CHEETAH NET SUPPLY CHAIN SERVICE INC. Segments Disclosure
NOTE 15 — SEGMENT REPORTING
The Company’s chief operating decision maker has been identified as the Chief Executive Officer (“CEO”), who reviews financial information of operating segments based on U.S. GAAP amounts when making decisions about allocating resources and assessing performance of the Company.
The Company determined that it operated in one operating segment of logistics and warehousing services, including the freight forwarding services provided by Edward and the general labor and logistics services provided by TWEW.
The Company primarily operates in the U.S. and substantially all of the Company’s long-lived assets are located in the U.S.
| For the Years Ended | |||||
December 31, | ||||||
2025 | | 2024 | ||||
Revenues | $ | 1,288,536 | $ | 455,805 | ||
Less: |
| |
| | ||
Cost of revenues |
| 1,121,761 |
| 277,293 | ||
Staff cost |
| 1,240,571 |
| 1,209,633 | ||
Impairment loss expenses |
| 731,307 |
| — | ||
Share-based compensation expenses |
| 387,618 |
| 277,345 | ||
Lease expense |
| 746,816 |
| 545,441 | ||
Depreciation and amortization expenses |
| 147,254 |
| 80,328 | ||
Interest expenses |
| 33,198 |
| 35,951 | ||
Income tax expenses (credit) |
| 15,916 |
| (215,822) | ||
Other segment items* |
| 513,798 |
| 1,477,830 | ||
Segment net loss |
| (3,649,703) |
| (3,232,194) | ||
Consolidated loss | $ | (3,649,703) | $ | (5,188,852) | ||
Consolidated total assets | $ | 11,858,464 | $ | 15,379,454 | ||
*Other segment items include remaining general and administration expenses, and other income.
For the discontinued operations of parallel-import vehicle segment, the segment report was:
| For the Years Ended | ||
December 31, | |||
2024 | |||
Revenues | $ | 1,631,248 | |
Less: |
| | |
Cost of revenues |
| 1,656,068 | |
Staff cost |
| 77,652 | |
Allowance of credit loss of accounts receivables |
| 1,589,546 | |
Interest expenses |
| 88,788 | |
Other segment items* |
| 175,852 | |
Discontinued segment net loss |
| (1,956,658) | |
Consolidated loss | $ | (5,188,852) | |
Consolidated total assets | $ | 15,379,454 | |
*Other segment items include remaining general and administration expenses, and other income.
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.