the U.S., which are insured by the Federal Deposit Insurance Corporation subject to certain limitations. The Company has not experienced any losses in such accounts. Concentrations The Company has undergone a business transformation since the acquisition of Edward, which happened in February 2024 and TWEW in December 2024 (see also NOTE 8 — Intangible Asset and Goodwill). As of the date of this quarterly report, the Company’s logistic and warehousing business is still in its early stage. NOTE 14 — STOCKHOLDERS’ EQUITY Common Stock Cheetah Net was established under the laws of the State of North Carolina on August 9, 2016. Under the Company’s amended and restated articles of incorporation dated July 2, 2024, the total authorized number of shares of common stock is 1,000,000,000 with par value of $ 0.0001 , which consists of 891,750,000 shares of Class A common stock and 108,250,000 shares of Class B common stock. The Company also has the authority to issue 500,000 shares of preferred stock as deemed necessary with a par value per share equal to the par value per share of the Class A common stock. Holders of Class A common stock and Class B common stock have the same rights except for voting and conversion rights. In respect of matters requiring the votes of stockholders, each share of Class A common stock is entitled to one vote , and each share of Class B common stock is entitled to 15 votes . Class B common stock is convertible into Class A common stock at any time after issuance at the option of the holder on a one -to-one basis. Class A common stock is not convertible into shares of any other class. The numbers of authorized and outstanding common stock were retroactively applied as if the transaction occurred at the beginning of the period presented. On June 27, 2022, the Company entered into a subscription agreement with a group of investors (the “Investors”) whereby the Company agreed to sell, and the Investors agreed to purchase, up to 104,125 shares of Class A common stock at a purchase price of $ 28.8 per share. These Investors are unrelated parties to the Company. The gross proceeds were approximately $ 3.0 million, before deducting offering expenses of approximately $ 0.3 million. The net proceeds were approximately $ 2.7 million, of which approximately $ 1.2 million was received in 2022 and $ 1.2 million in 2023, for a total receipt of approximately $ 2.4 million. After negotiations between Rapid Proceed Limited (“Rapid”), one of the Investors, and the Company regarding the fund’s release terms, an agreement was reached on November 2, 2023, stipulating that the outstanding $ 0.6 million would be paid by Rapid within six months following the Company’s initial public offering (“IPO”). On March 13, 2024, considering the impact of market volatility and the long-term benefits of continued cooperation, Rapid requested and the Company agreed to extend the payment due date of the outstanding $ 0.6 million to September 30, 2024. As of September 30, 2024, the outstanding balance of subscription payments had been collected. 28 Table of Contents On August 3, 2023, the Company closed its IPO of 78,125 shares of Class A common stock at a public offering price of $ 64.00 per share, for aggregate gross proceeds of $ 5.0 million before deducting underwriting discounts and other offering expenses, including the issuance to the underwriter of warrants to purchase 3,906 shares of common stock (the “Warrants”), with an exercise price of $ 80.00 per share. The Company’s Class A common stock began trading on the Nasdaq Capital Market under the ticker symbol “CTNT” on August 1, 2023. On January 24, 2024, the Company entered into a stock purchase agreement with Edward and Juguang Zhang, Edward’s sole stockholder (the “Seller”). Pursuant to the Agreement, the Company agreed to acquire 100 % of the shares in Edward from the Seller (the “Acquisition”). On February 2, 2024, the Company closed the Acquisition for a total purchase price that included a cash payment of $ 300,000 and the issuance of 79,521 shares of the Company’s unregistered Class A common stock, initially valued at $ 1,200,000 . Subsequent valuation determined the fair value of these shares to be $ 9 million. Please see Note 8 for further details. On May 14, 2024, the Company entered into a placement agency agreement with AC Sunshine Securities LLC on a best efforts basis, relating to the Company’s public offering (the “May Offering”) of 825,625 shares of Class A common stock for a price of $ 9.92 per share, less certain placement agent fees. On the same day, the Company entered into a securities purchase agreement with purchasers identified therein. On May 15, 2024, the Company closed the May Offering pursuant to the prospectus included in its registration statement on Form S-1, as amended (File No. 333-276300), which was initially filed with the SEC on December 28, 2023, and declared effective by the SEC on April 26, 2024, and a registration statement on Form S-1 (File No. 333-279388) filed on May 13, 2024, pursuant to Rule 462 (b) of the Securities Act of 1933, as amended. The May Offering resulted in gross proceeds to the Company of approximately $ 8.19 million, before deducting placement agent fees and other offering expenses and fees. On July 25, 2024, the Company entered into a securities purchase agreement with certain institutional investors for a follow-on offering of 404,979 shares of its Class A common stock, par value $ 0.0001 per share, at a price of $ 3.68 per share. On the same day, the Company entered into a placement agency with FT Global Capital, Inc., who acted as the exclusive placement agent on a best efforts basis in connection with such offering. Pursuant to the placement agency agreement, the Company paid FT Global Capital, Inc. a fee of 7.25 % of the aggregate purchase price for the shares of Class A common stock sold in the offering, and reimbursed FT Global Capital, Inc. for its expenses up to $ 90,000 in the aggregate. On July 26, 2024, the Company closed the offering, with net proceeds to the Company of approximately $ 1.1 million for the Company’s working capital and general corporate purposes. Reverse Stock Split At a special stockholders’ meeting held on September 30, 2024, the Company’s stockholders approved the Company’s Fourth Amended and Restated Articles of Incorporation to authorize a reverse stock split. Subsequently, on October 7, 2024, the Company’s board of directors approved the Reverse Stock Split and filed its Fourth Amended and Restated Articles of Incorporation with the State of North Carolina pursuant to North Carolina Revised Statutes 55-8-21 on October 8, 2024. The Reverse Stock Split took effect on October 21, 2024. Starting on October 24, 2024, the Company’s Class A common stock began trading on the Nasdaq Capital Market on a post-split basis. All share information included in this quarterly report has been retrospectively adjusted to reflect the Reverse Stock Split as if it had occurred as of the earliest period presented. On November 27, 2024, the Company entered into a stock purchase agreement with TWEW and its stockholders (the “TWEW Seller”). Pursuant to the Agreement, the Company agreed to acquire 100 % of the shares in TWEW from the TWEW Seller (the “TWEW Acquisition”) for a total purchase price that included a cash payment of $ 200,000 and the issuance of 469,484 shares of the Company’s unregistered Class A common stock, valued at $ 800,000 . On December 19, 2024, the Company closed the TWEW Acquisition and issued 469,484 shares accordingly. As of March 31, 2025 and December 31, 2024, there were 2,672,011 shares of Class A common stock and 546,875 shares of Class B common stock issued and outstanding, respectively. 29 Table of Contents Warrants The Company accounts for stock warrants as either equity instruments or derivative liabilities depending on the specific terms of the warrant agreement. The Warrants are equity-classified as a result of being indexed to the Company’s Class A common stock and meeting certain equity classification criteria, and the instruments will not be remeasured in subsequent periods as long as the instruments continue to meet these accounting criteria. The fair value of the Warrants was recorded to additional paid-in capital within stockholders’ equity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Common ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Issuable & ​ ​ ​ ​ ​ ​ ​ ​ ​ terminated as of ​ ​ ​ ​ ​ ​ Exercise ​ March 31, Title of Warrant ​ Date Issued ​ Expiry Date ​ Price ​ 2024 Equity-classified warrants ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August 2023 – underwriter warrants 8/3/2023 07/31/2026 ​ $ 80.00 3,906 ​ Termination of Warrants On March 4, 2024, the Company and Maxim Group LLC signed an agreement to terminate 3,906 outstanding warrants that had previously been granted to Maxim Group LLC. On March 27, 2024, the Company completed the payment of termination fees totaling $ 78,125 , which was recorded as an offset to additional paid in capital within stockholders’ equity. There were no warrant shares remaining as of March 31, 2025 and December 31, 2024. ​ NOTE 15 — COMMITMENTS AND CONTINGENCIES On February 23, 2023, the Company filed a complaint in the New York Supreme Court, New York County, against Stefanie A. Rehfeld (the “Defendant”), alleging that she breached an independent contractor agreement with the Company by misappropriating a vehicle that she had acquired and was contractually obliged to deliver to the Company in exchange for a commission. On April 25, 2023, the court granted the Company’s motion for summary judgment on its causes of action seeking specific performance and contractual indemnification. The Company has successfully recovered the vehicle and received its title. On August 7, 2024, the court conducted an inquest and awarded the Company $ 64,359.22 in fees and costs. The final judgment was entered on January 14, 2025. To enforce the judgment, the Company initiated post-judgment collection efforts. On January 23, 2025, the Company served subpoenas and a restraining notice on the Defendant’s bank, and information subpoenas on her former employers to help with the Company’s post judgment collection efforts. ​ 30 Table of Contents Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes included elsewhere in this quarterly report on Form 10-Q. Forward-Looking Statements This quarterly report on Form 10-Q contains “forward-looking statements.” All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue, or other financial items; any statements regarding the adequacy, availability, and sources of capital, any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “plan,” “project,” or “anticipate,” and other similar words. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in the forward-looking statements include those factors set forth in “Item 1A. Risk Factors” included in our annual report on Form 10-K (File No. 001-41761) (the “Annual Report”), which was filed with the SEC on March 12, 2025. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed in this quarterly report. We do not intend, and undertake no obligation, to update any forward-looking statement, except as required by law. The information included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our unaudited condensed consolidated financial statements and the notes included in this quarterly report on Form 10-Q, and the audited consolidated financial statements and notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in the Annual Report. Business Overview and Recent Developing Trends We are a provider of logistics and warehousing services, historically in connection with the sale of parallel-import vehicles sourced in the U.S. to be sold in the PRC market, and more recently for the transportation of other goods between the U.S. and the PRC. Parallel-import vehicles in the PRC refer to automobiles purchased directly from overseas markets and imported for sale outside of the brand manufacturers’ official distribution networks. This business contributed significantly to our revenue since our inception. Between 2016 and the first half of 2022, the Company experienced growth in sales volume and gross profit due to favorable market conditions. Beginning in the second half of 2023, the business was negatively affected by a decline in customer demand due to weakening macroeconomic conditions, price competition from luxury automakers in the PRC, and a shift in consumer preference toward domestic EVs. These market challenges led to a decline in parallel-import vehicle sales by 30.5% in 2023 and a reduction in net income by 87.5% compared to 2022. The decline accelerated further in 2024. Vehicle sales dropped sharply from 82 units in the first quarter of 2023 to 13 units in the first quarter of 2024. For year ended December 31, 2024, vehicle sales decreased from 303 units in 2023 to 14 units in 2024, resulting in a 95.7% drop in revenue from $38.3 million in 2023 to $1.6 million in 2024. In addition, the financial strain on the Company’s customers made it increasingly difficult to collect outstanding receivables. While the Company successfully recovered $4.0 million in 2024 and collected additional $2.5 million from the five aged accounts as of March 31, 2025, the remaining $1.6 million from two customers was determined to be uncollectible. As a result, the management recorded a credit loss of $1.6 million for the year ended December 31, 2024. As market conditions continued to deteriorate and sales activity in the parallel-import vehicle segment ceased, on March 3, 2025, our board of directors approved the discontinuation of our parallel-import vehicle business. In accordance with ASC 205-20, Presentation of Financial Statements – Discontinued Operations, we determined that the parallel-import vehicle segment met the conditions for reporting as a discontinued operation. As a result, all financial results associated with this business have been reclassified as discontinued operations in the accompanying consolidated financial statements for all periods presented. For additional financial details regarding discontinued operations, refer to Note 5 – Discontinued Operations. 31 Table of Contents Logistics and Warehousing In February 2024, we acquired Edward to start our logistics and warehousing service operations. Beginning in the second quarter of 2024, we increased our marketing staff to pursue new business opportunities and focus on international trade flows between the PRC and the U.S. In July 2024, we relocated our headquarters from Charlotte, NC, to Irvine, CA, which we believe will enable a stronger management focus on our logistics and warehousing business due to Irvine’s proximity to the important ports of Los Angeles and Long Beach. In December 2024, we acquired TWEW, a California-based labor and logistics service provider which specializes in general labor support services and logistics coordination to further expand our logistics services. Additionally, on December 19, 2024, we acquired 100% membership interest of NexTrade, a Delaware limited liability company for the consideration of $1. As of the date of this quarterly report, NexTrade has not been engaged in any business operations. Further, on March 28, 2025, the Company incorporated a wholly owned subsidiary, Cheetah BVI, in the British Virgin Islands. The incorporation of Cheetah BVI is intended to support the Company’s future international business development and facilitate potential global partnerships. As of the date of this quarterly report, Cheetah BVI has not commenced operations. Reverse Stock Split On September 30, 2024, our stockholders approved our fourth amended and restated articles of incorporation, which authorizes a reverse stock split of the issued shares of our common stock, par value $0.0001 per share, at a ratio ranging from 1-for-10 to 1-for-30, as determined at the discretion of our board of directors. On October 7, 2024, our board of directors approved a reverse stock split of our common stock at a ratio of 1-for-16. On October 21, 2024, we effectuated a reverse stock split of our common stock at a ratio of 1-for-16. Following such reverse split, each 16 shares of our common stock outstanding were automatically combined into one new share of common stock. No fractional shares were issued in connection with the reverse split; any fractional shares resulting from the reverse split were rounded up to the nearest whole share. The par value per share of our common stock remained unchanged. Our Class A common stock started trading on a post-split basis on October 24, 2024, at which time the Class A common stock was assigned a new CUSIP number (16307X202). Risks and Uncertainties The Company is undergoing a business transformation of our business model. As a company located in the U.S. and doing business with the PRC, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the U.S. and the PRC, as well as by the general state of the U.S. and the PRC economies. The Company’s results may be adversely affected by changes in the political, regulatory, and social conditions in the U.S. and the PRC. Risks and uncertainties related to the Company’s business include, but are not limited to, the following: ● The business shift from parallel-import vehicle sales to logistics and warehousing services may depend on factors from the business environment to operation management and market expansion; ● The government policies on ocean freight business and tariff policy may reduce the market demand for the freight, logistics and warehousing business, and thus negatively affect our business and growth prospects; ● Our logistics and warehousing business depend highly on the limited customers and third-party transportation and labor providers; ● The competition of logistics and warehousing industry dependent on factors such as service quality, speed reliability, and pricing may limit our expanding non-vehicle logistics warehousing revenue, and our success in these areas will depend on our ability to develop and scale an effective salesforce to market these services to international trading companies in the U.S. and the PRC; and 32 Table of Contents ● Recent changes in U.S. and international trade policies and tariffs on imports and exports, particularly the trade tensions between China and the United States have been intensified and may become worse in the future, resulting in the imposition of more tariffs or other trade restrictions, and may adversely impact our business and operating results. The Company’s business, financial condition, and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics, and other catastrophic incidents, which could significantly disrupt the Company’s operations. Results of Operations The following table provides a summary of our consolidated results of operations for the three months ended March 31, 2025 and 2024, highlighting the financial impact of both continuing and discontinued operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, Change ​ 2025 2024 Amount % ​ ​ (Unaudited) ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ USD % USD % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 479,799 ​ 100.0 % $ 76,834 ​ 100.0 % $ 402,965 ​ 524.5 % Cost of Revenue ​ ​ 423,543 ​ 88.3 % ​ 42,500 ​ 55.3 % $ 381,043 ​ 896.6 % Gross Profit ​ $ 56,256 ​ 11.7 % $ 34,334 ​ 44.7 % $ 21,922 ​ 63.8 % General and administration expenses ​ ​ 1,000,519 ​ 208.5 % ​ 767,642 ​ 999.1 % ​ 232,877 ​ 30.3 % Share-based compensation expenses ​ ​ 16,185 ​ 3.4 % ​ — ​ — % ​ 16,185 ​ N/A % Interest income, net ​ ​ 199,278 ​ 41.5 % ​ 20,625 ​ 26.8 % ​ 178,653 ​ 866.2 % Other income, net ​ ​ 12,616 ​ 2.6 % ​ 621 ​ 0.8 % ​ 11,995 ​ 1,931.6 % (Loss) from continuing operations before tax provision ​ ​ (748,554) ​ (156.0) % ​ (712,062) ​ (926.8) % ​ (36,492) ​ 5.1 % Income tax (benefits) ​ ​ 5,355 ​ 1.1 % ​ (245,714) ​ (319.8) % ​ 251,069 ​ (102.2) % Loss from continuing operations ​ ​ (753,909) ​ (157.1) % ​ (466,348) ​ (607.0) % ​ (287,561) ​ 61.7 % Loss from discontinued operations, net of tax ​ ​ — ​ — % ​ (142,582) ​ (185.6) % ​ 142,583 ​ (100.0) % Net Loss ​ $ (753,909) ​ (157.1) % $ (608,930) ​ (792.5) % $ (144,979) ​ 23.8 % ​ Continuing Operations-Logistics and Warehousing Services Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, Change ​ ​ 2025 ​ 2024 ​ Amount ​ % ​ ​ (Unaudited) ​ (Unaudited) ​ ​ ​ ​ ​ ​ USD % USD % ​ ​ ​ Revenues ​ ​ ​ ​ Revenues from Edward ​ $ 62,515 13.0 % $ 76,834 100.0 % $ (14,319) (18.6) % Revenues from TWEW ​ 417,284 87.0 % — — ​ $ 417,284 N/A ​ Total revenues ​ $ 479,799 100.0 % $ 76,834 100.0 % $ 402,965 524.5 % ​ For the three months ended March 31, 2025, we reported revenue of $479,799 from logistics and warehousing services segment, including $62,515, or 13.0%, of our total revenue from Edward, and $417,284, or 87.0%, of our total revenue from TWEW (See also Note 8- Intangible Asset and Goodwill). Revenue from Edward decreased by 18.6% primarily due to the decreased international trade flow resulting from the trade tensions between China and the U.S. We will continue to focus on improving operational efficiencies and expanding our market presence of the two acquired businesses in the California area. 33 Table of Contents Cost of Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, Change ​ ​ 2025 ​ 2024 ​ Amount ​ % ​ ​ (Unaudited) ​ (Unaudited) ​ ​ ​ ​ ​ ​ USD % USD % ​ ​ ​ Cost of Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of Revenues from Edward ​ $ 41,810 ​ 9.9 % $ 42,500 ​ 100.0 % $ (690) ​ (1.6) % Cost of Revenues from TWEW ​ ​ 381,733 ​ 90.1 % ​ — ​ — ​ $ 381,733 ​ N/A ​ Total cost of revenues ​ $ 423,543 ​ 100.0 % $ 42,500 ​ 100.0 % $ 381,043 ​ 896.6 % ​ For the three months ended March 31, 2025, total cost of revenues increased to $423,543 from $42,500 for the same period in 2024, representing an increase of $381,043, or 896.6%, primarily due to the contribution from TWEW. Cost of revenues attributable to TWEW was $381,733, representing 90.1% of total cost of revenues in the first quarter of 2025. Cost of revenues from Edward was $41,810, or 9.9% of total cost of revenues for the three months ended March 31, 2025, compared to $42,500 for the same period in 2024, representing a slight decrease of $690, or 1.6%, consistent with the corresponding decline in revenue from Edward. Cost of revenues is mainly labor costs for TWEW and ocean freight service cost for Edward. Operating Expenses General and Administrative Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, Change ​ ​ 2025 2024 ​ Amount % ​ ​ (Unaudited) ​ (Unaudited) ​ ​ ​ ​ ​ ​ General and Administrative Expenses ​ ​ ​ ​ Payroll and Benefits ​ $ 314,192 ​ $ 196,422 ​ $ 117,770 ​ 60.0 % Rental and Leases ​ ​ 208,129 ​ ​ 86,205 ​ ​ 121,924 ​ 141.4 % Travel and Entertainment ​ ​ 42,030 ​ ​ 19,483 ​ ​ 22,547 ​ 115.7 % Legal and Accounting Fees ​ ​ 258,005 ​ ​ 309,916 ​ ​ (51,911) ​ (16.8) % Insurance Expenses ​ ​ 68,736 ​ ​ 87,973 ​ ​ (19,237) ​ (21.9) % Depreciation and Amortization Expenses ​ ​ 37,953 ​ ​ 10,886 ​ ​ 27,067 ​ 248.6 ​ Others ​ ​ 71,474 ​ ​ 56,757 ​ ​ 14,716 ​ 25.9 % Total General and Administrative Expenses ​ $ 1,000,519 ​ $ 767,642 ​ $ 232,876 ​ 30.3 % ​ General and administrative expenses for our continuing operations increased by $0.2 million, or 30.3%, to $1.0 million for the three months ended March 31, 2025 from $0.8 million for the three months ended March 31, 2024, primarily due to (i) an increase of $0.1 million in personnel-related expenses, which was attributed to the hiring of additional staff to support the newly launched logistics and warehousing segment, (ii) an increase of $0.1 million in rental and leases following the acquisition of Edward and a new office workspace in California in July 2024, (iii) an increase of $22,547 in travel and entertainment expenses as part of business development efforts and client engagement, (iv) an increase of $27,067 in depreciation and amortization expenses, primarily due to the acquisition of new fixed assets and recorded intangible assets from Edward and TWEW acquisitions, as detailed in Notes 6 – Property, Plant, and Equipment, Net, and Note 8 - Intangible Asset and Goodwill, (v) an increase of 14,716 in other miscellaneous general and administration expenses during the three months ended March 31, 2025, partially offset by a decrease of $51,911 in legal and accounting fees due to additional professional fees for preparing a registration statement on Form S-1 during the first quarter of 2024 and a decrease of $19,237 in insurance expenses resulting from a change in our insurance provider. Share-based compensation expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ ​ ​ ​ 2025 2024 Amount % ​ ​ (Unaudited) ​ (Unaudited) ​ ​ ​ ​ ​ Share-based compensation expenses ​ $ 16,185 ​ $ — ​ $ 16,185 ​ N/A ​ 34 Table of Contents Share-based compensation expenses were $16,185 and nil for the three months ended March 31, 2025 and 2024, respectively. On August 16, 2024, our board of directors approved the adoption of the Amended and Restated 2024 Stock Incentive Plan (the “Plan”). Subsequently, on September 30, 2024, our stockholders approved the Plan. The total number of shares granted by the compensation committee of our board of directors on September 30, 2024 were 150,000, including 118,750 shares of Class A common stock and 31,250 shares of Class B common stock. Share-based compensation expenses of $16,185 were recognized during the three months ended March 31, 2025. See Note 11 – Stock Based Compensation for more details. Other Income (Expenses), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2025 2024 Amount % ​ ​ (Unaudited) ​ (Unaudited) ​ ​ ​ ​ ​ ​ Interest income ​ $ 208,090 ​ $ 28,930 ​ $ 179,160 ​ 619.3 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan Interest expense ​ ​ 6,670 ​ ​ 7,552 ​ ​ (882) ​ (11.7) % Credit Card Interest ​ ​ — ​ ​ (242) ​ ​ 242 ​ (100.0) % Premium Finance Interest ​ ​ 2,142 ​ ​ 996 ​ ​ 1,146 ​ 115.1 % Total Interest expenses ​ ​ 8,812 ​ ​ 8,305 ​ ​ 507 ​ 6.1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income, net ​ ​ 12,616 ​ ​ 621 ​ ​ 11,995 ​ 1,931.6 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other income net ​ $ 211,894 ​ $ 21,246 ​ $ 190,648 ​ 897.3 % ​ Interest income from continuing operations was $208,090 for the three months ended March 31, 2025, compared to $28,930 for the three months ended March 31, 2024, representing an increase of $179,160, or 619.3%. The significant increase was primarily driven by interest earned on short-term loan receivables and certificates of deposit, funded by the net proceeds from our IPO, the May Offering, and the July Offering. Interest expense incurred from our continuing operations was $8,812 for the three months ended March 31, 2025, which increased by $507, or 6.1%, from $8,305 for the three months ended March 31, 2024, mainly due to increased Premium Finance interest for D&O Insurance. Income Tax (Benefits) Our income tax provision for continuing operations were $5,355 for the three months ended March 31, 2025, compared with income tax benefits of approximately $245,714 for the same period in 2024. Net Loss As a result of the above factors, we had a net loss of $753,909 from our continuing operations for the three months ended March 31, 2025, compared to net loss of $608,930 for the same period of 2024. Discontinued Operations -Parallel- Import vehicle Business As disclosed in Note 5 – Discontinued Operations, our Board approved the discontinuation of our parallel-import vehicle business on March 3, 2025. The Company fully exited its parallel-import vehicle business during the year ended December 31, 2024. In accordance with ASC 205-20, Presentation of Financial Statements – Discontinued Operations, the following discussion provides an overview of the operating results of discontinued operations during the first quarter of 2024. 35 Table of Contents Discontinued Operations- Parallel -Import Vehicles Business The following table summarizes the operating results of our discontinued operations for the three months ended 2024: ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 ​ ​ (Unaudited) Revenue ​ ​ ​ U.S. domestic market ​ $ — Overseas market ​ ​ 1,430,951 Total Revenue ​ $ 1,430,951 Cost of Revenue ​ ​ ​ Cost of vehicle ​ $ 1,314,973 Fulfilment expense ​ ​ 125,261 Total Cost of Revenue ​ $ 1,440,234 ​ ​ ​ ​ Gross loss ​ $ (9,283) ​ During the three months ended March 31, 2024, we generated revenue of $1.4 million from the parallel-vehicle business. Only 13 units of vehicles were sold following the significant downturn of parallel-import vehicle business as stated in “—Business Overview and Recent Developing Trends.” We also reported cost of revenue of $1.4 million, mainly the fulfillment expenses, and a gross loss of $9,283 of the discontinued business for the three months ended March 31, 2024. Selling Expenses for Discontinued Operations The following table presents selling expenses for the discontinued operations: ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 ​ ​ (Unaudited) Selling Expenses ​ ​ ​ Payroll and benefits ​ $ 58,230 Ocean freight ​ ​ 20,610 Total selling expenses ​ $ 78,840 ​ Total selling expenses for the discontinued parallel-import vehicle business was $78,840 for the three months ended March 31, 2024. Interest Expenses The table below presents interest expenses for the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ March 31, ​ 2024 ​ ​ (Unaudited) Interest Expenses ​ ​ ​ LC Financing ​ ​ 23,123 Line of Credit ​ ​ 31,336 Total interest expenses ​ $ 54,459 ​ Total interest expenses on LC financing and Line of Credit charges was $54,459 for the three months ended March 31, 2024. Net loss for the discontinued operations was approximately $142,582 for the three months ended March 31, 2024. 36 Table of Contents Liquidity and Capital Resources Historically, our primary uses of cash have been to finance the working capital needs. We believe that we will be able to fund current operations and other commitments for at least the next 12 months from operating cash flow and proceeds from the capital infusion which were held in our cash and cash equivalents. We may, however, require additional cash resources due to changes in business conditions or other future developments. If these sources are insufficient to satisfy our cash requirements, we may seek to sell additional equity or debt securities or obtain a credit facility. The sale of additional equity or equity-linked securities could result in additional dilution to stockholders. The incurrence of indebtedness would result in increased debt service obligations and could result in operating and financial covenants that would restrict operations. Financing may not be available in amounts or on terms acceptable to us, or at all. As of March 31, 2025, we had current assets of $10.2 million, consisting of cash and cash equivalents of $0.3 million, $9.1 million in loan receivables, $0.5 million of other receivables, $0.1 million of accounts receivable, and $0.2 million in prepaid expenses other current assets from continuing operations. Our current liabilities, all of which related to continuing operations, totaled approximately $0.9 million, consisting of $0.5 million of operating lease liabilities, $0.3 million of other payables, and $0.1 million of loan payable, including the current portion of long-term borrowings. The following table summarizes our cash flows for the three months ended March 31, 2025 and 2024, with continuing operations and discontinued operations presented separately: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended March 31, ​ ​ 2025 2024 ​ ​ (Unaudited) ​ (Unaudited) Net cash provided by operating activities ​ $ 1,768,126 ​ $ 1,695,717 Cash outflows from operations-continuing operations ​ ​ (772,374) ​ ​ (1,470,341) Cash inflows from operations-discontinued operations ​ ​ 2,540,500 ​ ​ 3,166,058 Net cash used in investing activities ​ ​ (3,026,400) ​ ​ (47,617) Cash outflows from operations-continuing operations ​ ​ (3,026,400) ​ ​ (47,617) Net cash used in financing activities ​ ​ (68,539) ​ ​ (1,177,894) Cash outflows from operations-continuing operations ​ ​ (68,539) ​ ​ (173,329) Cash outflows from operations-discontinued operations ​ ​ — ​ ​ (1,004,565) Net (decrease) increase in cash ​ $ (1,326,813) ​ $ 470,206 ​ Operating Activities Net cash used in operating activities from continuing operations was $0.8 million for the three months ended March 31, 2025. The negative cash flow was primarily due to (i) a net loss of $0.8 million during the three months ended March 31, 2025, and (ii) an increase of $0.2 million in other receivables, partially offset by (iii) an increase of $0.1 million in amortization of operating lease right-of-use assets and intangible assets, and (iv) $0.1 million in prepaid expenses. Net cash used in operating activities from continuing operations was $1.5 million for the three months ended March 31, 2024. This was primarily attributable to (i) a net loss of $0.6 million, (ii) a deferred tax benefit of $0.2 million, (iii) an increase of $0.7 million in other receivables, partially offset by non-cash adjustments including, (iv) $38,560 in amortization of operating lease right-of-use assets, (v) $8,714 in amortization of intangible assets, and (vi) $41,152 increase in other payables. Net cash provided by operating activities from discontinued operations was $2.5 million for the three months ended March 31, 2025, primarily due to the collection of $2.5 million in accounts receivable resulting from vehicle sales. Net cash provided by operating activities from discontinued operations was $3.2 million for the three months ended March 31, 2024. This was primarily attributable to (i) the collection of $1.6 million in accounts receivable resulting from vehicle sales, (ii) a $1.3 million decrease in vehicle inventory, (iii) a $0.2 million decrease in other receivables from vehicle deposit and sales tax return, and (iv) a $0.1 million increase in other payables. 37 Table of Contents Investing Activities Net cash used in investing activities from continuing operations was approximately $3.0 million for the three months ended March 31, 2025, including (i) $3.0 million in short-term loans receivable from third parties, and offset by (ii) $49,000 proceeds of repayment from these loans. For the three months ended March 31, 2024, net cash used in investing activities was $47,617, including (i) $220,117 cash paid in the Edward acquisition, offset by (ii) $172,500 proceeds of repayment from pledged loan made to third parties. There were no investing activities related to discontinued operations for the three months ended March 31, 2025 and 2024. Financing Activities Net cash used in financing activities from continuing operations was $68,539 for the three months ended March 31, 2025, which consisted of (i) net repayment of premium finance of $59,590, and (ii) net repayment of long-term borrowings of $8,949. Net cash used in financing activities from continuing operation of $173,329 for the three months ended March 31, 2024, consisted of (i) cash paid for warrant termination of $78,125, (ii) repayments of premium finance of $73,713, (iii) repayments of long-term borrowing of $8,068, and (iv) repayment of $13,423 to a related party. There were no financing activities related to discontinued operations for the three months ended March 31, 2025. Net cash used in financing activities from discontinued operations was $1.0 million for the three months ended March 31, 2024, which was the repayment of LC financing. Off-Balance Sheet Arrangements We do not currently have any off-balance sheet financing arrangements as defined under the rules and regulations of the SEC, or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. Critical Accounting Policies The preparation of financial statements and related disclosures in conformity with GAAP and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions, and estimates that affect the amounts reported. Note 2, “Summary of Significant Accounting Policies” of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in the Notes to Consolidated Financial Statements in Part II, Item 8 of the Annual Report describe the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements. There have been no material changes to the Company’s critical accounting estimates since the Annual Report. ​ 38 Table of Contents Item 3. Quantitative and Qualitative Disclosures About Market Risk . As a smaller reporting company, we are not required to provide this information. ​ Item 4. Controls and Procedures Disclosure Controls and Procedures Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”) that are designed to provide reasonable assurance that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, we recognize that no controls and procedures, no matter how well designed and operated, can provide absolute assurance of achieving the desired control objectives. In accordance with Rules 13a-15(b) and 15d-15(b) of the Exchange Act, management, under the supervision and with the participation of our principal executive and principal financial officers, carried out an evaluation of the effectiveness of our disclosure controls and procedures as of March 31, 2025 and determined that the disclosure controls and procedures were ineffective at a reasonable assurance level as of that date. Changes in Internal Control Over Financial Reporting No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d -15(f) of the Exchange Act) during the quarter ended March 31, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. ​ ​ 39 Table of Contents CHEETAH NET SUPPLY CHAIN SERVICE INC. PART II - OTHER INFORMATION Item 1. Legal Proceedings We are not currently involved in any material legal proceedings. From time-to-time we are, and we anticipate that we will be, involved in legal proceedings, claims, and litigation arising in the ordinary course of our business and otherwise. The ultimate costs to resolve any such matters could have a material adverse effect on our financial statements. We could be forced to incur material expenses with respect to these legal proceedings, and in the event that there is an outcome in any that is adverse to us, our financial position and prospects could be harmed. ​ Item 1A. Risk Factors As a smaller reporting company, we are not required to provide the information required by this item. ​ Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The July Offering The following “Use of Proceeds” information relates to the registration statement on Form S-1 (File Number 333-280743) for the July Offering, which was declared effective by the SEC on July 15, 2024. We issued and sold an aggregate of 404,979 shares of Class A common stock, at a price of $3.68 per share for gross proceeds of $1.49 million before deducting offering related expenses. FT Global Capital, Inc. was the exclusive placement agent of such offering. We incurred approximately $395,000 in expenses in connection with the July Offering, which included approximately $110,000 in placement agent fees, approximately $35,000 in expenses paid to or for the placement agent, and approximately $250,000 in other expenses. None of the transaction expenses included payments to directors or officers of our Company or their associates, persons owning more than 10% or more of our equity securities or our affiliates. None of the net proceeds we received from the July Offering were paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity securities or our affiliates. The net proceeds raised from the July Offering were approximately $1.1 million after offering expenses. As of the date of this quarterly report, we have used $200,000 from the proceeds raised from the July Offering as the cash consideration for the acquisition of TWEW. We intend to use the remaining proceeds raised from the July Offering in the manner disclosed in our registration statement on Form S-1 (File Number 333-280743). The May Offering The following “Use of Proceeds” information relates to the registration statement on Form S-1, as amended (File Number 333-276300) for the May Offering, which was declared effective by the SEC on April 26, 2024 and a registration statement on Form S-1 (File No. 333-279388) filed on May 13, 2024, pursuant to Rule 462(b) of the Securities Act of 1933, as amended. We issued and sold an aggregate of 825,625 shares of Class A common stock, at a price of $9.92 per share for gross proceeds of $8.19 million before deducting offering related expenses. AC Sunshine Securities LLC was the exclusive placement agent of such offering. 40 Table of Contents We incurred approximately $876,000 in expenses in connection with the May Offering, which included approximately $290,000 in placement agent fees, approximately $66,000 in expenses paid to or for the placement agent, and approximately $520,000 in other expenses. None of the transaction expenses included payments to directors or officers of our Company or their associates, persons owning more than 10% or more of our equity securities or our affiliates. None of the net proceeds we received from the May Offering were paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity securities or our affiliates. The net proceeds raised from the May Offering were approximately $7.4 million after offering expenses. As of the date of this quarterly report, we have used approximately $7.2 million for working capital and other general corporate purposes in support of our current business. We intend to use the remaining proceeds from the May Offering in the manner disclosed in our registration statement on Form S-1, as amended (File Number 333-276300). Item 3. Defaults Upon Senior Securities Not applicable. ​ Item 4. Mine Safety Disclosures Not applicable. ​ Item 5. Other Information N o n e . ​ ​ 41 Table of Contents Item 6. Exhibits The exhibits listed below are filed as part of this quarterly report on Form 10-Q. Index to Exhibits ​ Exhibit ​ ​ ​ Incorporated by Reference (Unless Otherwise Indicated) Number Exhibit Title Form File Exhibit Filing Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.1 ​ Fourth Amended and Restated Article of Incorporation ​ 8-K ​ 001-41761 ​ 3.1 ​ October 21, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3.2 ​ Bylaws ​ S-1 ​ 333-271185 ​ 3.2 ​ April 7, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4.1 ​ Specimen Stock Certificate ​ S-1 ​ 333-280743 ​ 4.1 ​ July 10, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.1 ​ Employment Agreement dated February 18, 2025 by and between Cindy Tang and the Company ​ 8-K ​ 001-41761 ​ 10.1 ​ February 18, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.2 ​ Indemnification Agreement dated February 18, 2025 by and between Cindy Tang and the Company ​ 8-K ​ 001-41761 ​ 10.2 ​ February 18, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.3 ​ Loan Agreement dated November 20, 2024 by and between the Company and Hongkong Sanyou Petroleum Co Limited ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.4 ​ Loan Agreement dated January 7, 2025 by and between the Company and Asia Finance Investment Limited ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.5 ​ Loan Agreement dated January 29, 2025 by and between the Company and Asia Finance Investment Limited ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.6 ​ Loan Agreement dated March 17, 2025 by and between the Company and Hongkong Sanyou Petroleum Co Limited ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.7 ​ Loan Agreement dated March 18, 2025 by and between the Company and Asia Finance Investment Limited ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.8 ​ Loan Agreement dated March 19, 2025 by and between the Company and Asia Finance Investment Limited ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31.1 ​ Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31.2 ​ Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 32.1* ​ Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ​ — ​ — ​ — ​ Furnished herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 32.2* ​ Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ​ — ​ — ​ — ​ Furnished herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 101.INS ​ Inline XBRL Instance Document ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 101.SCH ​ Inline XBRL Taxonomy Extension Schema Document ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 101.CAL ​ Inline XBRL Taxonomy Extension Calculation Linkbase Document ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 101.DEF ​ Inline XBRL Taxonomy Extension Definition Linkbase Document ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 101.LAB ​ Inline XBRL Taxonomy Extension Label Linkbase Document ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 101.PRE ​ Inline XBRL Taxonomy Extension Presentation Linkbase Document ​ — ​ — ​ — ​ Filed herewith ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 104 ​ Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) ​ — ​ — ​ — ​ Filed herewith * In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release No. 34-47986, the certifications furnished in Exhibits 32.1 and 32.2 herewith are deemed to accompany this Form 10-Q and will not be deemed filed for purposes of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filings under the Securities Act or the Exchange Act. ​ 42 Table of Contents 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: May 5, 2025 ​ ​ Cheetah Net Supply Chain Service Inc. ​ ​ ​ ​ ​ ​ By: /s/ Huan Liu ​ ​ ​ Huan Liu ​ ​ ​ Chief Executive Officer, Director, and Chairman of the Board of Directors ​ ​ ​ 43