Exhibit 99.1 Cheetah Net Supply Chain Service Inc. Announces Second Quarter 2025 Results IRVINE, August 4, 2025 (GLOBE NEWSWIRE) – Cheetah Net Supply Chain Service Inc. ("Cheetah" or the "Company") (Nasdaq CM: CTNT), a provider of warehousing and logistics services, today reported results for the quarter ended June 30, 2025. For the quarter ended June 30, 2025, the Company reported revenue of $354,126 from its logistics and warehousing business, representing a 278.9% increase compared to the same period in ...

Core Insights - Cheetah Net Supply Chain Service Inc. reported a significant revenue increase of 278.9% year-over-year for Q2 2025, totaling $354,126, despite an operating loss of $780,849 [2][4] - The company experienced a net loss of $512,528 for Q2 2025, which is a 6.8% improvement compared to the same period in 2024 [2][9] - Management is focusing on integrating recently acquired companies to build a more resilient growth foundation amid trade policy pressures [3] Financial Performance - Revenue from logistics and warehousing services for Q2 2025 was $354,126, with $52,684 (14.9%) from Edward Transit Express Group and $301,442 (85.1%) from TW & EW Services [4] - The cost of revenue for Q2 2025 was $319,226, leading to a gross profit of $34,900 [6][28] - General and administrative expenses decreased by 6.9% to $805,305 in Q2 2025, primarily due to reduced legal and accounting fees [7] Interest Income and Losses - Interest income for Q2 2025 was $272,228, a substantial increase of 863.9% compared to $28,241 in Q2 2024 [8][9] - The net loss from continuing operations for the six months ended June 30, 2025, was $1,266,437, compared to a net loss of $1,016,370 for the same period in 2024 [18][29] Discontinued Operations - The parallel-import vehicle business generated revenue of $200,297 in Q2 2024, with only one vehicle sold during that quarter [10] - The net loss for discontinued operations was approximately $62,858 for Q2 2024 [11] Liquidity and Cash Flow - As of June 30, 2025, the company had current assets of $9.9 million and current liabilities of approximately $0.9 million [21] - The company reported a net cash flow of $1.3 million from operating activities during the six months ended June 30, 2025 [22][30]

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 June 30, 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 81-3509 ...

Revenue and Profitability - For Q1 2025, Cheetah reported revenue of $479,799 from logistics and warehousing services, with TWEW contributing $417,284 (87.0%) and Edward contributing $62,515 (13.0%) [3] - Revenue from Edward decreased by 18.6% due to reduced international trade flow resulting from U.S.-China trade tensions [3] - The company reported a gross profit of $56,256 for Q1 2025, with a cost of revenue of $423,543 [4] - Cheetah experienced a net loss of $753,909 in Q1 2025, compared to a net loss of $608,930 in the same period of 2024 [9] - For the three months ended March 31, 2025, Cheetah Net Supply Chain Service Inc. reported a net loss of $753,909, compared to a net loss of $608,930 for the same period in 2024, indicating an increase in losses of approximately 23.8% [30] - Cheetah Net Supply Chain Service Inc. reported a loss from continuing operations of $753,909 for the three months ended March 31, 2025, compared to a loss of $466,348 for the same period in 2024, reflecting an increase of about 61.5% [30] Expenses and Financial Position - General and administrative expenses increased by $0.2 million, or 30.3%, to $1.0 million compared to Q1 2024, primarily due to increased personnel-related expenses and new office space [5] - Interest income surged to $208,090 in Q1 2025, up 619.3% from $28,930 in Q1 2024, driven by interest on short-term loans and certificates of deposit [8] - The company incurred share-based compensation expenses of $16,185 for the three months ended March 31, 2025, while there were no such expenses reported for the same period in 2024 [30] - The company reported depreciation expenses of $9,882 for the three months ended March 31, 2025, compared to $2,171 for the same period in 2024, showing a significant increase of approximately 354.5% [30] Assets and Liabilities - As of March 31, 2025, total current assets were $10.2 million, with cash and cash equivalents at $0.3 million and loan receivables at $9.1 million [13] - The company had total stockholders' equity of $11.9 million as of March 31, 2025, down from $12.6 million at the end of 2024 [16] - Cheetah's current liabilities totaled approximately $0.9 million, primarily related to operating lease liabilities and other payables [13] - The balance of stockholders' equity as of March 31, 2025, was $11,879,948, a decrease from $12,617,672 as of December 31, 2024, indicating a decline of approximately 5.9% [27] - Cheetah Net Supply Chain Service Inc. had a total accumulated deficit of $(5,434,520) as of March 31, 2025, compared to $(4,680,611) as of December 31, 2024, reflecting an increase in the deficit of approximately 16.1% [27] Cash Flow and Investment Activities - The cash provided by operating activities for discontinued operations was $2,540,500 for the three months ended March 31, 2025, compared to $3,166,058 in the same period of 2024, reflecting a decrease of about 19.7% [30] - The total cash used in investing activities for the three months ended March 31, 2025, was $3,026,400, significantly higher than $47,617 used in the same period of 2024 [30] - Cheetah Net Supply Chain Service Inc. reported cash and cash equivalents of $324,142 at the end of March 31, 2025, down from $903,204 at the end of March 31, 2024, representing a decrease of approximately 64.1% [30] Future Outlook - The company plans to seek new business opportunities and improve operational efficiencies to position itself for future growth despite current challenges [2] - The fair value of common stock issued for acquisition was reported as $1,700,000 in the previous year, indicating ongoing investment activities [30]

Core Insights - Cheetah Net Supply Chain Service Inc. has shifted its focus from parallel-import vehicle sales to logistics and warehousing services due to challenging market conditions in China and trade tensions with the U.S. [2][3] - The company reported a significant decline in sales volume in the parallel-import vehicle segment, leading to the discontinuation of this business line [2][3] - The logistics and warehousing segment generated $479,799 in revenue for Q1 2025, with TWEW contributing 87% of this revenue [3][4] Recent Highlights - The parallel-import vehicle business faced a significant downturn, prompting the board to approve its discontinuation [2] - The company is focusing on operational efficiencies and expanding service offerings to position itself for future growth [2] - The newly acquired subsidiary TWEW outperformed the earlier acquisition, Edward Transit Express Group, indicating a positive shift in business strategy [2] Financial Performance - For Q1 2025, total revenue was $479,799, with a gross profit of $56,256 [3][4] - General and administrative expenses increased by 30.3% to $1.0 million, primarily due to hiring and operational expansions [5] - Interest income surged to $208,090, a 619.3% increase compared to the same period in 2024, driven by interest on short-term loans and certificates of deposit [7] Losses and Discontinued Operations - The company reported a net loss of $753,909 for Q1 2025, compared to a net loss of $608,930 in Q1 2024 [8][10] - The discontinued parallel-import vehicle business generated $1.4 million in revenue in Q1 2024 but incurred a gross loss of $9,283 [9][10] Liquidity and Cash Flow - As of March 31, 2025, current assets totaled $10.2 million, with cash and cash equivalents at $0.3 million [12] - The company reported net cash flow of $1.8 million from operating activities for Q1 2025 [13] - Total stockholders' equity decreased to $11.9 million from $12.6 million as of December 31, 2024 [13]

Part I [Item 1. Financial Statements](index=4&type=section&id=Item%201%20Financial%20Statements) Unaudited Q1 2025 financials reflect a business transformation, with discontinued vehicle operations, revenue growth in logistics, a net loss, and decreased assets Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $324,142 | $1,650,962 | | Loan receivable | $9,114,695 | $6,088,295 | | TOTAL ASSETS | $14,508,243 | $15,379,454 | | **Liabilities & Equity** | | | | TOTAL LIABILITIES | $2,628,295 | $2,761,782 | | TOTAL STOCKHOLDERS' EQUITY | $11,879,948 | $12,617,672 | Condensed Consolidated Statements of Operations Highlights (Unaudited) | Account | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | REVENUE | $479,799 | $76,834 | | GROSS PROFIT | $56,256 | $34,334 | | LOSS FROM OPERATIONS | $(960,448) | $(733,308) | | LOSS FROM CONTINUING OPERATIONS | $(753,909) | $(466,348) | | LOSS FROM DISCONTINUED OPERATIONS | $0 | $(142,582) | | NET LOSS | $(753,909) | $(608,930) | | Loss per share - basic and diluted | $(0.23) | $(0.52) | Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | Account | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,768,126 | $1,695,717 | | Net cash used in investing activities | $(3,026,400) | $(47,617) | | Net cash used in financing activities | $(68,539) | $(1,177,894) | | Net (decrease) increase in cash | $(1,326,813) | $470,206 | - On March 3, 2025, the Board approved the discontinuation of the parallel-import vehicle business, with financial results now reported as discontinued operations in accordance with ASC 205-20[23](index=23&type=chunk)[93](index=93&type=chunk) [Note 1: Organization and Business Description](index=9&type=section&id=NOTE%201%20%E2%80%94%20ORGANIZATION%20AND%20BUSINESS%20DESCRIPTION) Cheetah Net is transitioning from its discontinued vehicle business to logistics and warehousing, supported by acquisitions and a reverse stock split - The company is undergoing a business transformation, shifting its focus from parallel-import vehicle sales to logistics and warehousing services following the acquisitions of Edward and TWEW[26](index=26&type=chunk) - The parallel-import vehicle business was formally discontinued on March 3, 2025, due to a significant decline in sales (**95.7% drop in revenue in 2024**) and challenges in collecting receivables[22](index=22&type=chunk)[23](index=23&type=chunk) - A **1-for-16 reverse stock split** was effectuated on October 21, 2024, and all share information has been retrospectively adjusted[20](index=20&type=chunk) [Note 5: Discontinued Operations](index=28&type=section&id=NOTE%205%20%E2%80%94%20DISCONTINUED%20OPERATIONS) The parallel-import vehicle business is discontinued, reporting a Q1 2024 loss, with significant 2024 credit losses and substantial Q1 2025 receivables collection Loss from Discontinued Operations (Q1 2024) | Metric | For the Three Months Ended March 31, 2024 | | :--- | :--- | | Revenue | $1,430,951 | | Gross loss | $(9,283) | | Loss from discontinued operations | $(142,582) | - The company recorded a total allowance for credit loss of **$1.6 million** for the year ended December 31, 2024, related to the discontinued vehicle business[101](index=101&type=chunk) - In Q1 2025, the company collected **$2.5 million** in accounts receivable from the discontinued operations, resulting in a significant cash inflow from these activities[102](index=102&type=chunk)[203](index=203&type=chunk) [Note 8: Intangible Asset and Goodwill](index=36&type=section&id=NOTE%208%20%E2%80%94%20INTANGIBLE%20ASSET%20AND%20GOODWILL) Intangible assets and goodwill from Edward and TWEW acquisitions total $1.2 million and $1.0 million respectively, with Q1 2025 amortization expenses - Acquired **100% of Edward** on February 2, 2024, for a total purchase consideration of **$1.2 million**, resulting in goodwill of **$568,532** and intangible assets (developed technology, customer relationships, trade names) of **$516,000**[119](index=119&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) - Acquired **100% of TWEW** on December 19, 2024, for a total purchase consideration of **$1.0 million**, resulting in goodwill of **$475,861** and customer relationship intangibles of **$600,000**[123](index=123&type=chunk)[124](index=124&type=chunk) - For the three months ended March 31, 2025, the company incurred amortization expenses of **$28,071** related to these acquired intangible assets[124](index=124&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the strategic pivot to logistics, noting Q1 2025 revenue growth from acquisitions, increased costs, a net loss, and sufficient liquidity - The company has formally discontinued its parallel-import vehicle business as of March 3, 2025, and is now focused on expanding its logistics and warehousing services through the acquisitions of Edward (Feb 2024) and TWEW (Dec 2024)[167](index=167&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk) Results of Operations Summary (Continuing Operations) | Metric | Q1 2025 (Unaudited) | Q1 2024 (Unaudited) | Change % | | :--- | :--- | :--- | :--- | | Revenue | $479,799 | $76,834 | 524.5% | | Gross Profit | $56,256 | $34,334 | 63.8% | | Loss from continuing operations | $(753,909) | $(466,348) | 61.7% | | Net Loss | $(753,909) | $(608,930) | 23.8% | - The significant revenue increase in Q1 2025 is primarily attributed to the TWEW acquisition, which contributed **$417,284** (**87.0%** of total revenue)[177](index=177&type=chunk) - As of March 31, 2025, the company had **$0.3 million** in cash and cash equivalents and **$9.1 million** in loan receivables, with management believing it has sufficient capital to fund operations for at least the next 12 months[197](index=197&type=chunk)[199](index=199&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=62&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, the company is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company, Cheetah Net is not required to provide quantitative and qualitative disclosures about market risk[213](index=213&type=chunk) [Item 4. Controls and Procedures](index=62&type=section&id=Item%204%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of March 31, 2025, the company's disclosure controls and procedures were **ineffective** at a reasonable assurance level[215](index=215&type=chunk) - No material changes occurred in the company's internal control over financial reporting during the quarter ended March 31, 2025[216](index=216&type=chunk) Part II [Item 1. Legal Proceedings](index=63&type=section&id=Item%201%20Legal%20Proceedings) The company is not currently involved in material legal proceedings but anticipates potential litigation in the ordinary course of business - The company reports no current material legal proceedings[218](index=218&type=chunk) [Item 1A. Risk Factors](index=63&type=section&id=Item%201A%20Risk%20Factors) As a smaller reporting company, the company is not required to provide information regarding risk factors - The company is not required to provide risk factors as it qualifies as a smaller reporting company[219](index=219&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details the use of proceeds from two public offerings, allocating funds from the July 2024 offering to the TWEW acquisition and the May 2024 offering to working capital - The July 2024 Offering raised net proceeds of approximately **$1.1 million**, of which **$200,000** was used as cash consideration for the acquisition of TWEW[220](index=220&type=chunk)[222](index=222&type=chunk) - The May 2024 Offering raised net proceeds of approximately **$7.4 million**, with about **$7.2 million** used for working capital and general corporate purposes as of the report date[223](index=223&type=chunk)[225](index=225&type=chunk) [Item 6. Exhibits](index=65&type=section&id=Item%206%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, material contracts, and CEO/CFO certifications - The report includes several new loan agreements as exhibits, dated between November 2024 and March 2025, with Hongkong Sanyou Petroleum Co Limited and Asia Finance Investment Limited[230](index=230&type=chunk) - Certifications from the Principal Executive Officer and Principal Financial Officer pursuant to Sarbanes-Oxley Sections 302 and 906 are filed with the report[230](index=230&type=chunk)

Discontinued Operations - The Company's sales from discontinued operations in the parallel-import vehicle segment declined by 95.7% to $1.6 million in 2024, down from $38.3 million in 2023[14]. - The net loss from discontinued operations was approximately $2.0 million in 2024, compared to a net income of $1.8 million in 2023, reflecting the impact of ceasing the parallel-import vehicle business[18]. - The company experienced a cash inflow from discontinued operations of $3,698,138, down from $7,257,146 in 2023[33]. Continuing Operations - Total revenues for the continuing operations in logistics and warehousing amounted to $455,805 in 2024, following the acquisition of Edward Transit Express Group[7]. - The Company reported a gross profit of $178,512 for its continuing operations in 2024, with a cost of revenues of $277,293[7]. - General and administrative expenses for continuing operations increased by 66.3% to $3.6 million in 2024, up from $2.2 million in 2023[8]. - Interest income for continuing operations surged by 3,124.7% to $320,472 in 2024, compared to $9,938 in 2023[10]. - The Company incurred a total net loss of $5.2 million for the year ended December 31, 2024, compared to a net income of $0.1 million in 2023[18]. - The company reported a loss from continuing operations of $3,232,194 in 2024, compared to a loss of $1,711,885 in 2023[27]. Financial Performance - Total revenue for 2024 was $455,805, compared to no revenue reported in 2023[27]. - Gross profit for 2024 was $178,512, with a cost of revenue of $277,293[27]. - Operating expenses increased significantly to $3,919,058 in 2024 from $2,190,513 in 2023, representing a 79% increase[27]. - The net loss for 2024 was $5,188,852, compared to a net income of $133,870 in 2023[27]. - Total assets increased to $15,379,454 in 2024 from $10,059,265 in 2023, marking a 53% growth[25]. - Total liabilities decreased to $2,761,782 in 2024 from $3,154,637 in 2023, a reduction of approximately 12%[25]. - Stockholders' equity rose to $12,617,672 in 2024, up from $6,904,628 in 2023, indicating an increase of 83%[25]. Cash Flow and Financing - Cash used in operating activities from continuing operations was $3,455,918, an increase from $1,646,921 in the previous year[33]. - The company generated net cash provided by operating activities of $242,220, down from $5,610,225 in 2023[33]. - Cash used in investing activities amounted to $6,130,932, significantly higher than $672,500 in the prior year[33]. - The company raised $7,309,120 from a follow-on public offering in May 2024 and $1,093,556 in July 2024[33]. - Net cash provided by financing activities was $7,106,676, compared to a net cash used of $4,563,108 in 2023[33]. - The ending cash balance for continuing operations increased to $1,650,962 from $432,998 in the previous year[33]. - The company paid $2,000 in income taxes, a decrease from $74,533 in 2023[33]. - The fair value of common stock issued for acquisition was $1,700,000, with no comparable figure in the previous year[33]. Acquisitions and Growth - The Company acquired TWEW for $1.0 million in December 2024, aiming to expand its logistics services in the western region[11]. - The company completed several stock issuances, including a follow-on public offering that raised approximately $8,402,656 in total[30]. - The weighted average shares outstanding increased to 1,955,214 in 2024 from 1,073,945 in 2023[27]. - The Company plans to seek additional equity financing if necessary to sustain growth and meet future liquidity requirements[22].

Core Viewpoint - Cheetah Net Supply Chain Service Inc. faced significant challenges in 2024 due to deteriorating market conditions in China, leading to a strategic shift from parallel-import vehicle sales to logistics and warehousing services, resulting in a total net loss of $5.2 million for the year [4][19]. Financial Performance - The company's total revenues from continuing operations were $455,805 for the year ended December 31, 2024, with a gross profit of $178,512 [9][28]. - Net losses from continuing operations were $3.2 million, compared to $1.7 million in 2023 [14][28]. - The company reported a gross loss of $24,820 from discontinued operations, a significant decline from a gross profit of $4.2 million in 2023 [16]. Discontinued Operations - Sales from the discontinued parallel-import vehicle business plummeted by 95.7% to $1.6 million in 2024 from $38.3 million in 2023 [15]. - The cost of revenues from discontinued operations decreased by 95.0% to $1.7 million in 2024, aligning with the sales downturn [15]. - The net loss from discontinued operations was approximately $2.0 million in 2024, compared to a net income of $1.8 million in 2023 [19]. Strategic Initiatives - The company acquired Edward Transit Express Group, Inc. for $1.5 million in February 2024 and TWEW for $1.0 million in December 2024 to expand its logistics and warehousing capabilities [6][9]. - Cheetah relocated its headquarters to Irvine, CA, to enhance its focus on logistics and warehousing, benefiting from proximity to major ports [6][9]. Shareholder Actions - The company completed a public offering of 404,979 shares at $3.68 per share in July 2024, generating net proceeds of $1.1 million [9]. - A reverse stock split at a ratio of 1-for-16 was approved and took effect on October 21, 2024, impacting the trading of its Class A common stock [9][26]. Liquidity and Cash Flow - As of December 31, 2024, the company had current assets of $11.0 million, including cash and cash equivalents of $1.7 million [20]. - The company reported cash flow of $0.2 million from operating activities, $6.1 million used in investing activities, and $7.1 million provided by financing activities during the year [21][33].

Financial Performance - The company reported a net loss of $5.2 million for the year ended December 31, 2024, primarily due to the wind-down of the discontinued parallel-import vehicle operations and increased operating expenses associated with the transition to logistics and warehousing services [195]. - Total revenue from continuing operations was $455,805 in 2024, reflecting the company's shift to logistics and warehousing services after discontinuing the parallel-import vehicle business [194]. - The company experienced a 95.7% drop in revenue from parallel-import vehicle sales, decreasing from $38.3 million in 2023 to $1.6 million in 2024 [183]. - The company recorded a loss from discontinued operations of approximately $2.0 million in 2024, compared to income of $1.8 million in 2023 [196]. - The net loss from continuing operations was $3.2 million in 2024, compared to a net loss of $1.7 million in 2023 [207]. - Revenue from discontinued operations fell to $1.6 million in 2024, a decrease of 95.7% from $38.3 million in 2023, due to the exit from the parallel-import vehicle business [210]. - Total cost of revenue for discontinued operations decreased by 95.0% to $1.7 million in 2024, down from $34.1 million in 2023 [211]. - Gross loss for discontinued operations was $24,820 in 2024, compared to a gross profit of $4.2 million in 2023, reflecting a decline of 100.6% [212]. - Total selling, general, and administrative expenses for discontinued operations increased by 175.8% to $1.8 million in 2024, driven by credit losses and forfeited vehicle deposits [213]. - Net cash provided by operating activities from discontinued operations was $3.7 million in 2024, down from $7.2 million in 2023 [225]. Operational Changes - The company relocated its headquarters from Charlotte, NC, to Irvine, CA, to enhance focus on logistics and warehousing operations [186]. - The company acquired TWEW in December 2024 to further expand its logistics services [186]. - The company is actively integrating TWEW's operations to strengthen its position in the logistics sector [187]. - The Company depleted its inventory of vehicles by the first quarter of 2024, with the entire inventory balance of $1,515,270 as of December 31, 2023, reclassified to discontinued operations [263]. - As of December 31, 2023, the Company operated as a single reportable segment focused on parallel-import vehicles, but transitioned back to a single segment focused on logistics and warehousing services by December 31, 2024 [257]. Expenses and Income - General and administrative expenses increased by $1.4 million (66.3%) to $3.6 million in 2024, driven by higher personnel-related expenses and costs associated with the acquisitions [200]. - Interest income from continuing operations increased to $320,472 in 2024, up from $9,938 in 2023, representing a growth of 3,124.7% [204]. - Total interest expenses decreased by 14.2% to $35,951 in 2024, down from $41,883 in 2023, primarily due to reduced credit card interest [205]. - General and administrative expenses for continuing operations were $3,641,713 in 2024, compared to $2,190,513 in 2023 [243]. - For the year ended December 31, 2024, total selling expenses for the discontinued parallel-import vehicle business were $117,819, down from $668,172 in 2023 [242]. Acquisitions and Intangible Assets - The Company recorded intangible assets from the acquisitions of Edward and TWEW during the year ended December 31, 2024 [264]. - There was no impairment recognized for intangible assets for the year ended December 31, 2024 [265]. - Goodwill is tested for impairment at the reporting unit level, with no impairment recorded as of December 31, 2024 [272]. Future Plans and Reporting - The Company intends to adopt ASU 2023-07 regarding segment reporting in its Annual Report for the year ending December 31, 2025 [276]. - The Company plans to adopt ASU 2023-09 concerning income tax disclosures in its Annual Report for the year ending December 31, 2025 [277]. Fair Value and Impairment - The Company applies a three-level fair value hierarchy for measuring fair value, with Level 1 being quoted prices for identical assets in active markets [269]. - The Company reviews its intangible assets for impairment whenever events indicate that the carrying amount may not be recoverable [264]. - The Company recognizes lease liabilities and right-of-use assets in accordance with FASB ASC No. 842 [271]. - The fair value of the Company's financial instruments approximated the fair value of the respective assets and liabilities as of December 31, 2024 and 2023 [266]. - The Company did not record any impairment for long-lived assets for the years ended December 31, 2024 and 2023 [275].

Acquisition Announcement - Cheetah Net Supply Chain Service Inc. has executed definitive agreements for the acquisition of TW & EW Services Inc., a California-based labor and logistics service provider, expected to close on or about December 4, 2024 [1][2] - The total cost of the acquisition includes a cash payment of $200,000 and share consideration valued at $800,000, with a per-share price of $1.704 [2] Strategic Implications - The acquisition is anticipated to strengthen Cheetah's position in the logistics sector by integrating TW & EW's expertise in general labor and logistics support services, which will streamline operations and create additional value for stakeholders [3] - Cheetah aims to capitalize on additional service opportunities and enhance service delivery to both current and future customers following the integration of TW & EW [3] Company Background - Cheetah Net is a provider of logistics and warehousing services, originally focused on the sale of parallel-import vehicles to the PRC market, and has transitioned towards broader logistics services in response to market challenges [4] - Established in 2016, Cheetah expanded its footprint in the logistics and warehousing industry in February 2024, demonstrating a commitment to adapting to evolving market conditions [4]