Cheetah Net Supply Chain Service (CTNT) - 2024 Q4 - Annual Results

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].