Cheetah Net Supply Chain Service Inc-A 2026年季度报告

OR N/A (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant wasrequired to file such reports), and (2)has been subject to such filing requirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or forsuch 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, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section13(a)of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ As of May 13, 2026, there were 2,955,935 shares of ClassA common stock and 3,456 shares of Class B commonstock, par value $0.0001 per share, outstanding. Cheetah Net Supply Chain ServiceInc. Form10-Q For the Quarterly Period Ended March 31, 2026 Contents Part IFinancial Information2Item 1Financial Statements2Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31,20252Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026and 2025 (Unaudited)3Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three MonthsEnded March 31, 2026 and 2025 (Unaudited)4Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026and 2025 (Unaudited)5Notes to Unaudited Condensed Consolidated Financial Statements6Item 2Management’s Discussion and Analysis of Financial Condition and Results of Operations33Item 3Quantitative and Qualitative Disclosures about Market Risk40Item 4Controls and Procedures40Part IIOther Information41Item 1Legal Proceedings41Item 1ARisk Factors41Item 2Unregistered Sales of Equity Securities and Use of Proceeds42Item 3Defaults Upon Senior Securities43Item 4Mine Safety Disclosures43Item 5Other Information43Item 6Exhibits44Signatures46 CHEETAH NET SUPPLY CHAIN SERVICEINC. PARTI- FINANCIAL INFORMATION CHEETAH NET SUPPLY CHAIN SERVICEINC.CONSOLIDATED BALANCE SHEETS * Retrospectively adjusted for the reverse split of the Company’s Common Stock at a ratio of 1-for-200, which tookeffect on April 29, 2026. See also Note 15. The accompanying notes are an integral part of these consolidated financial statements. CHEETAH NET SUPPLY CHAIN SERVICEINC.CONSOLIDATED STATEMENTS OF OPERATIONS The accompanying notes are an integral part of these consolidated financial statements. CHEETAH NET SUPPLY CHAIN SERVICEINC.CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY * Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws andthe reverse split took effect on April 29, 2026. The accompanying notes are an integral part of these consolidated financial statements. CHEETAH NET SUPPLY CHAIN SERVICEINC.CONSOLIDATED STATEMENTS OF CASH FLOWS CHEETAH NET SUPPLY CHAIN SERVICE INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE1— ORGANIZATION AND BUSINESS DESCRIPTION Cheetah Net Supply Chain Service Inc. (“Cheetah Net” or the “Company”), formerly known as Yuan Qiu BusinessGroup LLC, was established under the laws of the State of North Carolina on August 9, 2016 as a limited liabilitycompany (“LLC”). On March1, 2022, the Company filed articles of incorporation including articles of conversionwith the Secretary of State of the State of North Carolina to convert from an LLC to a corporation, and changed itsname to Cheetah Net Supply Chain ServiceInc. The Company holds 100% of the equity interests in the followingentities: ●(i)Allen-Boy International LLC (“Allen-Boy”), an LLC organized on August 31, 2016 under the laws of theState 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 totalconsideration of $100 on January 1, 2017. Allen-Boy did not have any business activities until acquired byCheetah Net. Allen-Boy previously engaged in the parallel-import vehicle dealership business, which theCompany discontinued in Mar