0001104659-26-096054 | 10-Q | XBRL Viewer | Cheetah NET Supply Chain Service INC

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LONGTERM BORROWINGS - SBA (Details) - SBA - USD ($)	Mar. 16, 2022	May 24, 2020
LONGTERM BORROWINGS
Face amount of borrowings	$ 350,000	$ 150,000
Term of borrowings	30 years	30 years
Fixed interest rate	3.75%	3.75%
Term from date of the original loan agreement, the company is required to make a new monthly installment payment	24 months	12 months
Monthly installment payment	$ 2,485	$ 731
Maximum
LONGTERM BORROWINGS
Face amount of borrowings	$ 500,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and equipment, net (Details)	Jun. 30, 2026
Motor vehicles
PROPERTY, PLANT, AND EQUIPMENT, NET
Estimated useful life (in years)	10 years
Leasehold improvements \| Minimum
PROPERTY, PLANT, AND EQUIPMENT, NET
Estimated useful life (in years)	3 years
Leasehold improvements \| Maximum
PROPERTY, PLANT, AND EQUIPMENT, NET
Estimated useful life (in years)	6 years

- Definition

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+ Details

SUBSEQUENT EVENTS (Details)	Jul. 02, 2026 USD ($)	Dec. 31, 2026	Aug. 10, 2026 CNY (¥) item
Asia Finance Investment Limited \| Short term loan issued on July 2, 2026
SUBSEQUENT EVENTS
Loan agreement term	12 months
Interest rate	5.00%
Subsequent Event \| Naiside (Shenzhen) International
SUBSEQUENT EVENTS
Interest rate		5.00%
Repayment of full principal amount			¥ 280,000,000
Subsequent Event \| Short term loan issued on July 2, 2026
SUBSEQUENT EVENTS
Loan agreement term	1 year
Subsequent Event \| Short term loan issued on July 2, 2026 \| Naiside (Shenzhen) International
SUBSEQUENT EVENTS
Interest rate		5.00%
Repayment of full principal amount			¥ 280,000,000
Number of lump-sum repayment of financing receivables \| item			1
Subsequent Event \| Asia Finance Investment Limited \| Short term loan issued on July 2, 2026
SUBSEQUENT EVENTS
Face amount of borrowing \| $	$ 700,000
Loan agreement term renew for additional	12 months

LOAN RECEIVABLE

6 Months Ended

Jun. 30, 2026

LOAN RECEIVABLE

LOAN RECEIVABLE

NOTE 3 — LOAN RECEIVABLE

The Company had loans to generate interest income with third parties. As of June 30, 2026 and December 31, 2025, a breakdown of loan receivable was as follows:


	June 30, 2026		December 31, 2025
Hongkong Sanyou Petroleum Co Limited ⁽¹⁾	$	25,458,778	$	3,846,666
Asia Finance Investment Limited⁽²⁾		4,492,735		3,583,445
Total loan receivable	$	29,951,513	$	7,430,111

(1)

On July 23, 2024, the Company entered an additional unsecured short-term loan of $1,500,000 to Hongkong Sanyou Petroleum Co Limited under the same terms. Upon the original maturity date, $nil had been collected, with $182,500 interest accrued. On July 23, 2025, the Company and the borrower executed an extension agreement to renew the loan for an additional one-year term, effective upon the original maturity date. Under the renewed agreement, the outstanding balance became payable on demand and continues to bear interest at the reduced annual rate of 8%. The accrued and unpaid interest receivable under the original loan agreement was excluded from the renewed principal balance. As of March 6, 2026, $1,500,000 principal and $223,564 interest had been fully collected.

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. Upon the original maturity of these loans, the Company and the borrower executed loan extension agreements to renew both loans for an additional one-year term, effective as of October 2, 2025 and October 28, 2025, respectively. Under the renewed agreements, the outstanding principal balances of $1,000,000 each continue to accrue interest at a reduced annual rate of 8%, and will mature on October 1, 2026 and October 27, 2026, respectively. The accrued and unpaid interest receivable under the original loan agreements were excluded from the renewed principal amounts. As of March 16, 2026, the loan dated October 2, 2024, $1,000,000 principal and $156,547 interest had been fully collected. With respect to the loan dated October 28, 2024, as of June 30, 2026, the Company has received partial repayments of $471,222 in principal, with remaining principal of $528,778 and interest of $165,011. As of the date of this report, the Company received full repayment of the remaining principal balance of $528,778, while interest of $165,011 remained outstanding.

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 November 20, 2025, the Company and the borrower executed an extension agreement to renew the loan for an additional one-year term, effective upon the original maturity date. Under the renewed agreement, the outstanding balance became payable on demand and continues to bear interest at the reduced annual rate of 8%. The accrued and unpaid interest receivable under the original loan agreement was excluded from the renewed principal balance. As of the date of this report, $500,000 principal has been fully collected while interest of $85,500 remained outstanding.

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. Upon the loan’s original maturity on March 16, 2026, the Company and the borrower executed a loan extension agreement to renew the loan for an additional one-year term, effective as of March 17, 2026. Under the renewed agreement, the outstanding principal balance of $950,000 continues to accrue interest at a reduced annual rate of 5%, and will mature on March 16, 2027. The accrued and unpaid interest receivable under the original loan agreement was excluded from the renewed principal amount. As of the date of this report, $950,000 principal has been fully collected while interest of $129,438 remained outstanding.

On March 17, 2026, 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 $980,000. This loan carries an annual interest rate of 5.0% and is set to mature in 12 months. As of the date of this report, the Company has received partial repayments of $721,222 in principal, with remaining principal of $258,778 and interest of $14,292 to be collected subsequently.

On April 1, 2026, 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 5.0% and is set to mature in 12 months, with an option to extend for an additional 12 months. As of the date of this report, no principal repayments and accrued interest have been collected on this loan, with remaining principal of $500,000 and interest of $6,250 to be collected subsequently.

On April 23, 2026, 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 $9,000,000. This loan carries an annual interest rate of 5.0% and is set to mature in 12 months, with an option to extend for an additional 12 months. As of the date of this report, no principal repayments and accrued interest have been collected on this loan, with remaining principal of $9,000,000 and interest of $85,000 to be collected subsequently.

On April 27, 2026, 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 $5,000,000. This loan carries an annual interest rate of 5.0% and is set to mature in 12 months, with an option to extend for an additional 12 months. As of the date of this report, no principal repayments and accrued interest have been collected on this loan, with remaining principal of $5,000,000 and interest of $44,444 to be collected subsequently.

On May 14, 2026, 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 $4,000,000. This loan carries an annual interest rate of 5.0% and is set to mature in 12 months, with an option to extend for an additional 12 months. As of the date of this report, no principal repayments and accrued interest have been collected on this loan, with remaining principal of $4,000,000 and interest of $26,111 to be collected subsequently.

On May 21, 2026, 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 $4,000,000. This loan carries an annual interest rate of 5.0% and is set to mature in 12 months, with an option to extend for an additional 12 months. As of the date of this report, no principal repayments and accrued interest have been collected on this loan, with remaining principal of $4,000,000 and interest of $22,222 to be collected subsequently.

(2)

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%. Upon the loan’s original maturity on August 15, 2025, the Company and the borrower executed a loan extension agreement to renew the loan for an additional one - year term, effective as of August 16, 2025. Under the renewed agreement, the outstanding principal balance of $558,295 continues to accrue interest at a reduced annual rate of 8%, and will mature on August 15, 2026. The accrued and unpaid interest receivable under the original loan agreement was excluded from the renewed principal amount. As of March 12, 2026, $558,295 principal and $92,117 interest had been fully collected.

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. Upon the loan’s original maturity on October 23, 2025, the Company and the borrower executed a loan extension agreement to renew the loan for an additional one-year term, effective as of October 24, 2025. Under the renewed agreement, the outstanding principal balance of $530,000 continues to accrue interest at a reduced annual rate of 8%, and will mature on October 23, 2026. The accrued and unpaid interest receivable under the original loan agreement was excluded from the renewed principal amount. As of March 12, 2026, $530,000 principal and $80,854 interest had been fully collected.

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. As of March 16, 2026, the loan dated January 7, 2025, $100,000 principal and $13,641 interest had been fully collected. With respect to the loan dated January 29, 2025, as of March 19, 2026, $300,000 principal and $39,765 interest had been fully collected.

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. Upon the original maturity of these loans, the Company and the borrower executed loan extension agreements to renew both loans for an additional one-year term, effective as of March 18, 2026 and March 19, 2026, respectively. Under the renewed agreements, the outstanding principal balances of $825,400 and $900,000, respectively, continue to accrue interest at a reduced annual rate of 5%, and will mature on March 17, 2027 and March 18, 2027, respectively. The accrued and unpaid interest receivable under the original loan agreements were excluded from the renewed principal amounts. As of the date of this report, the loan dated March 18, 2025, $612,415 principal had been partially collected, with remaining principal of $212,985 and interest of $103,556 to be collected subsequently. With respect to the loan dated March 19, 2025, no principal repayments and accrued interest have been collected on this loan, with remaining principal of $900,000 and interest of $122,375 to be collected subsequently.

On June 13, 2025, the Company entered into a one - year unsecured short - term loan agreement with Asia Finance Investment Limited for a principal amount of $169,750. This loan accrues interest at an annual rate of 8.0%, with a single lump - sum repayment due 12 months from the disbursement date. Upon the original maturity of this loan, the Company and the borrower executed a loan extension agreement to renew this loan for an additional one-year term, effective as of June 13, 2026. Under the renewed agreement, the outstanding principal balance of $169,750 continues to accrue interest at a reduced annual rate of 5%, and will mature on June 12, 2027. The accrued and unpaid interest receivable under the original loan agreement was excluded from the renewed principal amount. As of the date of this report, no principal repayments and accrued interest have been collected on this loan, with remaining principal of $169,750 and interest of $14,169 to be collected subsequently.

On June 26, 2025, the Company entered into a one - year unsecured short - term loan agreement with Asia Finance Investment Limited for a principal amount of $200,000. This loan accrues interest at an annual rate of 8.0%, with a single lump - sum repayment due 12 months from the disbursement date. Upon the original maturity of this loan, the Company and the borrower executed a loan extension agreement to renew this loan for an additional one-year term, effective as of June 26, 2026. Under the renewed agreement, the outstanding principal balance of $200,000 continues to accrue interest at a reduced annual rate of 5%, and will mature on June 25, 2027. The accrued and unpaid interest receivable under the original loan agreement was excluded from the renewed principal amount. As of the date of this report, no principal repayments and accrued interest have been collected on this loan, with remaining principal of $200,000 and interest of $16,333 to be collected subsequently.

On May 11, 2026, the Company entered into a one-year unsecured short-term loan agreement with Asia Finance Investment Limited for a principal amount of $1,000,000. This loan carries an annual interest rate of 5.0% and is set to mature in 12 months, with an option to extend for an additional 12 months. As of the date of this report, no principal repayments and accrued interest have been collected on this loan, with remaining principal of $1,000,000 and interest of $6,944 to be collected subsequently.

On May 21, 2026, the Company entered into a one-year unsecured short-term loan agreement with Asia Finance Investment Limited for a principal amount of $600,000. This loan carries an annual interest rate of 5.0% and is set to mature in 12 months, with an option to extend for an additional 12 months. As of the date of this report, no principal repayments and accrued interest have been collected on this loan, with remaining principal of $600,000 and interest of $3,333 to be collected subsequently.

On June 26, 2026, the Company entered into a one-year unsecured short-term loan agreement with Asia Finance Investment Limited for a principal amount of $1,410,000. This loan carries an annual interest rate of 5.0% and is set to mature in 12 months, with an option to extend for an additional 12 months. As of the date of this report, no principal repayments and accrued interest have been collected on this loan, with remaining principal of $1,410,000 and interest of $783 to be collected subsequently.

During the six months ended June 30, 2026 and 2025, the Company evaluated the need for credit loss for loan receivable in accordance with the CECL model. In assessing the CECL, the Company considers both quantitative and qualitative information that is reasonable and supportable, including historical credit loss experience, adjusted for relevant factors impacting collectability and forward-looking information indicative of external market conditions.

Interest income for the three and six months ended June 30, 2026 was $261,523 and $412,608, respectively. These amounts were accrued and recognized as interest receivable.

For the three and six months ended June 30, 2025, the Company recorded interest income of $272,228 and $474,896 from short-term loan receivables, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the U.S. (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation. As a U.S.-based company operating globally and transacting solely in United States Dollars (USD), both the Company’s presentation and functional currencies are the USD. This uniformity simplifies the Company’s financial reporting process and ensures clarity in its financial transactions. The Company’s financial statements, therefore, are presented in USD, in compliance with U.S. GAAP requirements, and provide transparent and straightforward financial information to the Company’s stockholders.

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 and loan receivables from third parties, the revenue recognition, impairment of long-lived assets, and the realization of deferred tax assets. Actual results could differ from those estimates.

Going Concern Consideration

The Company’s consolidated financial statements are prepared assuming that the Company will continue as a going concern.

The Company reported a net loss of approximately $0.5 million for six months ended June 30, 2026, and net cash used in operating activities of approximately $0.9 million. As the Company has been integrating into newly acquired international trading business and developing to the logistics and warehousing service business, the Company may continue to incur operating losses and generate negative cash flow. These factors raise doubts about the Company’s ability to continue as a going concern.

As of June 30, 2026, the Company had cash and cash equivalents of approximately $2.1 million and a working capital balance of $74.1 million. In addition, the Company had receivable from withdrawal of investment deposit of $41.1 million and loan receivable from third parties of approximately $30.0 million, which can be sufficient for the Company to support its ongoing business operations and meet the obligations in the future.

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.

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 consolidated financial statements as of June 30, 2026 have been prepared on a going concern basis.

Risks and uncertainties

The Company is undergoing a transformation of its business model. As a company located in the U.S. and doing business with the PRC and other international markets, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the U.S., the PRC, and other jurisdictions in which it operates, as well as by the general state of the relevant economies. The Company’s results may be adversely affected by changes in political, regulatory, trade, tariff, and social conditions in these jurisdictions.

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 and international trading may depend on factors relating to the business environment, operational management, market expansion, and the successful integration of newly acquired businesses;

●

Government policies relating to ocean freight, international trade, tariffs, import and export controls, and customs requirements may reduce market demand for the Company’s freight, logistics, warehousing, and international trading businesses, increase operating costs, or otherwise negatively affect the Company’s business and growth prospects;

●

The Company’s logistics and warehousing and international trading businesses depend significantly on a limited number of customers and third-party transportation, labor, equipment supply, and other service providers;

●

Any adverse change in political relations between the PRC and the U.S., including ongoing trade conflicts between the U.S. and the PRC, may negatively affect the Company’s business; and

●

Competition in the logistics, warehousing, and international trading industries, based on factors such as service quality, speed, reliability, product availability, and pricing, may limit the Company’s ability to expand its non-vehicle logistics, warehousing, and international trading revenue. The Company’s success in these areas will depend on its ability to develop and scale an effective salesforce, maintain relationships with suppliers and customers, and effectively market its services and products in the U.S., the PRC, and other international markets.

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.

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 June 30, 2026 and December 31, 2025, all cash and cash equivalents were related to continuing operations.


	June 30,		December 31,
	2026		2025
Cash held in Current Accounts	$	2,143,604	$	233,217
Total cash and cash equivalents shown in the statements of cash flows	$	2,143,604	$	233,217

Accounts receivable, net

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.

During the six months ended June 30, 2026 and 2025, no allowance for credit losses on accounts receivable from continuing operations was recorded. (See Note 6 – Discontinued Operations for further details.)

Inventory

Inventories primarily consist of construction machinery and related equipment purchased for resale. Inventories are stated at the lower of cost and net realizable value. Cost is determined using the specific identification method and includes the purchase price and other costs directly attributable to bringing the inventories to their present location and condition.

Net realizable value represents the estimated selling price in the ordinary course of business, less reasonably predictable costs. The Company evaluates inventories at each reporting date for indicators that their net realizable value may be below cost, including physical damage, obsolescence, changes in market demand, changes in estimated selling prices, and slow-moving inventory. Any write-down to net realizable value is recognized in cost of revenues in the period in which the decline occurs.

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 June 30, 2026 and December 31, 2025, no impairment allowance was recorded for the loan receivable.

Receivable from withdrawal of investment deposit

A receivable from withdrawal of investment deposit is recognized when the underlying investment arrangement has been terminated, the Company no longer holds an ownership interest in the investee, and the counterparty has a contractual obligation to refund the Company’s capital contribution. The receivable is initially recognized at the amount contractually refundable to the Company and is subsequently measured at amortized cost, net of an allowance for expected credit losses, if any.

The Company evaluates the receivable for expected credit losses in accordance with ASC 326, Financial Instruments—Credit Losses, based on the counterparty’s repayment capacity, the contractual repayment terms, expected sources of repayment, subsequent collections, and other relevant facts and circumstances.

As of June 30, 2026, the Company recorded a receivable from withdrawal of investment deposit of RMB 280,000,000, equivalent to approximately US$41,110,573, following the termination of the related partnership agreement. See Note 5 for additional information.

Based on the Company’s assessment, no allowance for expected credit losses was recorded as of June 30, 2026.

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		Estimated useful life
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.

Intangible assets, net

The Company recorded intangible assets with the acquisitions of TWEW during the fourth quarter of 2024 (see Note 9- Intangible Asset and Goodwill). Intangible assets consist of customer relationships, 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:


Intangible assets		Estimated useful life
Customer relationships		10-12 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 not recognize any impairment to intangible assets for the six months ended June 30, 2026 and 2025.

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 June 30, 2026 and December 31, 2025 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 9 — Intangible Asset and Goodwill.

The Company believes that the carrying amount of long-term loans approximated fair value as of June 30, 2026 and December 31, 2025 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.

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 six months ended June 30, 2026 and 2025.

Contingent consideration asset

A contingent consideration asset is the acquirer’s contractual right to receive cash or other assets from the former owners of an acquiree if specified future events occur or conditions are met. The Company recognizes contingent consideration assets arising from business combinations in accordance with ASC 805, Business Combinations (“ASC 805”). The Company recognizes the acquisition-date fair value of such rights as part of the consideration transferred in exchange for the acquiree (ASC 805-30-25-5), and measures the right to receive cash on the same basis as a financial asset (ASC 805-30-25-7). Contingent consideration assets are presented as non-current assets on the consolidated balance sheet, separately from goodwill.

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 six months ended June 30, 2026 and 2025, 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.

The Company generated 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, and international trading services provided through Cheetah and Super International, primarily involving the purchase and resale of construction machinery to trading and export customers.

Revenue for freight forwarding services, 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. Following the disposal of Edward on April 1, 2026, the Company ceased its freight forwarding operations conducted through Edward.

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 recognize 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.

Revenue from international trading, provided through Cheetah and Super International, is recognized at a point in time when control of construction machinery transfers to trading and export customers, generally upon pickup at the Company’s designated warehouse under EXW terms. The Company acts as the principal in these transactions, taking legal title to and bearing inventory risk on equipment purchased from suppliers prior to resale, and therefore recognizes revenue on a gross basis. Each contract represents a single performance obligation, with a fixed transaction price and no provisions for sales returns based on historical experience.

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.


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
U.S. domestic market		$	—		$	333,591		$	79,530		$	798,474
Overseas market			868,909			20,535			882,079			35,451
Total revenue		$	868,909		$	354,126		$	961,609		$	833,925

For the three months ended June 30, 2026, the Company’s total revenue from continuing operations was $868,909, increased by $514,783 from $354,126 for the same period in 2025.

For the six months ended June 30, 2026, total revenue from continuing operations was $961,609, an increase of $127,684 from $833,925 for the same period in 2025. This growth was primarily driven by the acquisition of Super International in May 2026, whose operations are entirely focused on the overseas market.

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.

International Trading Segment

Cost of international trading revenue mainly includes the purchase cost of construction machinery acquired from suppliers, together with related inbound freight and handling charges incurred prior to resale. Cost is recognized in the same period as the related revenue, upon transfer of control of the equipment to the customer.

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 and six months ended June 30, 2026, general and administration expenses for the continuing operations were $887,115 and $1,657,119, respectively. For the three and six months ended June 30, 2025, general and administration expenses for the continuing operations were $805,305 and $1,805,824, 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 June 30, 2026, 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 2026. 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 June 30, 2026 and 2025.

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.

The Company and its U.S. operating subsidiaries are subject to U.S. federal and state income tax laws. Prior to the corporate conversion in 2022, the Company was organized as a limited liability company (“LLC”) and elected to be treated as a corporation for U.S. federal income tax purposes from the tax year ended December 31, 2020.

As of June 30, 2026, the Company’s consolidated income tax returns for the tax years ended December 31, 2022 through December 31, 2025 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 six months ended June 30, 2026 and 2025, there were no dilutive shares outstanding, as presented in the tables below:


		June 30, 2026
		Loss			Share			Per share amount
Basic and diluted EPS
Loss from continuing operations per ordinary share		$	(545,220)			1,027,682		$	(0.53)
Loss from discontinued operations per ordinary share			—			1,027,682			0.00
Loss from operations per ordinary share		$	(545,220)			—		$	(0.53)


		June 30, 2025
		Loss			Share			Per share amount
Basic and diluted EPS
Loss from continuing operations per ordinary share		$	(1,266,437)			16,096		$	(78.68)
Loss from discontinued operations per ordinary share			—			16,096			0.00
Loss from operations per ordinary share		$	(1,266,437)			—		$	(78.68)

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, consistent with ASC 280-10-05. The management approach considers the internal reporting used by the Company’s chief operating decision maker (CODM), who is the Chief Executive Officer, 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. Following the discontinuation of the parallel-import vehicles business, during 2025, the Company reported a single reportable segment on logistics and warehousing services. During the second quarter of 2026, following the May 27, 2026 acquisition of Super International (see Note 9), the Company began managing and evaluating its operations through two reportable operating segments: (1) logistics and warehousing services, which provides parallel-import vehicle logistics, freight forwarding, cargo storage, customs clearance, and related services in the United States; and (2) international trading, which includes the trading of excavators and construction machinery through the acquired Hong Kong entity. The two segments have been presented separately because they do not meet all five criteria for aggregation under ASC 280-10-50-11; in particular, they differ in their underlying economic characteristics, customer bases, and the nature of services provided.

Segment operating performance is evaluated based on segment revenue and significant segment expenses, which include cost of revenues, general and administrative expenses, impairment loss expenses, and share-based compensation expenses, as these measures are regularly provided to the CODM. Segment profitability generally aligns with operating income at the consolidated level, except for corporate-level items that are not allocated to either segment. There are no inter-segment revenues or expenses between the two segments.

The Company also evaluates segment-level revenue and other items regularly provided to the CODM and discloses these in the accompanying segment footnote. As of June 30, 2026, certain customers of the Company’s international trading segment accounted for a substantial portion of the Company’s consolidated total revenues, exceeding the 10% threshold under ASC 280-10-50-22. See Note 17 - SEGMENT REPORTING.

Recent accounting pronouncements

Recently issued accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. This guidance will be applied either prospectively or retrospectively. The Company is currently evaluating the impact from the adoption of this ASU on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient and accounting policy election to allow entities to measure expected credit losses on certain trade receivables and contract assets using a provision matrix approach. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.

Recently issued accounting pronouncements adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which aims to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company adopted ASU 2023-09 on January 1, 2025, on a prospective basis (see note 14). The adoption did not have a material impact on the consolidated financial statements and related disclosures.

Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its consolidated financial condition, results of operations, cash flows or disclosures.

INCOME TAXES - Components of Income Tax Provision (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2026

Mar. 31, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2024

Current:

State

$ 5,610

$ 5,200

Total current income tax provision

$ 5,200

5,610

5,200

$ 2,000

13,142

Total income tax provision

$ 1,210

$ 4,400

$ 12,987

^[1]

$ 5,610

$ 18,342

^[1]

$ 2,155

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

LEASES - Components of lease expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Lease expenses
Operating lease expenses	$ 114,624	$ 177,763	$ 272,849	$ 355,526
Short-term lease expenses	17,499	30,366	39,123	60,732
Total lease expenses	$ 132,123	$ 208,129	$ 311,972	$ 416,258

INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL - Future amortization expenses for finite lived intangibles (Details)	Jun. 30, 2026 USD ($)
Future amortization expenses
2026 (from July 1, 2026 to December 31, 2026)	$ 30,000
2027	60,000
2028	60,000
2029	60,000
Thereafter	295,000
Total	$ 505,000

CONCENTRATIONS (Details)	Jun. 30, 2026 USD ($)
CONCENTRATIONS
Allowance for credit loss on Loan receivable	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 18
-Subparagraph (a)
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+ Details

LONGTERM BORROWINGS - Interest expenses (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
LONGTERM BORROWINGS
Interest expenses	$ 12,533	$ 13,406

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible assets, net (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Intangible Asset
Indefinite-lived intangible assets	$ 0	$ 0
Customer relationships \| Minimum
Intangible Asset
Estimated useful life	10 years
Customer relationships \| Maximum
Intangible Asset
Estimated useful life	12 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

LEASES

6 Months Ended

Jun. 30, 2026

LEASES

LEASES

NOTE 8 — 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.

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. In January, 2025, the Company sent two letters to the lessor requesting to terminate the Amended Lease, as the Company had vacated the property. Subsequent to the foregoing, the Company reviewed the landlord’s internal tenant management system and confirmed that the Company had been removed as an active tenant from the landlord’s system in December 2025, and all the outstanding invoices from February to December 2025 had also been reversed. As a result, the Company’s prior vacating of the premises, and its repeated requests to terminate the Amended Lease, the Company believes that the Amended Lease has been effectively terminated. During the year ended December 31, 2025, the Company recorded a gain of $7,853 for the termination of lease.

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 Company entered into a lease arrangement beginning January 1, 2024. The lease initially ran month-to-month through August 31, 2024 and continued on a month-to-month basis thereafter. Both operating lease expenses and short-term lease expenses are recognized in general and administrative expenses. The components of lease expenses for the six months ended June 30, 2026 and 2025 were as follows:


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Lease expenses
Operating lease expenses	$	114,624	$	177,763	$	272,849	$	355,526
Short-term lease expenses		17,499		30,366		39,123		60,732
Total lease expenses	$	132,123	$	208,129	$	311,972	$	416,258

During the three and six months ended June 30, 2026, the Company incurred total operating lease expenses of $114,624 and $272,849, respectively. The total lease expenses were $132,123 and $311,972 for the three and six months ended June 30, 2026, respectively.

During the three and six months ended June 30, 2025, the Company incurred total operating lease expenses of $177,763 and $355,526, respectively. The total lease expenses were $208,129 and $416,258 for the three and six months ended June 30, 2025, respectively.


		June 30, 2026			December 31, 2025
Right-of-use assets		$	530,929		$	1,165,517

Operating lease liabilities – current		$	502,249		$	594,407
Operating lease liabilities – non-current			44,950			584,606
Total operating lease liabilities		$	547,199		$	1,179,013

The weighted average remaining lease terms and discount rates for all operating leases were as follows for the six months ended June 30, 2026 and 2025:


		June 30, 2026		June 30, 2025
Remaining lease term and discount rate:
Weighted average remaining lease term (years)		1.08		2.39
Weighted average discount rate *		4.1	%	4.9	%

*The Company used weighted average incremental borrowing rate of 4.1% per annum for its lease contracts based on the Company’s current borrowings from various financial institutions.

As of June 30, 2026, future maturities of lease liabilities were as follows:


Fiscal Years		Amount
2026		$	270,815
2027			317,989
Total lease payments			588,804
Less: imputed interest			(41,605)
Present value of lease liabilities		$	547,199

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2026

DISCONTINUED OPERATIONS

Schedule of information for discontinued operations


		For the Six Months Ended
		June 30,
		2025
Cash flows from operating activities:
Net loss		$	(1,266,437)
Less: Loss from discontinued operations, net of tax			—
Loss from continuing operations			(1,266,437)
Cash used in operations-continuing operations			(1,206,833)
Cash provided by operations-discontinued operations			2,540,501
Net cash provided by operating activities			1,333,668

Cash flows from investing activities:
Cash used in investing activities-continuing operations			(2,661,150)
Net cash used in investing activities			(2,661,150)

Cash flows from financing activities:
Cash provided by financing activities-continuing operations			(138,294)
Cash used in financing activities-discontinued operations			—
Net cash used in discontinued financing activities		$	(138,294)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and cash equivalents (Details) - USD ($)

Jun. 30, 2026

Dec. 31, 2025

Cash and cash equivalents

Cash held in Current Accounts

$ 2,143,604

$ 233,217

Total cash and cash equivalents shown in the statements of cash flows

$ 2,143,604

$ 233,217

^[1]

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

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+ Details

LONGTERM BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2026

LONGTERM BORROWINGS

Summary of long-term borrowings


		June 30,			December 31,
		2026			2025
Small Business Administration⁽¹⁾		$	449,632		$	456,063
Thread Capital Inc.⁽²⁾			140,217			152,492
Total long-term borrowings		$	589,849		$	608,555

Current portion of long-term borrowings		$	37,279		$	35,902

Non-current portion of long-term borrowings		$	552,570		$	572,653

(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.

(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.

SBA

LONGTERM BORROWINGS

Summary of future maturities of the loan

The future maturities of the SBA loan as of June 30, 2026 were as follows:


Fiscal Years		Future repayment
2026 (from July 1, 2026 to December 31, 2026)			5,794
2027			11,942
2028			12,429
2029			12,937
Thereafter			406,530
Total		$	449,632

Thread Capital

LONGTERM BORROWINGS

Summary of future maturities of the loan

The future maturities of the loan from Thread Capital as of June 30, 2026 were as follows:


Fiscal Years		Future repayment
2026 (from July 1, 2026 to December 31, 2026)			12,611
2027			26,285
2028			27,768
2029			29,334
Thereafter			44,219
Total		$	140,217

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

ORGANIZATION AND BUSINESS DESCRIPTION (Details) - USD ($)	May 27, 2026	Dec. 19, 2024	Nov. 27, 2024	Apr. 09, 2021	Feb. 27, 2020	Jan. 01, 2017	Jun. 30, 2026	Apr. 16, 2026	Sep. 13, 2024	Aug. 31, 2016
Cheetah Net
ORGANIZATION AND BUSINESS DESCRIPTION
% of Ownership							100.00%
Allen-Boy
ORGANIZATION AND BUSINESS DESCRIPTION
Total consideration						$ 100
Entour
ORGANIZATION AND BUSINESS DESCRIPTION
Total consideration				$ 100
TWEW
ORGANIZATION AND BUSINESS DESCRIPTION
Total consideration			$ 1,000,000		$ 1,000,000
Purchase price			$ 200,000		200,000
Percentage of agreed ownership interest to acquire			100.00%
TWEW \| Class A common stock
ORGANIZATION AND BUSINESS DESCRIPTION
Common stock			$ 800,000		$ 800,000
Fair value of stock consideration			$ 1,000,000
NexTrade
ORGANIZATION AND BUSINESS DESCRIPTION
Total consideration		$ 1
Percentage of agreed ownership interest to acquire		100.00%
Super International Trading Limited
ORGANIZATION AND BUSINESS DESCRIPTION
Purchase price	$ 4,980,000
Percentage of agreed ownership interest to acquire								100.00%
Yingchang Yuan \| Class A common stock
ORGANIZATION AND BUSINESS DESCRIPTION
Number of shares beneficially owned in the company										1,200,000
NexTrade \| Naiside (Shenzhen) International
ORGANIZATION AND BUSINESS DESCRIPTION
% of Ownership									100.00%
Pingzheng Li \| NexTrade
ORGANIZATION AND BUSINESS DESCRIPTION
% of Ownership		100.00%

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2026

RELATED PARTY TRANSACTIONS

Schedule of related party transaction

Name		Relationship with Our Company
Weishu Guo		Legal representative of Nextrade


		June 30,			December 31,
		2026			2025
Due to a related party		$	9,713		$	5,204
Total due to a related party		$	9,713		$	5,204

STOCK BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

STOCK BASED COMPENSATION

Schedule of vested shares activity


				Weighted
		Class A	Class B	Average Grant
		Common Stock	Common Stock	Date Fair Value
		Shares	Shares	Per Share (US$)
Shares as of December 31, 2025		448	876	460
Shares outstanding as of June 30, 2026		448	876	460

Schedule of nonvested shares activity


				Weighted
		Number of		Average Grant
		non-vested		Date Fair Value
		Shares		Per Share (US$)
Outstanding as of December 31, 2025		179		678
Outstanding as of June 30, 2026		179		678

STOCK BASED COMPENSATION - Share based payment award activity (Details)	Jun. 30, 2026 $ / shares shares
Weighted Average Grant Date Fair Value
Beginning balance, Weighted Average Grant Date Fair Value Per Share \| $ / shares	$ 460
Ending balance, Weighted Average Grant Date Fair Value Per Share \| $ / shares	$ 460
Class A common stock
Number of vested shares
Beginning balance, Shares	448
Ending balance, Shares	448
Class B common stock
Number of vested shares
Beginning balance, Shares	876
Ending balance, Shares	876

OTHER RECEIVABLES, NET

6 Months Ended

Jun. 30, 2026

OTHER RECEIVABLES, NET

OTHER RECEIVABLES, NET

NOTE 4 — OTHER RECEIVABLES, NET

Other receivables consisted of the following:


		June 30, 2026			December 31, 2025
Rent Deposit		$	100,000		$	102,241
Interest Receivable⁽¹⁾			846,440			1,039,644
Others			14,011			15,245
Total Other Receivables, net		$	960,451		$	1,157,130

(1)	Interest receivable primarily relates to accrued interest from loan agreements disclosed in Note 3- Loan Receivable. For further details on the loan arrangements generating these interest receivables, refer to Note 3.

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

LEASES

Schedule of components of lease expenses


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Lease expenses
Operating lease expenses	$	114,624	$	177,763	$	272,849	$	355,526
Short-term lease expenses		17,499		30,366		39,123		60,732
Total lease expenses	$	132,123	$	208,129	$	311,972	$	416,258

Schedule of Right-of-use assets and weighted average remaining lease terms and discount rates for all operating leases


		June 30, 2026			December 31, 2025
Right-of-use assets		$	530,929		$	1,165,517

Operating lease liabilities – current		$	502,249		$	594,407
Operating lease liabilities – non-current			44,950			584,606
Total operating lease liabilities		$	547,199		$	1,179,013


		June 30, 2026		June 30, 2025
Remaining lease term and discount rate:
Weighted average remaining lease term (years)		1.08		2.39
Weighted average discount rate *		4.1	%	4.9	%

*The Company used weighted average incremental borrowing rate of 4.1% per annum for its lease contracts based on the Company’s current borrowings from various financial institutions.

Schedule by years, of future maturities of lease liabilities


Fiscal Years		Amount
2026		$	270,815
2027			317,989
Total lease payments			588,804
Less: imputed interest			(41,605)
Present value of lease liabilities		$	547,199

ORGANIZATION AND BUSINESS DESCRIPTION - Subsidiaries of the company (Details)

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Mar. 23, 2026

Mar. 03, 2025

USD ($)

Oct. 21, 2024

Oct. 07, 2024

Sep. 30, 2024

$ / shares

Sep. 29, 2024

Jun. 30, 2026

USD ($)

$ / shares

Jun. 30, 2025

USD ($)

^[1]

Jun. 30, 2026

USD ($)

$ / shares

Jun. 30, 2025

USD ($)

Sep. 30, 2024

USD ($)

$ / shares

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

USD ($)

item

customer

Dec. 31, 2023

USD ($)

item

Dec. 31, 2022

Apr. 20, 2026

Apr. 19, 2026

Mar. 24, 2026

$ / shares

Jul. 25, 2024

$ / shares

ORGANIZATION AND BUSINESS DESCRIPTION

Common stock par value | $ / shares

$ 0.0001

Share, at a ratio ranging

0.005

0.0625

0.033

0.1

Fraction shares issued due to reverse stock split (in shares)

Common stock, shares issued

3,159,391

17,096

Common stock, shares outstanding

3,159,391

17,096

Total revenue | $

$ 868,909

$ 354,126

$ 961,609

$ 833,925

^[1]

Class A common stock

ORGANIZATION AND BUSINESS DESCRIPTION

Common stock par value | $ / shares

$ 0.0001

Common stock, shares issued

391,177,712

2,955,935

13,640

1,955,889

391,177,712

Common stock, shares outstanding

391,177,712

2,955,935

13,640

1,955,889

391,177,712

Class B common stock

ORGANIZATION AND BUSINESS DESCRIPTION

Common stock par value | $ / shares

$ 0.0001

Common stock, shares issued

690,875

203,456

3,456

690,875

Common stock, shares outstanding

690,875

203,456

3,456

690,875

Discontinued operations | Parallel-import vehicles

ORGANIZATION AND BUSINESS DESCRIPTION

Parallel-import vehicle sales

30.50%

Net income

87.50%

Number of vehicles sold | item

303

Percentage of drop in revenue

95.70%

Total revenue | $

$ 1,600,000

$ 38,300,000

Accounts receivable, previously written off, recovery | $

$ 4,000,000

Additional proceeds from collection of receivables | $

$ 2,500,000

Accounts receivable | item

Accounts receivables, uncollectible | $

$ 1,600,000

Uncollectible and recorded | customer

Allowance of credit loss of accounts receivable | $

$ 1,600,000

$ 1,100,000

$ 1,600,000

Minimum

ORGANIZATION AND BUSINESS DESCRIPTION

Share, at a ratio ranging

0.1000

Maximum

ORGANIZATION AND BUSINESS DESCRIPTION

Share, at a ratio ranging

0.0333

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Receivable from withdrawal of investment (Details)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 CNY (¥)	Dec. 31, 2025 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Receivable from withdrawal of investment deposit	$ 41,110,573	¥ 280,000,000
Allowance for expected credit losses	$ 0		$ 0

OTHER RECEIVABLES, NET (Tables)

6 Months Ended

Jun. 30, 2026

OTHER RECEIVABLES, NET

Schedule of components of other receivables


		June 30, 2026			December 31, 2025
Rent Deposit		$	100,000		$	102,241
Interest Receivable⁽¹⁾			846,440			1,039,644
Others			14,011			15,245
Total Other Receivables, net		$	960,451		$	1,157,130

(1)	Interest receivable primarily relates to accrued interest from loan agreements disclosed in Note 3- Loan Receivable. For further details on the loan arrangements generating these interest receivables, refer to Note 3.

STOCKHOLDERS' EQUITY (Details)														1 Months Ended	2 Months Ended	3 Months Ended			6 Months Ended	12 Months Ended
STOCKHOLDERS' EQUITY (Details)	Jun. 15, 2026 USD ($) $ / shares shares	Mar. 24, 2026 $ / shares shares	Jan. 27, 2026 USD ($) shares	Dec. 19, 2024 shares	Nov. 27, 2024 USD ($) shares	Jul. 26, 2024 USD ($)	Jul. 25, 2024 USD ($) $ / shares shares	May 14, 2024 USD ($) $ / shares shares	Feb. 02, 2024 USD ($) shares	Jan. 24, 2024 USD ($) shares	Aug. 03, 2023 USD ($) $ / shares shares	Jun. 27, 2022 USD ($) $ / shares shares	Feb. 27, 2020 USD ($)	Apr. 29, 2026 shares	Jun. 18, 2026 shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 18, 2026 shares	Mar. 31, 2026 USD ($)	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 20, 2026 shares	Apr. 19, 2026 shares	Apr. 02, 2026 USD ($)	Mar. 23, 2026 shares	Dec. 31, 2025 $ / shares shares	Sep. 30, 2024 $ / shares	Mar. 13, 2024 USD ($)
STOCKHOLDERS' EQUITY
Common stock par value \| $ / shares		$ 0.0001														$ 0.0001			$ 0.0001							$ 0.0001	$ 0.0001
Common stock authorized \| shares		2,200,000,000														2,200,000,000			2,200,000,000							1,000,000,000
Issuance of preferred stock \| shares		500,000
Preferred stock par value \| $ / shares		$ 0.0001
Common stock, shares issued \| shares																3,159,391			3,159,391							17,096
Common stock, shares outstanding \| shares																3,159,391			3,159,391							17,096
Edward Transit Express Group Inc.
STOCKHOLDERS' EQUITY
Percentage of agreed ownership interest to acquire										100.00%
Purchase price										$ 300,000
TWEW
STOCKHOLDERS' EQUITY
Percentage of agreed ownership interest to acquire					100.00%
Purchase price					$ 200,000								$ 200,000
Juguang Zhang \| Edward Transit Express Group Inc.
STOCKHOLDERS' EQUITY
Percentage of agreed ownership interest to acquire										100.00%
Number of shares issued on acquisition \| shares									398
Purchase price									$ 300,000
Private Placement
STOCKHOLDERS' EQUITY
Aggregate gross proceeds from public offering																		$ 40,140,000
ATM offering
STOCKHOLDERS' EQUITY
Gross proceeds from issuance of common stock																			$ 30,947,851
Aggregate gross proceeds from public offering																$ 30,947,851
Net proceeds																			$ 3,500,000
Investor
STOCKHOLDERS' EQUITY
Gross proceeds from issuance of common stock												$ 3,000,000
Offering expenses												300,000
Net proceeds from issuance of common stock												2,700,000								$ 1,200,000	$ 1,200,000
Total proceeds from issuance of common stock												$ 2,400,000
Period for outstanding amount to be paid following the Company's IPO												6 months
Purchase price \| $ / shares												$ 5,760
Investor \| Maximum
STOCKHOLDERS' EQUITY
Shares issued during period shares other \| shares												521
Rapid
STOCKHOLDERS' EQUITY
Outstanding amount to be paid												$ 600,000																$ 600,000
Class A common stock
STOCKHOLDERS' EQUITY
Common stock par value \| $ / shares							$ 0.0001									$ 0.0001			$ 0.0001							$ 0.0001
Common stock authorized \| shares		2,000,000,000														2,000,000,000			2,000,000,000							891,750,000
Voting rights		one
Shares issued during period shares \| shares							2,025
Purchase price issued \| $ / shares							$ 736
Net proceeds to the company						$ 1,100,000
Common stock, shares issued \| shares																2,955,935			2,955,935			1,955,889	391,177,712		391,177,712	13,640
Common stock, shares outstanding \| shares																2,955,935			2,955,935			1,955,889	391,177,712		391,177,712	13,640
Class A common stock \| Institutional Investors
STOCKHOLDERS' EQUITY
Percentage of fee							7.25%
Underwriting discounts and the offering expenses							$ 90,000
Class A common stock \| Edward Transit Express Group Inc.
STOCKHOLDERS' EQUITY
Fair value of stock consideration										$ 900,000
Shares issued \| shares										398
Common stock										$ 1,200,000
Class A common stock \| TWEW
STOCKHOLDERS' EQUITY
Fair value of stock consideration					$ 1,000,000
Shares issued \| shares				2,348	2,348
Common stock					$ 800,000								$ 800,000
Class A common stock \| Juguang Zhang \| Edward Transit Express Group Inc.
STOCKHOLDERS' EQUITY
Value of shares issued on acquisition									1,200,000
Fair value of stock consideration									$ 900,000
Class A common stock \| AC Sunshine Securities LLC
STOCKHOLDERS' EQUITY
Maximum aggregate offering price																		$ 100,000,000
Class A common stock \| IPO
STOCKHOLDERS' EQUITY
Share price \| $ / shares											$ 12,800
Shares issued during period shares \| shares											391
Aggregate gross proceeds from public offering											$ 5,000,000
Warrants to purchase shares of common stock \| shares											20
Exercise price of warrants \| $ / shares											$ 16,000
Class A common stock \| May offering
STOCKHOLDERS' EQUITY
Gross proceeds from issuance of common stock								$ 8,190,000
Shares issued during period shares \| shares								4,129
Purchase price \| $ / shares								$ 1,984
Class A common stock \| Private Placement
STOCKHOLDERS' EQUITY
Gross proceeds from issuance of common stock			$ 40,140,000
Shares issued during period shares \| shares			167,250
Class A common stock \| ATM offering
STOCKHOLDERS' EQUITY
Shares issued during period shares \| shares														1,775,000	1,000,000		2,775,000
Net proceeds to the company																			$ 30,900,000
Share aggregate \| shares														355,000,000
Class A common stock \| ATM offering \| AC Sunshine Securities LLC
STOCKHOLDERS' EQUITY
Maximum aggregate offering price																								$ 70,000,000
Class B common stock
STOCKHOLDERS' EQUITY
Common stock par value \| $ / shares																$ 0.0001			$ 0.0001							$ 0.0001
Common stock authorized \| shares		200,000,000														200,000,000			200,000,000							108,250,000
Voting rights		15 votes
Conversion ratio to class A common stock		1
Common stock, shares issued \| shares																203,456			203,456			3,456	690,875		690,875	3,456
Common stock, shares outstanding \| shares																203,456			203,456			3,456	690,875		690,875	3,456
Class B common stock \| Stock subscription
STOCKHOLDERS' EQUITY
Common stock par value \| $ / shares	$ 0.0001
Gross proceeds from issuance of common stock	$ 400,000
Shares issued during period shares \| shares	200,000
Purchase price issued \| $ / shares	$ 2

PROPERTY, PLANT, AND EQUIPMENT, NET (Details) - USD ($)

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2025

PROPERTY, PLANT, AND EQUIPMENT, NET

Subtotal

$ 365,000

$ 425,795

Less accumulated depreciation

(55,208)

(66,927)

Property, plant, and equipment, net

309,792

358,868

^[1]

Depreciation

16,507

$ 19,764

Impairment

$ 0

Motor Vehicles

PROPERTY, PLANT, AND EQUIPMENT, NET

Estimated Useful Life in Years

10 years

Subtotal

$ 365,000

365,000

Leasehold improvements

PROPERTY, PLANT, AND EQUIPMENT, NET

Subtotal

$ 60,795

Leasehold improvements | Minimum

PROPERTY, PLANT, AND EQUIPMENT, NET

Estimated Useful Life in Years

3 years

Leasehold improvements | Maximum

PROPERTY, PLANT, AND EQUIPMENT, NET

Estimated Useful Life in Years

6 years

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.

LEASES - Maturities of lease liabilities (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025
LEASES
2026	$ 270,815
2027	317,989
Total lease payments	588,804
Less: imputed interest	(41,605)
Present value of lease liabilities	$ 547,199	$ 1,179,013

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2026

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 18 — SUBSEQUENT EVENTS

On July 2, 2026, the Company entered into a one-year unsecured short-term loan agreement with Asia Finance Investment Limited for a principal amount of $700,000. The loan bears interest at an annual rate of 5.0%. The loan has a 12-month term and matures on July 1, 2027, with an option to extend for an additional 12 months. All outstanding principal and accrued interest are due in a single lump sum.

On August 10, 2026, Naiside and Shanghai Kesheng entered into a First Amendment to the Termination Agreement entered into on June 30, 2026. The First Amendment clarifies the repayment arrangements, overdue interest, default liability and related matters. Pursuant to the First Amendment, Shanghai Kesheng is required to repay the full principal amount of RMB 280,000,000 to Naiside in one lump sum on or before December 30, 2026, without deduction for any handling fee, service fee, management fee or other charge or expense. If the full principal amount is not repaid by December 30, 2026, the outstanding principal will accrue overdue interest commencing on December 31, 2026 at a rate of 5% per annum, calculated on a simple interest basis using the actual number of overdue days.

SEGMENT REPORTING - Reconciliation of Segment Operating Loss to Consolidated Loss Before Income Taxes (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

SEGMENT REPORTING

Segment operating loss

$ (881,797)

$ (780,849)

^[1]

$ (1,646,116)

$ (1,741,297)

^[1]

General and administrative expenses

887,115

805,305

^[1]

1,657,119

1,805,824

^[1]

Share-based compensation expenses

14,182

10,444

^[1]

28,364

26,629

^[1]

Operating expenses

901,297

815,749

^[1]

1,685,483

1,832,453

^[1]

Interest income

264,695

272,228

^[1]

415,837

480,318

^[1]

Interest expense

(6,799)

(8,060)

^[1]

(14,499)

(16,872)

^[1]

Loss on disposal of Edward

(297,610)

Other income, net

993,766

17,140

1,002,778

29,756

Total non-operating income (expense), net

954,052

281,308

^[1]

1,106,506

493,202

^[1]

Loss from continuing operations before income taxes

72,255

(499,541)

^[1]

(539,610)

(1,248,095)

^[1]

Operating segment

SEGMENT REPORTING

Segment operating loss

(16,835)

(78,760)

(137,406)

(154,914)

Operating expenses

36,335

113,660

176,773

246,070

Corporate non-segment

SEGMENT REPORTING

General and administrative expenses

(850,780)

(691,645)

(1,480,346)

(1,559,754)

Share-based compensation expenses

(14,182)

(10,444)

(28,364)

(26,629)

Operating expenses

$ (864,962)

$ (702,089)

$ (1,508,710)

$ (1,586,383)

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2026

SEGMENT REPORTING

Schedule of segment for discontinued operation


		Three Months Ended June 30,
		Logistics And Labor				International				Total
		Services				Trading				Segments
		2026		2025		2026		2025		2026		2025
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Revenues		$	—	$	354,126	$	868,909	$	—	$	868,909	$	354,126
Cost of revenues			—		319,226		849,409		—		849,409		319,226
Gross profit (loss)			—		34,900		19,500		—		19,500		34,900
Operating expenses			16,251		113,660		20,084		—		36,335		113,660
Segment operating loss		$	(16,251)	$	(78,760)	$	(584)	$	—	$	(16,835)	$	(78,760)


		Six Months Ended June 30,
		Logistics And Labor				International				Total
		Services				Trading				Segments
		2026		2025		2026		2025		2026		2025
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Revenues		$	92,700	$	833,925	$	868,909	$	—	$	961,609	$	833,925
Cost of revenues			72,833		742,769		849,409		—		922,242		742,769
Gross profit (loss)			19,867		91,156		19,500		—		39,367		91,156
Operating expenses			156,689		246,070		20,084		—		176,773		246,070
Segment operating loss		$	(136,822)	$	(154,914)	$	(584)	$	—	$	(137,406)	$	(154,914)

Schedule of reconciliation of segment operating loss


		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2026		2025			2026		2025
		(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
Total segment operating loss		$	(16,835)	$	(78,760)		$	(137,406)	$	(154,914)

Corporate unallocated operating adjustments			—		—			—		—
Corporate general and administrative expenses			(850,780)		(691,645)			(1,480,346)		(1,559,754)
Share-based compensation expenses			(14,182)		(10,444)			(28,364)		(26,629)

Total corporate operating expenses		$	(864,962)	$	(702,089)		$	(1,508,710)	$	(1,586,383)

Non-operating adjustments			—		—			—		—

Interest income			264,695		272,228			415,837		480,318

Interest expense			(6,799)		(8,060)			(14,499)		(16,872)

Loss on disposal of Edward			(297,610)		—			(297,610)		—

Other income, net			993,766		17,140			1,002,778		29,756

Total non-operating income (expense), net			954,052		281,308			1,106,506		493,202

Loss from continuing operations before income taxes		$	72,255	$	(499,541)		$	(539,610)	$	(1,248,095)

Schedule of segment assets and geographic information


		June 30, 2026			December 31, 2025
		(Unaudited)			(Unaudited)
Logistics and Labor Services segment assets		$	1,050,553		$	1,651,936
International Trading segment assets			5,723,343			—
Total segment operating assets			6,773,896			1,651,936
Corporate unallocated assets
Cash and cash equivalents			1,880,708			107,236
Loan receivable			29,951,513			7,430,111
Receivable from withdrawal of investment deposit			41,110,573			—
Other corporate current assets			2,799,902			2,669,181
Total corporate unallocated assets			75,742,696			10,206,528
Total consolidated assets		$	82,516,592		$	11,858,464


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
U.S. domestic market		$	—		$	333,591		$	79,530		$	798,474
Overseas market			868,909			20,535			882,079			35,451
Total revenue		$	868,909		$	354,126		$	961,609		$	833,925

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

LEASES - Operating lease related assets and liabilities recorded on the balance sheets (Details)

6 Months Ended

12 Months Ended

Jul. 19, 2024

USD ($)

ft²

Jun. 30, 2026

USD ($)

Dec. 31, 2025

USD ($)

Jun. 30, 2025

USD ($)

LEASES

Lessee, Operating Lease, Existence of Option to Extend [true false]

true

Gain on lease termination

$ 7,853

Right-of-use assets

$ 530,929

1,165,517

^[1]

$ 1,165,517

Operating lease liabilities - current

502,249

594,407

^[1]

594,407

Operating lease liabilities - non-current

44,950

$ 584,606

^[1]

584,606

Total operating lease liabilities

$ 547,199

$ 1,179,013

Zina Development, LLC

LEASES

Office space | ft²

15,000

West Buy Media Inc | Chief Executive Officer | Zina Development, LLC

LEASES

% of Ownership

100.00%

Minimum

LEASES

Term of the operating lease

12 months

Minimum | Zina Development, LLC

LEASES

Monthly base rent

$ 42,000

Maximum

LEASES

Term of the operating lease

55 months

Maximum | Zina Development, LLC

LEASES

Monthly base rent

$ 45,000

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details)	6 Months Ended
	Jun. 30, 2026 item
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of reporting units	1

LONGTERM BORROWINGS

6 Months Ended

Jun. 30, 2026

LONGTERM BORROWINGS

LONGTERM BORROWINGS

NOTE 11 — LONGTERM BORROWINGS

Long-term borrowings consisted of the following:


		June 30,			December 31,
		2026			2025
Small Business Administration⁽¹⁾		$	449,632		$	456,063
Thread Capital Inc.⁽²⁾			140,217			152,492
Total long-term borrowings		$	589,849		$	608,555

Current portion of long-term borrowings		$	37,279		$	35,902

Non-current portion of long-term borrowings		$	552,570		$	572,653

(1)

The future maturities of the SBA loan as of June 30, 2026 were as follows:


Fiscal Years		Future repayment
2026 (from July 1, 2026 to December 31, 2026)			5,794
2027			11,942
2028			12,429
2029			12,937
Thereafter			406,530
Total		$	449,632

(2)

The future maturities of the loan from Thread Capital as of June 30, 2026 were as follows:


Fiscal Years		Future repayment
2026 (from July 1, 2026 to December 31, 2026)			12,611
2027			26,285
2028			27,768
2029			29,334
Thereafter			44,219
Total		$	140,217

For the above-mentioned long-term borrowings, the Company recorded interest expenses of $12,533 and $13,406 for the six months ended June 30, 2026 and 2025, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts receivable, net (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts receivable, allowance for doubtful accounts	$ 0	$ 0

RECEIVABLE FROM WITHDRAWAL OF INVESTMENT DEPOSIT (Details)				6 Months Ended
	Jan. 29, 2026 USD ($)	Jan. 29, 2026 CNY (¥)	Jan. 06, 2026 USD ($)	Jun. 30, 2026 USD ($)	Dec. 31, 2026	Aug. 10, 2026 CNY (¥)	Jun. 30, 2026 CNY (¥)
RECEIVABLE FROM WITHDRAWAL OF INVESTMENT
Capital contributions made \| $				$ 41,110,573
Receivable from withdrawal of investment deposit				$ 41,110,573			¥ 280,000,000
Naiside \| Subsequent Event
RECEIVABLE FROM WITHDRAWAL OF INVESTMENT
Repayment of full principal amount \| ¥						¥ 280,000,000
Interest rate					5.00%
Shanghai Kesheng \| Naiside
RECEIVABLE FROM WITHDRAWAL OF INVESTMENT
Percentage of interest in partnership investment (in %)			7.00%
Capital contributions made	$ 41,110,573	¥ 280,000,000
Minimum portfolio investment \| $			$ 700,000
Maximum portfolio investment \| $			$ 7,000,000
Management fee fund percentage			2.00%
Percentage entitled to partners on net profits			30.00%
Deposit on long-term investment \| ¥							280,000,000
Receivable from withdrawal of investment deposit \| ¥							¥ 280,000,000
Interest rate				5.00%			5.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details)	Jun. 30, 2026 USD ($) Y	Dec. 31, 2025 Y	Jun. 30, 2025 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of years of cumulative pre-tax book losses \| Y	3	3
Uncertain tax positions \| $	$ 0		$ 0

LOAN RECEIVABLE - Additional information (Details)

3 Months Ended

6 Months Ended

16 Months Ended

Jun. 26, 2026

USD ($)

May 21, 2026

USD ($)

May 14, 2026

USD ($)

May 05, 2026

USD ($)

Apr. 27, 2026

USD ($)

Apr. 23, 2026

USD ($)

Apr. 01, 2026

USD ($)

Mar. 19, 2026

USD ($)

Mar. 18, 2026

USD ($)

Mar. 17, 2026

USD ($)

Mar. 16, 2026

USD ($)

Mar. 12, 2026

USD ($)

Mar. 06, 2026

USD ($)

Nov. 20, 2025

Oct. 28, 2025

USD ($)

Oct. 24, 2025

USD ($)

Oct. 02, 2025

USD ($)

Aug. 16, 2025

USD ($)

Jun. 26, 2025

USD ($)

Jun. 13, 2025

USD ($)

Mar. 18, 2025

USD ($)

Mar. 17, 2025

USD ($)

Jan. 07, 2025

USD ($)

Nov. 20, 2024

USD ($)

Oct. 28, 2024

USD ($)

agreement

Oct. 24, 2024

USD ($)

Oct. 02, 2024

USD ($)

agreement

Aug. 16, 2024

USD ($)

Jul. 23, 2024

USD ($)

Jun. 30, 2026

USD ($)

Jun. 30, 2025

USD ($)

Jun. 30, 2026

USD ($)

Jun. 30, 2025

USD ($)

May 11, 2026

USD ($)

Jun. 25, 2027

Jun. 12, 2027

Dec. 31, 2025

USD ($)

Mar. 19, 2025

USD ($)

Jan. 29, 2025

USD ($)

Accounts, Notes, Loans and Financing Receivable

Loan receivable

$ 29,951,513

$ 7,430,111

^[1]

Interest income

264,695

$ 272,228

^[2]

415,837

$ 480,318

^[2]

Repaid loan receivable

26,490,000

3,445,150

Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Loan receivable

25,458,778

3,846,666

Asia Finance Investment Limited

Accounts, Notes, Loans and Financing Receivable

Loan receivable

4,492,735

$ 3,583,445

Short-term loan receivables

Accounts, Notes, Loans and Financing Receivable

Interest income

261,523

$ 272,228

412,608

$ 474,896

Short-term loan receivables | Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Number of loan agreements entered | agreement

Loan agreement term

1 year

Interest rate

12.00%

Initial term of agreement

12 months

Additional unsecured short term loan issued on July 23, 2024 | Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term renew for additional

1 year

Face amount of borrowing

$ 1,500,000

Interest rate

8.00%

Principal amount

$ 1,500,000

Interest amount

$ 223,564

Remaining interest amount

$ 182,500

Unsecured short term loan issued on October 2, 2024 | Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term renew for additional

1 year

Face amount of borrowing

$ 1,000,000

Interest rate

8.00%

Principal amount

$ 1,000,000

Interest amount

156,547

Unsecured short term loan issued on October 28, 2024 | Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term renew for additional

1 year

Face amount of borrowing

$ 1,000,000

Interest rate

8.00%

Principal amount

471,222

528,778

Remaining principal amount

528,778

Remaining interest amount

165,011

$ 165,011

Unsecured short term loan issued on November 20, 2024 | Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

1 year

Adjusted principal balance

$ 500,000

Interest rate

8.00%

12.00%

Initial term of agreement

12 months

Principal amount

$ 500,000

Remaining interest amount

85,500

Unsecured short term loan issued on March 17, 2025 | Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

1 year

Face amount of borrowing

$ 950,000

Loan receivable

$ 950,000

Interest rate

5.00%

12.00%

Initial term of agreement

12 months

Principal amount

950,000

Remaining interest amount

129,438

Unsecured short term loan issued on March 17, 2026 | Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Face amount of borrowing

$ 980,000

Interest rate

5.00%

Initial term of agreement

12 months

Principal amount

$ 721,222

Remaining principal amount

258,778

Remaining interest amount

$ 14,292

Unsecured short term loan issued on August 16, 2024 | Asia Finance Investment Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Face amount of borrowing

$ 649,250

Adjusted principal balance

$ 558,295

Loan receivable

$ 558,295

Monthly interest rate

1.00%

Interest rate

8.00%

Initial term of agreement

12 months

Overdue interest rate

18.00%

Principal amount

$ 558,295

Interest amount

92,117

Unsecured short term loan issued on October 24, 2024 | Asia Finance Investment Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

1 year

Face amount of borrowing

$ 530,000

Loan receivable

$ 530,000

Monthly interest rate

1.00%

Interest rate

8.00%

Initial term of agreement

12 months

Principal amount

530,000

Interest amount

$ 80,854

Unsecured short term loan issued on January 7, 2025 | Asia Finance Investment Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Face amount of borrowing

$ 100,000

Monthly interest rate

1.00%

Initial term of agreement

12 months

Principal amount

$ 300,000

100,000

Interest amount

$ 39,765

$ 13,641

Additional unsecured short term loan issued on January 29, 2025 | Asia Finance Investment Limited

Accounts, Notes, Loans and Financing Receivable

Face amount of borrowing

$ 300,000

Unsecured short term loan issued on March 18, 2025 | Asia Finance Investment Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

1 year

Face amount of borrowing

$ 825,400

Loan receivable

$ 825,400

Monthly interest rate

1.00%

Interest rate

5.00%

Initial term of agreement

12 months

Principal amount

612,415

Remaining principal amount

212,985

Remaining interest amount

103,556

Additional unsecured short-term loan issued on March 19, 2025 | Asia Finance Investment Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term renew for additional

1 year

Face amount of borrowing

$ 900,000

Loan receivable

$ 900,000

Interest rate

5.00%

Principal amount

Remaining principal amount

900,000

Remaining interest amount

122,375

Unsecured short term loan issued on June 13, 2025 | Asia Finance Investment Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

1 year

Face amount of borrowing

$ 169,750

Loan receivable

$ 169,750

Interest rate

8.00%

5.00%

Initial term of agreement

12 months

Principal amount

Remaining principal amount

169,750

Remaining interest amount

14,169

Unsecured short term loan issued on June 26, 2025 | Asia Finance Investment Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

1 year

Face amount of borrowing

$ 200,000

Loan receivable

$ 200,000

Interest rate

8.00%

5.00%

Initial term of agreement

12 months

Principal amount

Remaining principal amount

200,000

Remaining interest amount

$ 16,333

Unsecured short serm loan issued on April 1, 2026 | Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

12 months

Face amount of borrowing

$ 500,000

Interest rate

5.00%

Initial term of agreement

12 months

Principal amount

$ 0

Remaining principal amount

500,000

Remaining interest amount

$ 6,250

Unsecured short term loan issued on April 23, 2026 | Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

12 months

Face amount of borrowing

$ 9,000,000

Interest rate

5.00%

Initial term of agreement

12 months

Principal amount

$ 0

Remaining principal amount

9,000,000

Remaining interest amount

$ 85,000

Unsecured short term loan issued on April 27, 2026 | Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

12 months

Face amount of borrowing

$ 5,000,000

Interest rate

5.00%

Initial term of agreement

12 months

Principal amount

$ 0

Remaining principal amount

5,000,000

Remaining interest amount

$ 44,444

Unsecured short term loan issued on May 14, 2026 | Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

12 months

Face amount of borrowing

$ 4,000,000

Interest rate

5.00%

Initial term of agreement

12 months

Principal amount

$ 0

Remaining principal amount

4,000,000

Remaining interest amount

$ 26,111

Unsecured short term loan issued on May 21, 2026 | Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

12 months

Face amount of borrowing

$ 4,000,000

Interest rate

5.00%

Initial term of agreement

12 months

Principal amount

$ 0

Remaining principal amount

4,000,000

Remaining interest amount

$ 22,222

Unsecured short term loan issued on May 21, 2026 | Asia Finance Investment Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

12 months

Face amount of borrowing

$ 600,000

Interest rate

5.00%

Initial term of agreement

12 months

Principal amount

$ 0

Remaining principal amount

600,000

Remaining interest amount

$ 3,333

Unsecured short term loan issued on May 11, 2026 | Asia Finance Investment Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

12 months

Face amount of borrowing

$ 1,000,000

Interest rate

5.00%

Initial term of agreement

12 months

Principal amount

$ 0

Remaining principal amount

1,000,000

Remaining interest amount

$ 6,944

Unsecured short term loan issued on June 26, 2026 | Asia Finance Investment Limited

Accounts, Notes, Loans and Financing Receivable

Loan agreement term

1 year

Loan agreement term renew for additional

12 months

Face amount of borrowing

$ 1,410,000

Interest rate

5.00%

Initial term of agreement

12 months

Principal amount

$ 0

Remaining principal amount

1,410,000

Remaining interest amount

$ 783

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.
[2]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of revenue (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Disaggregation of revenue

Total revenue

$ 868,909

$ 354,126

^[1]

$ 961,609

$ 833,925

^[1]

Total revenue increase

514,783

127,684

U.S. domestic market

Disaggregation of revenue

Total revenue

333,591

79,530

798,474

Overseas market

Disaggregation of revenue

Total revenue

$ 868,909

$ 20,535

$ 882,079

$ 35,451

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

PREMIUM FINANCE

6 Months Ended

Jun. 30, 2026

PREMIUM FINANCE

PREMIUM FINANCE

NOTE 10 — 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. The loan was paid off on June 2, 2025.

On August 1, 2025, the Company renewed the Premium Finance Agreement with ETI Financial Corporation to finance the purchase of its directors’ and officers’ insurance for the new policy term. Under the renewed agreement, the Company borrowed $151,421.49 at an annual interest rate of 7.10%. The financing is scheduled to be repaid in nine-month installments, beginning on September 1, 2025. As of the date of this report, the Company is in compliance with all payment terms under the renewed agreement.

Premium finance consisted of the following:


		June 30,			December 31,
		2026			2025
Premium finance		$	—		$	82,650

Interest expenses incurred related to the Premium Finance Agreement were $1,473 and $3,004 for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and 2025, the balance of premium finance was $nil and $82,650, respectively.

STOCKHOLDERS' EQUITY - Reverse Stock Split (Details)	Mar. 23, 2026 shares	Oct. 21, 2024 shares	Oct. 07, 2024	Sep. 30, 2024	Sep. 29, 2024	Jun. 30, 2026 shares	Apr. 20, 2026 shares	Apr. 19, 2026 shares	Dec. 31, 2025 shares
STOCKHOLDERS' EQUITY
Reverse split ratio	0.005	0.0625	0.0625	0.033	0.1
Fraction shares issued due to reverse stock split (in shares)	0	0
Common stock, shares issued						3,159,391			17,096
Common stock shares outstanding						3,159,391			17,096
Class A common stock
STOCKHOLDERS' EQUITY
Common stock, shares issued	391,177,712					2,955,935	1,955,889	391,177,712	13,640
Common stock shares outstanding	391,177,712					2,955,935	1,955,889	391,177,712	13,640
Class B common stock
STOCKHOLDERS' EQUITY
Common stock, shares issued	690,875					203,456	3,456	690,875	3,456
Common stock shares outstanding	690,875					203,456	3,456	690,875	3,456

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 10, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-41761
Entity Registrant Name	Cheetah Net Supply Chain Service Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3509120
Entity Address, Address Line One	8707 Research Drive
Entity Address, City or Town	Irvine
Entity Address State Or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	949
Local Phone Number	740-7799
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	CTNT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001951667
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		2,955,935
Class B common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		203,456

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment for ROU lease assets	$ 0	$ 0

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2026

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 13 — RELATED PARTY TRANSACTIONS

a.	Nature of relationship with related parties

Name		Relationship with Our Company
Weishu Guo		Legal representative of Nextrade

b.	Due to a related party

The details of due to a related party are as below:


		June 30,			December 31,
		2026			2025
Due to a related party		$	9,713		$	5,204
Total due to a related party		$	9,713		$	5,204

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RELATED PARTY TRANSACTIONS (Details) - USD ($)

Jun. 30, 2026

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

Due to a related party

$ 9,713

$ 5,204

^[1]

Other Liability, Current, Related Party [Extensible Enumeration]

us-gaap:RelatedPartyMember

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of long-lived assets (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment	$ 0	$ 0

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2026

SEGMENT REPORTING

SEGMENT REPORTING

NOTE 17 — SEGMENT REPORTING

The Company accounts for segment reporting in accordance with ASC 280, Segment Reporting. ASC 280 requires public companies to report financial and descriptive information about their reportable operating segments using the “management approach,” which is based on the internal financial information that the Company’s chief operating decision maker (“CODM”) regularly uses to allocate resources and assess segment performance. The Company’s CODM is its Chief Executive Officer.

During the six months ended June 30, 2026, the Company completed the acquisition of Super International and optimized its internal management reporting framework. In connection with the expansion of the Company’s business entity structure, the Company reassessed its segment presentation and corrected its historical segment classification methodology. Historically, certain corporate overhead expenses related to public company governance, executive management and centralized administrative functions were incorrectly included within the Logistics and Warehousing Services segment. Such corporate-level costs are not attributable to any individual operating business and are not evaluated by the CODM when measuring segment operating performance or allocating segment resources.

Accordingly, the Company has revised its segment presentation to separate all corporate unallocated expenses from operating segment results, and has retrospectively restated all prior period segment data to conform to the current period presentation. The revised presentation aligns fully with the CODM’s internal performance evaluation process and complies with the management approach under ASC 280.

The Company has two reportable operating segments: Logistics and Warehousing, and International Trading.

Description of Reportable Segments

Logistics and Warehousing

This segment provides general labor staffing, on-site workforce support and logistics coordination services primarily through the Company’s subsidiary, TW & EW Services Inc. (“TWEW”). Prior to its disposition on April 1, 2026, this segment also included the freight forwarding and warehousing operations of Edward.

International Trading

This newly established segment commenced operations following the Company’s acquisition of Super International on May 27, 2026. The segment engages in the procurement and global resale of construction machinery and equipment, serving international end customers and equipment distributors.

Corporate Unallocated Items

Corporate unallocated items consist of centralized corporate costs that support the overall organization but do not relate to the core operating activities of either reportable segment. These items include executive leadership compensation, public company compliance and SEC reporting costs, corporate legal and audit fees, company-wide share-based compensation, global office overhead and other general administrative expenses. In addition, interest income, interest expense, gains or losses on asset dispositions and other non-operating items are maintained at the corporate level and not allocated to operating segments, as such items are not used by the CODM to evaluate segment profitability.

The accounting policies applied to each reportable segment are consistent with the consolidated U.S. GAAP accounting policies of the Company. The CODM evaluates segment performance based solely on segment operating income or loss, which excludes all corporate unallocated costs and non-operating items.

Segment operating results

The following tables present operating results for the Company’s reportable segments for the three and six months ended June 30, 2026 and 2025. Segment amounts reflect only direct, segment-specific revenues and operating expenses attributable to each respective business.


		Three Months Ended June 30,
		Logistics And Labor				International				Total
		Services				Trading				Segments
		2026		2025		2026		2025		2026		2025
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Revenues		$	—	$	354,126	$	868,909	$	—	$	868,909	$	354,126
Cost of revenues			—		319,226		849,409		—		849,409		319,226
Gross profit (loss)			—		34,900		19,500		—		19,500		34,900
Operating expenses			16,251		113,660		20,084		—		36,335		113,660
Segment operating loss		$	(16,251)	$	(78,760)	$	(584)	$	—	$	(16,835)	$	(78,760)


		Six Months Ended June 30,
		Logistics And Labor				International				Total
		Services				Trading				Segments
		2026		2025		2026		2025		2026		2025
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Revenues		$	92,700	$	833,925	$	868,909	$	—	$	961,609	$	833,925
Cost of revenues			72,833		742,769		849,409		—		922,242		742,769
Gross profit (loss)			19,867		91,156		19,500		—		39,367		91,156
Operating expenses			156,689		246,070		20,084		—		176,773		246,070
Segment operating loss		$	(136,822)	$	(154,914)	$	(584)	$	—	$	(137,406)	$	(154,914)

Reconciliation of Segment Operating Loss to Consolidated Loss Before Income Taxes

Total reportable segment operating results are reconciled to the Company’s consolidated loss from continuing operations before income taxes below, with all corporate unallocated operating costs and non-operating adjustments presented as reconciling items in accordance with ASC 280‑10‑50‑30.


		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2026		2025			2026		2025
		(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
Total segment operating loss		$	(16,835)	$	(78,760)		$	(137,406)	$	(154,914)

Corporate unallocated operating adjustments			—		—			—		—
Corporate general and administrative expenses			(850,780)		(691,645)			(1,480,346)		(1,559,754)
Share-based compensation expenses			(14,182)		(10,444)			(28,364)		(26,629)

Total corporate operating expenses		$	(864,962)	$	(702,089)		$	(1,508,710)	$	(1,586,383)

Non-operating adjustments			—		—			—		—

Interest income			264,695		272,228			415,837		480,318

Interest expense			(6,799)		(8,060)			(14,499)		(16,872)

Loss on disposal of Edward			(297,610)		—			(297,610)		—

Other income, net			993,766		17,140			1,002,778		29,756

Total non-operating income (expense), net			954,052		281,308			1,106,506		493,202

Loss from continuing operations before income taxes		$	72,255	$	(499,541)		$	(539,610)	$	(1,248,095)

Segment Assets

The CODM only reviews operating assets directly attributable to each reportable segment for performance evaluation and resource allocation purposes. Corporate-managed financial assets, centralized cash holdings, loan receivables, investment receivables and other shared corporate assets are not allocated to operating segments. The following table reconciles segment operating assets to consolidated total assets.


		June 30, 2026			December 31, 2025
		(Unaudited)			(Unaudited)
Logistics and Labor Services segment assets		$	1,050,553		$	1,651,936
International Trading segment assets			5,723,343			—
Total segment operating assets			6,773,896			1,651,936
Corporate unallocated assets
Cash and cash equivalents			1,880,708			107,236
Loan receivable			29,951,513			7,430,111
Receivable from withdrawal of investment deposit			41,110,573			—
Other corporate current assets			2,799,902			2,669,181
Total corporate unallocated assets			75,742,696			10,206,528
Total consolidated assets		$	82,516,592		$	11,858,464

Segment operating assets primarily include segment-specific accounts receivable, property and equipment, operating lease right-of-use assets, intangible assets and goodwill attributable to each reportable segment.

Geographic Information

Revenues are disaggregated by geographic region based on the customer’s primary location. Long-lived assets of the Company are substantially all located within the United States.


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
U.S. domestic market		$	—		$	333,591		$	79,530		$	798,474
Overseas market			868,909			20,535			882,079			35,451
Total revenue		$	868,909		$	354,126		$	961,609		$	833,925

Major Customers

For the three months ended June 30, 2026, certain customers of the Company’s international trading segment accounted for substantially all of the segment’s revenues and the Company’s consolidated total revenues. These customers accounted for approximately 100% of the Company’s consolidated total revenues for the three months ended June 30, 2026, substantially exceeding the ten percent threshold for major customer disclosure under ASC 280-10-50-22.

For the six months ended June 30, 2026, these customers accounted for approximately 90% of the Company’s consolidated total revenues. This concentration also exceeded the ten percent threshold.

For the three and six months ended June 30, 2025, no individual customer accounted for ten percent or more of the Company’s consolidated total revenues.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Going Concern Consideration (Details)

3 Months Ended

6 Months Ended

Jun. 30, 2026

USD ($)

Jun. 30, 2025

USD ($)

^[1]

Jun. 30, 2026

USD ($)

Jun. 30, 2025

USD ($)

Jun. 30, 2026

CNY (¥)

Dec. 31, 2025

USD ($)

^[2]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Net loss

$ (71,045)

$ 512,528

$ 545,220

$ 1,266,437

^[1]

Operating cash flows

(865,760)

$ 1,333,668

Cash and cash equivalents

2,143,604

$ 233,217

Working capital

74,100,000

Receivable from withdrawal of investment deposit

41,110,573

¥ 280,000,000

Loan receivable

$ 29,951,513

$ 7,430,111

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.
[2]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loan receivable (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment allowance	$ 0	$ 0

SEGMENT REPORTING - Segment reporting information (Details)	6 Months Ended
	Jun. 30, 2026 segment
SEGMENT REPORTING
Number of Operating Segments	2
Number of reportable segments	2

INCOME TAXES

6 Months Ended

Jun. 30, 2026

INCOME TAXES

INCOME TAXES

NOTE 14 — 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


			For the Six Months Ended
			June 30,
		2026			2025
Loss from continuing operations before income taxes		$	(539,610)		$	(1,248,095)

(ii)

The components of the income tax provision were as follows:


		For the Six Months Ended
		June 30,
		2026		2025
Current:
Federal		$	—	$	—
State			5,610		5,200
Total current income tax provision			5,610		5,200
Deferred:
Federal			—		—
State			—		—
Total deferred income tax expenses			—		—
Adjustments related to prior year income taxes			—		13,142
Total income tax provision		$	5,610	$	18,342

The consolidated statement of operations reflects income tax expense of approximately $5,610 for the six months ended June 30, 2026, which primarily consists of $4,400 of income tax expense recorded during the first quarter of 2026 and approximately $2,000 of tax payments related to prior periods and acquisition-related tax filings upon the filing of 2025 tax returns in April 2026, partially offset by an income tax benefit of approximately $790 recorded during the second quarter of 2026. Payments made to settle previously recorded tax liabilities do not impact the Company’s estimated annual effective tax rate for 2026.

The consolidated statement of operations reflects income tax expense of approximately $18,342 for the six months ended June 30, 2025, which includes tax provision of $5,200 during the second quarter of 2025, and approximately $13,142 of tax payments related to prior periods and acquisition-related tax filings upon the filing of 2024 tax returns in April 2025. These additional amounts primarily consist of: (i) $2,155 of tax obligations owed by Cheetah for the 2024 tax year, (ii) $1,101 of pre-acquisition tax obligations of Edward, and (iii) $9,886 of pre-acquisition tax obligations of TWEW. These payments do not impact the Company’s estimated annual effective tax rate for 2025.

(iii)

Reconciliations of the statutory income tax rate to the effective income tax rate were as follows:


		For the Six Months Ended
		June 30,
		2026			2025
Federal income tax at the statutory rate			21.0	%		21.0	%
State statutory tax rate			34.3	%		4.3	%
Permanent Items			17.8	%		(0.4)	%
Change in valuation allowance			(75.0)	%		(25.3)	%
Other			0.9	%		—	%
Effective tax rate			(1.0)	%		(0.4)	%

(iv)

Deferred tax assets, net were composed of the following:


		June 30,			December 31,
		2026			2025
Deferred tax assets:
Net operating loss carry forwards		$	—		$	1,552,937
Tax attribute carryovers			2,247,292			—
Lease liability			153,126			329,930
Others			468,057			458,966
Total gross deferred tax assets			2,868,475			2,341,833

Less valuation allowance			(2,262,986)			(1,793,889)
Total deferred tax assets, net of valuation allowance			605,489			547,944

Deferred tax liabilities:
Intangible assets			(141,317)			(221,790)
Unrealized gains on foreign exchange			(271,461)			—
Fixed assets			(44,138)			—
Right of use assets			(148,573)			(326,154)
Total deferred tax liabilities			(605,489)			(547,944)

Total deferred tax assets, net		$	—		$	—

The Company assesses deferred tax assets to determine whether they are realizable. As of June 30, 2026 and December 31, 2025, 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 2026. Based on this evidence, realization of deferred tax assets is not considered more-likely-than-not at this time.

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 2026.

The Company monitors tax law changes and has determined that no recent changes materially impact the financial statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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+ Details

PROPERTY, PLANT, AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2026

PROPERTY, PLANT, AND EQUIPMENT, NET

Schedule of property, plant, and equipment, net


		Estimated Useful Life
		in Years		June 30, 2026			December 31, 2025
Motor Vehicles		10		$	365,000		$	365,000
Leasehold improvements*		3-6			—			60,795
Subtotal					365,000			425,795
Less accumulated depreciation					(55,208)			(66,927)
Property, plant, and equipment, net				$	309,792		$	358,868

*Leasehold improvements were related to Edward’s full steel manual gates, yard fence, and office roof upgrade.

SEGMENT REPORTING - Geographic Information (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Going Concern Consideration

REVENUE

$ 868,909

$ 354,126

^[1]

$ 961,609

$ 833,925

^[1]

U.S. domestic market

Going Concern Consideration

REVENUE

333,591

79,530

798,474

Overseas market

Going Concern Consideration

REVENUE

$ 868,909

$ 20,535

$ 882,079

$ 35,451

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2026

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

NOTE 6 — DISCONTINUED OPERATIONS

On March 3, 2025, the Company’s board of directors 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 all periods presented.

Accounts Receivable, net

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. During the year ended December 31, 2024, the Company collected approximately $4.0 million related to accounts receivable generated in prior periods and earlier in the year. As of December 31, 2024, the Company had gross accounts receivable of approximately $4.1 million.

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.

Cash Flows from discontinued operations


		For the Six Months Ended
		June 30,
		2025
Cash flows from operating activities:
Net loss		$	(1,266,437)
Less: Loss from discontinued operations, net of tax			—
Loss from continuing operations			(1,266,437)
Cash used in operations-continuing operations			(1,206,833)
Cash provided by operations-discontinued operations			2,540,501
Net cash provided by operating activities			1,333,668

Cash flows from investing activities:
Cash used in investing activities-continuing operations			(2,661,150)
Net cash used in investing activities			(2,661,150)

Cash flows from financing activities:
Cash provided by financing activities-continuing operations			(138,294)
Cash used in financing activities-discontinued operations			—
Net cash used in discontinued financing activities		$	(138,294)

LEASES - Weighted average remaining lease term and discount rate (Details)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Remaining lease term and discount rate:
Weighted average remaining lease term (years)	1 year 29 days	2 years 4 months 20 days
Weighted average discount rate	4.10%	4.90%
Weighted average incremental borrowing rate per annum	4.10%

INCOME TAXES - Loss from continuing operations before income taxes (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

INCOME TAXES

Loss from continuing operations before income taxes

$ 72,255

$ (499,541)

^[1]

$ (539,610)

$ (1,248,095)

^[1]

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

INCOME TAXES - Components of Deferred Tax Assets (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Deferred tax assets:
Net operating loss carry forwards		$ 1,552,937
Tax attribute carryovers	$ 2,247,292
Lease liability	153,126	329,930
Others	468,057	458,966
Total deferred tax assets	2,868,475	2,341,833
Deferred tax liabilities:
Intangible assets	(141,317)	(221,790)
Unrealized gains on foreign exchange	(271,461)
Fixed assets	(44,138)
Right of use assets	(148,573)	(326,154)
Total deferred tax liabilities	(605,489)	(547,944)
Less valuation allowance	(2,262,986)	(1,793,889)
Total deferred tax assets, net of valuation allowance	605,489	547,944
Total deferred tax assets, net	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - General and administration expenses (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General and administrative expenses of continuing operations

$ 887,115

$ 805,305

^[1]

$ 1,657,119

$ 1,805,824

^[1]

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL (Details) - USD ($)						6 Months Ended
	May 27, 2026	Dec. 19, 2024	Nov. 27, 2024	Jan. 24, 2024	Feb. 27, 2020	Jun. 30, 2026	Jun. 30, 2025	Apr. 16, 2026
INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL
Accumulated amortization expenses						$ 38,511	$ 56,144
Edward Transit Express Group Inc.
INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL
Percentage of agreed ownership interest to acquire				100.00%
Gross purchase price				$ 1,500,000
Consideration paid				$ 300,000
Edward Transit Express Group Inc. \| Class A common stock
INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL
Shares issued				398
Common stock				$ 1,200,000
Fair value of stock consideration				$ 900,000
TWEW
INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL
Percentage of agreed ownership interest to acquire			100.00%
Gross purchase price			$ 1,000,000		$ 1,000,000
Consideration paid			$ 200,000		200,000
TWEW \| Class A common stock
INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL
Shares issued		2,348	2,348
Common stock			$ 800,000		$ 800,000
Fair value of stock consideration			$ 1,000,000
Super International Trading Limited
INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL
Percentage of agreed ownership interest to acquire								100.00%
Consideration paid	$ 4,980,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Loss) Earnings per share (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

^[1]

Jun. 30, 2026

Jun. 30, 2025

Basic and diluted EPS

Number of dilutive shares

Loss from continuing operations per ordinary share, basic

$ (545,220)

$ (1,266,437)

Loss from operations per ordinary share, basic

(545,220)

(1,266,437)

Loss from continuing operations per ordinary share, diluted

(545,220)

(1,266,437)

Loss from operations per ordinary share, diluted

$ (545,220)

$ (1,266,437)

Weighted average shares - basic (in shares)

1,909,536

16,096

1,027,682

16,096

^[1]

Weighted average shares - diluted (in shares)

1,909,536

16,096

1,027,682

16,096

^[1]

(Loss) from continuing operations per ordinary share - basic (in dollars per share)

$ 0.037

$ (31.84)

$ (0.53)

$ (78.68)

^[1]

(Loss) from discontinued operations per ordinary share - basic (in dollars per share)

^[1]

(Loss) from operations per ordinary share - basic (in dollars per share)

0.037

(31.84)

(0.53)

(78.68)

^[1]

(Loss) from continuing operations per ordinary share - diluted (in dollars per share)

0.037

(31.84)

(0.53)

(78.68)

^[1]

(Loss) from discontinued operations per ordinary share - diluted (in dollars per share)

^[1]

(Loss) from operations per ordinary share - diluted (in dollars per share)

$ 0.037

$ (31.84)

$ (0.53)

$ (78.68)

^[1]

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment reporting (Details)	6 Months Ended
	Jun. 30, 2026 segment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of Operating Segments	2
Number of reportable segments	2

CONSOLIDATED BALANCE SHEETS

Jun. 30, 2026

USD ($)

Dec. 31, 2025

USD ($)

CURRENT ASSETS:

Cash and cash equivalents

$ 2,143,604

$ 233,217

^[1]

Accounts receivable, net

734,162

6,540

^[1]

Loan receivable

29,951,513

7,430,111

^[1]

Other receivables, net

960,451

1,157,130

^[1]

Prepaid expenses and other current assets

821,030

238,648

^[1]

Receivable from withdrawal of investment deposit

41,110,573

TOTAL CURRENT ASSETS

75,721,333

9,065,646

^[1]

NONCURRENT ASSETS:

Property, plant, and equipment, net

309,792

358,868

^[1]

Operating lease right-of-use assets

530,929

1,165,517

^[1]

Intangibles, net

505,000

792,571

^[1]

Goodwill

2,665,654

475,862

^[1]

Contingent consideration asset

2,783,884

TOTAL NONCURRENT ASSETS

6,795,259

2,792,818

^[1]

TOTAL ASSETS

82,516,592

11,858,464

^[1]

CURRENT LIABILITIES:

Accounts payable

733,426

32,762

^[1]

Current portion of long-term debt

37,279

35,902

^[1]

Loans payable from premium finance

82,650

^[1]

Due to a related party

$ 9,713

$ 5,204

^[1]

Other Liability, Current, Related Party [Extensible Enumeration]

us-gaap:RelatedPartyMember

Operating lease liabilities, current

$ 502,249

$ 594,407

^[1]

Accrued liabilities and other current liabilities

309,823

594,693

^[1]

TOTAL CURRENT LIABILITIES

1,592,490

1,345,618

^[1]

NONCURRENT LIABILITIES:

Long-term debt, net of current portion

552,570

572,653

^[1]

Operating lease liabilities, net of current portion

44,950

584,606

^[1]

TOTAL NONCURRENT LIABILITIES

597,520

1,157,259

^[1]

TOTAL LIABILITIES

2,190,010

2,502,877

^[1]

COMMITMENTS AND CONTINGENCIES

^[1]

STOCKHOLDERS' EQUITY

Common stock

^[1]

Additional paid-in capital

89,201,800

17,685,900

^[1]

Accumulated deficit

(8,875,534)

(8,330,314)

^[1]

TOTAL STOCKHOLDERS' EQUITY

80,326,582

9,355,587

^[1],[2]

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

82,516,592

11,858,464

^[1]

Class A common stock

STOCKHOLDERS' EQUITY

Common stock

296

$ 1

^[1]

Class B common stock

STOCKHOLDERS' EQUITY

Common stock

$ 20

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.
[2]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 15.

OTHER RECEIVABLES, NET (Details) - USD ($)

Jun. 30, 2026

Dec. 31, 2025

^[1]

Jun. 30, 2025

Other Receivables

Total Other Receivables, net

$ 960,451

$ 1,157,130

Parallel-Import Vehicles

Other Receivables

Rent Deposit

100,000

$ 102,241

Interest Receivable

846,440

1,039,644

Others

14,011

15,245

Total Other Receivables, net

$ 960,451

$ 1,157,130

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.

INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL - Amortization of intangible assets with finite lives (Details)	6 Months Ended
	Jun. 30, 2026
Edward Transit Express Group Inc. \| Developed Technology
INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL
Estimated Useful Lives (month)	84 months
Edward Transit Express Group Inc. \| Customer Relationships
INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL
Estimated Useful Lives (month)	144 months
Edward Transit Express Group Inc. \| Trade Names
INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL
Estimated Useful Lives (month)	84 months
TWEW \| Customer Relationships
INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL
Estimated Useful Lives (month)	120 months

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

^[1]

Jun. 30, 2026

Jun. 30, 2025

^[1]

CONSOLIDATED STATEMENTS OF OPERATIONS

REVENUE

$ 868,909

$ 354,126

$ 961,609

$ 833,925

COST OF REVENUE

849,409

319,226

922,242

742,769

GROSS PROFIT

19,500

34,900

39,367

91,156

OPERATING EXPENSES

General and administrative expenses

887,115

805,305

1,657,119

1,805,824

Share-based compensation expenses

14,182

10,444

28,364

26,629

TOTAL OPERATING EXPENSES

901,297

815,749

1,685,483

1,832,453

LOSS FROM OPERATIONS

(881,797)

(780,849)

(1,646,116)

(1,741,297)

OTHER INCOME (EXPENSES)

Interest income

264,695

272,228

415,837

480,318

Interest expense

(6,799)

(8,060)

(14,499)

(16,872)

Loss on disposal of Edward

(297,610)

Other income

993,766

17,140

1,002,778

29,756

OTHER INCOME, NET

954,052

281,308

1,106,506

493,202

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

72,255

(499,541)

(539,610)

(1,248,095)

Income tax

1,210

12,987

5,610

18,342

LOSS FROM CONTINUING OPERATIONS

71,045

(512,528)

(545,220)

(1,266,437)

NET INCOME (LOSS)

$ 71,045

$ (512,528)

$ (545,220)

$ (1,266,437)

Income (loss) from continuing operations per ordinary share - basic (in dollars per share)

$ 0.037

$ (31.84)

$ (0.53)

$ (78.68)

Income (loss) from continuing operations per ordinary share - diluted (in dollars per share)

0.037

(31.84)

(0.53)

(78.68)

Income (loss) from discontinued operations per ordinary share - basic (in dollars per share)

Income (loss) from discontinued operations per ordinary share - diluted (in dollars per share)

Income (loss) per share - basic (in dollars per share)

0.037

(31.84)

(0.53)

(78.68)

Income (loss) per share - diluted (in dollars per share)

$ 0.037

$ (31.84)

$ (0.53)

$ (78.68)

Weighted average shares - basic (in shares)

1,909,536

16,096

1,027,682

16,096

Weighted average shares - diluted (in shares)

1,909,536

16,096

1,027,682

16,096

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL

6 Months Ended

Jun. 30, 2026

INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL

INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL

NOTE 9 — INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL

1)Acquisition of Edward

On January 24, 2024, Cheetah Net entered into a Stock Purchase Agreement to acquire 100% of 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 398 shares of Cheetah Net’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 June 30, 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	$	—

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.

On April 1, 2026, the Company completed the disposition of Edward, a wholly owned subsidiary of the Company, pursuant to the Stock Purchase Agreement dated March 25, 2026. Upon completion of the disposition, the Company derecognized the assets and liabilities associated with Edward, including the remaining carrying amounts of the related intangible assets.

2)Acquisition of TWEW

On November 27, 2024, the Company 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, which consisted of $0.2 million of cash and the issuance of 2,348 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

3) Acquisition of Super International

On April 16, 2026, the Company entered into a Share Transfer Agreement with Leyan Yang, a non-U.S. individual, pursuant to which the Company agreed to acquire from the Transferor 100% of the issued and outstanding shares of Super International, a limited liability company incorporated under the laws of Hong Kong and primarily engaged in the trading of large-scale industrial equipment (the “Super Transaction”).


Acquired assets acquired and (liabilities):
Cash	$	5,471
Accounts Receivable		839,039
Contingent Consideration Asset		2,783,884
Goodwill		2,189,792
Accounts Payable		(838,187)
Total Purchase Consideration	$	4,980,000

In the May 27, 2026 acquisition of Super International Trading Limited, the Company holds a contractual right to receive cash compensation from the Seller under the Performance Commitment (“PCP”) if the Target’s revenue falls below the contractual threshold in any of the three annual periods following the closing date. The Company is the recipient under this arrangement, and the right is recognized as a contingent consideration asset.

The contingent consideration asset is measured initially at its acquisition-date fair value of $2,783,884. The fair value is determined using a Level 3 measurement within the fair value hierarchy. Key unobservable inputs include projected cash flows of the acquired business over the contingency period, the contractual cap of $4,980,000 (cumulative across the three PCP periods), the probability-weighted distribution of revenue outcomes, and a discount rate that incorporates both the time value of money and counterparty credit risk. Because the counterparty to the PCP is an individual (the Seller), the credit-risk component of the discount rate reflects the Company’s assessment of the risk of recovery.

The Company remeasures the contingent consideration asset to fair value at each subsequent reporting period, with changes in fair value recognized in earnings in the period of change (ASC 805-30-35-1). No change in fair value has been recognized during the three or six months ended June 30, 2026, as the measurement assumptions have not changed materially since the acquisition date. The Company will continue to monitor the credit risk associated with this receivable each reporting period.

The acquisition-date fair value of the contingent consideration asset has been finalized at $2,783,884 on May 27, 2026. The amount is therefore no longer provisional as of June 30, 2026. The one-year measurement period under ASC 805-10-25-13 (which expires May 27, 2027) remains open for retrospective adjustments to other provisional items in the business combination, including working capital and any refinements to the fair value of identifiable tangible assets acquired. Any such adjustments will be recorded with a corresponding adjustment to goodwill (ASC 805-10-25-17).

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 six months ended June 30, 2026 and 2025, the Company incurred accumulated amortization expenses of $38,511 and $56,144, respectively.

Total future amortization expenses for finite-lived intangible assets were estimated as follows:


2026 (from July 1, 2026 to December 31, 2026)		30,000
2027		60,000
2028		60,000
2029		60,000
Thereafter		295,000
Total	$	505,000

LONGTERM BORROWINGS - Future maturities of the loan (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Future maturities of the loan
Total long-term borrowings	$ 589,849	$ 608,555
SBA
Future maturities of the loan
2026 (from July 1, 2026 to December 31, 2026)	5,794
2027	11,942
2028	12,429
2029	12,937
Thereafter	406,530
Total long-term borrowings	449,632	456,063
Thread Capital
Future maturities of the loan
2026 (from July 1, 2026 to December 31, 2026)	12,611
2027	26,285
2028	27,768
2029	29,334
Thereafter	44,219
Total long-term borrowings	$ 140,217	$ 152,492

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

STOCK BASED COMPENSATION - Summary of the nonvested shares activity (Details)	Jun. 30, 2026 $ / shares shares
STOCK BASED COMPENSATION
Outstanding as of December 31, 2025 \| shares	179
Outstanding as of June 30, 2026 \| shares	179
Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2025 \| $ / shares	$ 678
Outstanding as of June 30, 2026 \| $ / shares	$ 678

PROPERTY, PLANT, AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2026

PROPERTY, PLANT, AND EQUIPMENT, NET

PROPERTY, PLANT, AND EQUIPMENT, NET

NOTE 7 — PROPERTY, PLANT, AND EQUIPMENT, NET

Property, plant, and equipment, net consisted of the following:


		Estimated Useful Life
		in Years		June 30, 2026			December 31, 2025
Motor Vehicles		10		$	365,000		$	365,000
Leasehold improvements*		3-6			—			60,795
Subtotal					365,000			425,795
Less accumulated depreciation					(55,208)			(66,927)
Property, plant, and equipment, net				$	309,792		$	358,868

During the six months ended June 30, 2026 and 2025, the Company recorded deprecation of $16,507 and $19,764, respectively.

There was no impairment loss during the six months ended June 30, 2026 and 2025.

*Leasehold improvements were related to Edward’s full steel manual gates, yard fence, and office roof upgrade.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

SEGMENT REPORTING - Segment assets to consolidated assets (Details)

Jun. 30, 2026

USD ($)

Jun. 30, 2026

CNY (¥)

Dec. 31, 2025

USD ($)

SEGMENT REPORTING

Assets

$ 82,516,592

$ 11,858,464

^[1]

Cash and cash equivalents

2,143,604

233,217

^[1]

Loan receivable

29,951,513

7,430,111

^[1]

Receivable from withdrawal of investment deposit

41,110,573

¥ 280,000,000

Operating segment

SEGMENT REPORTING

Assets

6,773,896

1,651,936

Corporate non-segment

SEGMENT REPORTING

Assets

75,742,696

10,206,528

Cash and cash equivalents

1,880,708

107,236

Loan receivable

29,951,513

7,430,111

Receivable from withdrawal of investment deposit

41,110,573

Other corporate current assets

2,799,902

2,669,181

Logistics And Labor Services | Operating segment

SEGMENT REPORTING

Assets

1,050,553

$ 1,651,936

International Trading | Operating segment

SEGMENT REPORTING

Assets

$ 5,723,343

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2026

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE 16 — STOCKHOLDERS’ EQUITY

Common Stock

The Company was incorporated under the laws of the State of North Carolina on August 9, 2016 and was subsequently converted into a Delaware corporation. Pursuant to the Company’s Certificate of Incorporation, as amended, the total authorized number of shares of common stock, par value $0.0001 per share (the “Common Stock”), is 2,200,000,000, consisting of 2,000,000,000 shares of Class A Common Stock and 200,000,000 shares of Class B Common Stock. The Company is also authorized to issue 500,000 shares of preferred stock, par value $0.0001 per share. 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.

On March 23, 2026, the Company’s board of directors approved a reverse stock split of the Common Stock at a ratio of 1-for-200 (the “Reverse Stock Split”). To implement the Reverse Stock Split, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of Delaware on March 24, 2026. The Reverse Stock Split became effective at 8:00 a.m., Eastern Time, on April 20, 2026. At the effective time, every 200 shares of Common Stock outstanding were automatically combined into one new share of Common Stock. No fractional shares were issued in connection with the Reverse Stock Split, and any fractional shares resulting from the Reverse Stock Split were rounded up to the nearest whole share. The par value per share of the Common Stock remained unchanged. The Company’s Class A Common Stock began trading on a split-adjusted basis on April 29, 2026. All share and per-share amounts presented herein have been retrospectively adjusted to reflect the Reverse Stock Split, unless otherwise indicated.

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 521 shares of Class A Common Stock at a purchase price of $5,760 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 the subscription payments had been collected.

On August 3, 2023, the Company closed its IPO of 391 shares of Class A Common Stock at a public offering price of $12,800.00 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 20 shares of Class A Common Stock (the “Warrants”), with an exercise price of $16,000.00 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 stock purchase agreement, the Company agreed to acquire 100% of the shares of 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 398 shares of the Company’s unregistered Class A Common Stock, initially valued at $1,200,000. A subsequent valuation determined the fair value of these shares to be $0.9 million. Please see Note 9 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 4,129 shares of Class A Common Stock at a price of $1,984.00 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) under 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 2,025 shares of its Class A Common Stock, par value $0.0001 per share, at a price of $736.00 per share. On the same day, the Company entered into a placement agency agreement with FT Global Capital, Inc., which 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 equal to 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, which were intended to be used for working capital and general corporate purposes.

On November 27, 2024, the Company entered into a stock purchase agreement with TWEW and its stockholders (the “TWEW Sellers”). Pursuant to the stock purchase agreement, the Company agreed to acquire 100% of the shares of TWEW from the TWEW Sellers (the “TWEW Acquisition”) for a total purchase price that included a cash payment of $200,000 and the issuance of 2,348 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 2,348 shares of its Class A Common Stock accordingly.

On February 12, 2026, the Company closed the previously disclosed private placement pursuant to certain stock purchase agreements dated January 27, 2026 with certain investors (the “Purchasers”) and issued an aggregate of 167,250 shares of Class A Common Stock, after giving retroactive effect to the Reverse Stock Split, for aggregate gross proceeds of $40.14 million. The shares issued in such offering were not subject to the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Regulation S promulgated thereunder. The Purchasers represented that they were not residents of the United States and were not “U.S. persons” as defined in Rule 902(k) of Regulation S under the Securities Act and did not acquire the shares for the account or benefit of any U.S. person.

On March 31, 2026, the Company entered into a Sales Agreement (the “ACS Sales Agreement”) with AC Sunshine Securities LLC (the “Sales Agent”), acting as the Company’s sales agent, pursuant to which the Company could offer and sell, from time to time, to or through the Sales Agent shares of its Class A Common Stock having an aggregate offering price of up to $100,000,000 through an “at-the-market” offering program (the “ATM Offering”). Of such amount, up to $70,000,000 of shares of Class A Common Stock could be offered and sold pursuant to a prospectus supplement filed with the SEC on April 2, 2026 under the Company’s registration statement on Form S-3 (Registration No. 333-281820), which was declared effective by the SEC on September 6, 2024.

On June 26, 2026, the Company and the Sales Agent entered into a Mutual Termination Agreement, pursuant to which the parties mutually agreed to terminate the ACS Sales Agreement, effective as of the close of business on June 26, 2026. Prior to the effectiveness of the Reverse Stock Split, the Company sold an aggregate of 355,000,000 shares of Class A Common Stock pursuant to the Sales Agreement, representing 1,775,000 shares of Class A Common Stock as adjusted to give effect to the Reverse Stock Split. From April 29, 2026 through June 18, 2026, following the Reverse Stock Split, the Company sold an aggregate of 1,000,000 shares of Class A Common Stock pursuant to the Sales Agreement. Accordingly, prior to the termination of the Sales Agreement, the Company sold an aggregate of 2,775,000 shares of Class A Common Stock pursuant to the Sales Agreement, after giving effect to the Reverse Stock Split. The ATM Offering resulted in net proceeds to the Company of approximately $30.9 million, after deducting placement agent fees and other offering expenses and fees. Approximately $3.5 million of the net proceeds was used to acquire Super International.

On June 15, 2026, the Company entered into a Securities Purchase Agreement with Huan Liu, the Company’s Chief Executive Officer, Interim Chief Financial Officer, director and Chairman of the Board of Directors (the “PIPE Purchaser”), pursuant to which the Company issued and sold to the PIPE Purchaser 200,000 shares of the Company’s Class B Common Stock, par value $0.0001 per share, at a purchase price of $2.00 per share, for aggregate gross proceeds to the Company of $400,000. The shares were issued and sold in an offshore transaction in reliance on Regulation S under the Securities Act.

As of June 30, 2026, there were 2,955,935 shares of Class A Common Stock and 203,456 shares of Class B Common Stock issued and outstanding.

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 of the issued and outstanding shares of the Company’s Common Stock at a ratio ranging from 1-for-10 to 1-for-30, as determined by the Company’s board of directors. Subsequently, on October 7, 2024, the Company’s board of directors approved a reverse stock split of the Company’s Common Stock at a ratio of 1-for-16 (the “2024 Reverse Stock Split”). To implement the 2024 Reverse Stock Split, the Company filed its Fourth Amended and Restated Articles of Incorporation with the Secretary of State of North Carolina on October 8, 2024. The 2024 Reverse Stock Split took effect on October 21, 2024. At the effective time, every 16 shares of the Company’s Common Stock outstanding were automatically combined into one new share of Common Stock. The Company’s Class A Common Stock began trading on the Nasdaq Capital Market on a split-adjusted basis on October 24, 2024.

On March 23, 2026, the Company’s board of directors approved a reverse stock split of the Company’s Common Stock at a ratio of 1-for-200 (the “2026 Reverse Stock Split”). To implement the 2026 Reverse Stock Split, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of Delaware on March 24, 2026. The 2026 Reverse Stock Split became effective at 8:00 a.m., Eastern Time, on April 20, 2026. At the effective time, every 200 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 2026 Reverse Stock Split; any fractional shares resulting from the 2026 Reverse Stock Split were rounded up to the nearest whole share. The par value per share of the Company’s Common Stock remained unchanged. As a result of the 2026 Reverse Stock Split, the Company’s issued and outstanding Class A Common Stock was reduced from 391,177,712 shares to 1,955,889 shares, and the Company’s issued and outstanding Class B Common Stock was reduced from 690,875 shares to 3,456 shares. The Company’s Class A Common Stock began trading on a split-adjusted basis on April 29, 2026, at which time the Class A Common Stock was assigned a new CUSIP number, 16307X301.

All share and per-share information included in this Quarterly Report on Form 10-Q has been retrospectively adjusted to reflect the 2024 Reverse Stock Split and the 2026 Reverse Stock Split as if each had occurred as of the earliest period presented.

- Definition

The entire disclosure for equity.

+ References

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+ Details

DISCONTINUED OPERATIONS - Cash Flows From Discontinued Operations (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (545,220)	$ (1,266,437)
Cash used in operations-continuing operations	(865,760)	(1,206,833)
Cash provided by operations-discontinued operations	0	2,540,501
Net cash provided by operating activities	(865,760)	1,333,668
Cash flows from investing activities:
Cash used in investing activities-continuing operations	(68,610,348)	(2,661,150)
Net cash used in investing activities	(68,610,348)	(2,661,150)
Cash flows from financing activities:
Cash (used in) provided by financing activities-continuing operations	71,386,496	(138,294)
Net cash (used in) provided by financing activities	$ 71,386,496	(138,294)
Parallel-Import Vehicles \| Discontinued operations
Cash flows from operating activities:
Net loss		(1,266,437)
Loss from continuing operations		(1,266,437)
Cash used in operations-continuing operations		(1,206,833)
Cash provided by operations-discontinued operations		2,540,501
Net cash provided by operating activities		1,333,668
Cash flows from investing activities:
Cash used in investing activities-continuing operations		(2,661,150)
Net cash used in investing activities		(2,661,150)
Cash flows from financing activities:
Cash (used in) provided by financing activities-continuing operations		(138,294)
Net cash (used in) provided by financing activities		$ (138,294)

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2026

INCOME TAXES

Schedule of loss before Income tax expense


			For the Six Months Ended
			June 30,
		2026			2025
Loss from continuing operations before income taxes		$	(539,610)		$	(1,248,095)

Schedule of components of income tax provision


		For the Six Months Ended
		June 30,
		2026		2025
Current:
Federal		$	—	$	—
State			5,610		5,200
Total current income tax provision			5,610		5,200
Deferred:
Federal			—		—
State			—		—
Total deferred income tax expenses			—		—
Adjustments related to prior year income taxes			—		13,142
Total income tax provision		$	5,610	$	18,342

Schedule of reconciliations of statutory income tax rate to effective income tax rate


		For the Six Months Ended
		June 30,
		2026			2025
Federal income tax at the statutory rate			21.0	%		21.0	%
State statutory tax rate			34.3	%		4.3	%
Permanent Items			17.8	%		(0.4)	%
Change in valuation allowance			(75.0)	%		(25.3)	%
Other			0.9	%		—	%
Effective tax rate			(1.0)	%		(0.4)	%

Schedule of components of deferred tax assets


		June 30,			December 31,
		2026			2025
Deferred tax assets:
Net operating loss carry forwards		$	—		$	1,552,937
Tax attribute carryovers			2,247,292			—
Lease liability			153,126			329,930
Others			468,057			458,966
Total gross deferred tax assets			2,868,475			2,341,833

Less valuation allowance			(2,262,986)			(1,793,889)
Total deferred tax assets, net of valuation allowance			605,489			547,944

Deferred tax liabilities:
Intangible assets			(141,317)			(221,790)
Unrealized gains on foreign exchange			(271,461)			—
Fixed assets			(44,138)			—
Right of use assets			(148,573)			(326,154)
Total deferred tax liabilities			(605,489)			(547,944)

Total deferred tax assets, net		$	—		$	—

PREMIUM FINANCE (Tables)

6 Months Ended

Jun. 30, 2026

PREMIUM FINANCE

Schedule of premium finance


		June 30,			December 31,
		2026			2025
Premium finance		$	—		$	82,650

LONGTERM BORROWINGS - Thread Capital (Details) - Thread Capital - USD ($)	Dec. 01, 2022	Nov. 30, 2022	May 18, 2021	May 15, 2020
LONGTERM BORROWINGS
Face amount of borrowings			$ 171,300	$ 50,000
Fixed interest rate	5.50%	0.25%		5.50%
Monthly installment payment	$ 2,721
Maximum
LONGTERM BORROWINGS
Face amount of borrowings			$ 221,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DISCONTINUED OPERATIONS - Accounts receivables - Additional information (Details) - USD ($)

6 Months Ended

9 Months Ended

12 Months Ended

Mar. 03, 2025

Jun. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Jun. 30, 2026

Dec. 31, 2025

^[1]

DISCONTINUED OPERATIONS

Accounts receivable, gross

$ 4,100,000

Total loan receivable, net, Current

$ 29,951,513

$ 7,430,111

Accounts receivable, net

$ 734,162

$ 6,540

Parallel-Import Vehicles | Discontinued operations

DISCONTINUED OPERATIONS

Proceeds from collection for accounts receivables

4,000,000

Credit loss on accounts receivable

$ 1,600,000

$ 1,100,000

1,600,000

Total loan receivable, net, Current

475,366

Additional proceeds from outstanding balance

2,500,000

$ 2,500,000

Accounts receivable, net

$ 0

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Name Accounting Standards Codification
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-Paragraph 3
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

STOCK BASED COMPENSATION - Compensation expenses (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

^[1]

Jun. 30, 2026

Jun. 30, 2025

^[1]

STOCK BASED COMPENSATION

Share-based compensation expenses

$ 14,182

$ 10,444

$ 28,364

$ 26,629

Total unrecognized compensation cost

$ 93,198

Weighted average period

2 years

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

RECEIVABLE FROM WITHDRAWAL OF INVESTMENT DEPOSIT

6 Months Ended

Jun. 30, 2026

RECEIVABLE FROM WITHDRAWAL OF INVESTMENT DEPOSIT

RECEIVABLE FROM WITHDRAWAL OF INVESTMENT DEPOSIT

NOTE 5 — RECEIVABLE FROM WITHDRAWAL OF INVESTMENT DEPOSIT

On January 6, 2026, Naiside (Shenzhen) International Trading Co., Ltd. (“Naiside”), a wholly owned subsidiary of NexTrade International LLC (“NexTrade”), entered into a partnership agreement (the “Partnership Agreement”) with Shanghai Kesheng Investment Management Co., Ltd. (“Shanghai Kesheng”), in its capacity as the general partner and executive partner of an investment fund in the PRC, pursuant to which Naiside participated in the fund as a limited partner. Pursuant to the Partnership Agreement, Naiside subscribed for a 7.0% limited partnership interest and, on January 29, 2026, made a capital contribution to the fund in the amount of RMB 280,000,000 (approximately US$41,110,573). The fund is intended to invest primarily in China-based companies engaged in logistics technology, compliance technology, and supply chain technology and services, particularly those that provide products or services to customers in the U.S. and European markets. The fund will focus primarily on companies at the venture capital stage, with each individual portfolio investment generally ranging from approximately US$0.7 million to US$7.0 million. The Partnership Agreement provides that the fund shall pay Shanghai Kesheng an annual management fee equal to 2% of the fund’s paid-in capital. It further provides that, following the exit of any portfolio investment and the fund’s receipt of the applicable proceeds, the fund shall distribute the available proceeds to its limited partners after deducting or reserving amounts for the applicable investment principal, Shanghai Kesheng’s entitlement to 30% of the net profits from such exit, and any other amounts payable or required to be reserved under the Partnership Agreement. Shanghai Kesheng is responsible for the execution of the fund’s affairs.

On June 30, 2026, Naiside and Shanghai Kesheng entered into an agreement to terminate the Partnership Agreement (the “Termination Agreement”). Pursuant to the Termination Agreement, the parties agreed to immediately terminate the Partnership Agreement. Shanghai Kesheng agreed to return the full amount of RMB 280,000,000 to Naiside as soon as practicable. The parties further agreed that all rights and obligations arising under the Partnership Agreement, including their respective partnership rights, contribution obligations, and arrangements relating to the allocation of profits and losses, would terminate, and that neither party would pursue claims against the other arising from the performance of the Partnership Agreement, except with respect to the rights and obligations arising under the Termination Agreement.

On August 10, 2026, Naiside and Shanghai Kesheng entered into a first amendment to the Termination Agreement (the “First Amendment”) to establish the repayment arrangements, overdue interest, and liability for default. Pursuant to the First Amendment, Shanghai Kesheng is required to repay the full RMB 280,000,000 to Naiside in a single lump-sum payment on or before December 30, 2026, without deduction of any handling fee, service fee, management fee, or other charge or expense. Shanghai Kesheng’s repayment obligation will be deemed fully discharged only upon Naiside’s receipt of the full amount in immediately available funds in its designated bank account. If the full amount is not repaid by December 30, 2026, the outstanding principal will accrue overdue interest commencing on December 31, 2026, at a rate of 5% per annum, calculated on a simple-interest basis based on the actual number of days overdue.

Following the execution of the Termination Agreement, the Company’s economic interest in the fund no longer represented an deposit on investment in the fund but instead represented a receivable from Shanghai Kesheng for the unconditional return of Naiside’s capital contribution. Accordingly, on June 30, 2026, the Company reclassified the balance from deposit on a long-term investment to a receivable measured at the U.S. dollar equivalent of RMB 280,000,000, translated at the spot exchange rate prevailing on June 30, 2026. The receivable is a foreign-currency-denominated monetary asset, and unrealized foreign exchange gains and losses arising from translation at each reporting date are recognized in earnings pursuant to ASC 830. Interest income is not accrued on the principal amount of the receivable prior to a default. If the contractual repayment deadline of December 30, 2026 is not met, overdue interest at a rate of 5% per annum will be recognized from December 31, 2026 through the date of settlement.

The receivable is assessed for credit losses under ASC 326 (CECL) based on the Company’s assessment of Shanghai Kesheng’s credit risk, including its obligation under Article 5 of the First Amendment to safeguard the funds pending repayment. As of June 30, 2026, the Company had not recorded an allowance for credit losses. The Company will continue to monitor the credit risk associated with this receivable, including any deterioration in Shanghai Kesheng’s financial condition or failure to comply with the safeguarding covenant, and will record an allowance as required.

ORGANIZATION AND BUSINESS DESCRIPTION

6 Months Ended

Jun. 30, 2026

ORGANIZATION AND BUSINESS DESCRIPTION

ORGANIZATION AND BUSINESS DESCRIPTION

NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION

Cheetah Net Supply Chain Service Inc. (“Cheetah Net” or the “Company”), 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. On February 2, 2026, the Company converted from a corporation organized under the laws of the State of North Carolina into a corporation organized under the laws of the State of Delaware pursuant to a plan of conversion approved by the Company’s stockholders. The conversion constituted a continuation of the Company’s existence and did not result in any change to the Company’s business, assets, liabilities or outstanding shares of common stock. 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. As of the date of this report, Allen-Boy is not engaged in any business operations.

●

(ii) 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. As of the date of this report, Entour is not engaged in any business operations.

●

(iii) 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. Currently, TWEW is engaged in logistics and labor services to strengthen the Company’s position in the logistics sector.

●

(iv) 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 report, NexTrade is not engaged in any business operations.

●

(v) 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 report, Cheetah BVI is not engaged in any business operations.

●

(vi) Super International Trading Limited (“Super International”), a private limited company incorporated under the laws of Hong Kong, which was acquired by Cheetah Net from Mr. Leyan Yang, the sole shareholder of Super International, for a total consideration of $4,980,000 in cash on May 27, 2026. Super International is engaged in the procurement and sale of excavators and construction machinery, conducting purchase and resale transactions with equipment suppliers and export-oriented trading customers.

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 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, every 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).

On March 23, 2026, the Company’s board of directors approved a reverse stock split of the Company’s Common Stock at a ratio of 1-for-200. To implement the reverse stock split, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware on March 24, 2026. The reverse stock split became effective at 8:00 a.m., Eastern Time, on April 20, 2026. Following such reverse stock split, every 200 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 stock split; any fractional shares resulting from the reverse stock split were rounded up to the nearest whole share. The par value per share of the Company’s Common Stock remained unchanged. As a result of the reverse stock split, the Company’s issued and outstanding Class A Common Stock was reduced from 391,177,712 shares to 1,955,889 shares, and the Company’s issued and outstanding Class B Common Stock was reduced from 690,875 shares to 3,456 shares. The Company’s Class A Common Stock began trading on a split-adjusted basis on April 29, 2026, at which time the Class A Common Stock was assigned a new CUSIP number, 16307X301.

All share information included in this report has been retrospectively adjusted to reflect the aforementioned reverse stock splits 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 87.5% compared to 2022. The decline accelerated in 2024, with vehicle sales decreasing 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 report, 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 of directors 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. 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 6-Discontinued Operations.

Logistics and Warehousing Services

The Company’s disposed subsidiary, Edward Transit Express Group, Inc. (“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. On April 1, 2026, the Company completed the disposition of Edward pursuant to a Stock Purchase Agreement dated March 25, 2026.

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 its service offerings, and enhance its market position. Management continues to focus on improving operational efficiencies and expanding its market presence in the logistics and warehousing sectors.

International Trading

The Company’s subsidiary, Super International, is primarily engaged in the procurement and sale of excavators and other construction machinery. Super International operates purchases equipment from suppliers and resells the equipment to export-oriented trading customers based on customer demand. The addition of this business expands the Company’s service offerings and complements its existing logistics and warehousing operations by creating potential opportunities for integrated equipment trading, transportation, and warehousing services.

SEGMENT REPORTING - Segment revenues to segment operating loss (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Going Concern Consideration

REVENUE

$ 868,909

$ 354,126

^[1]

$ 961,609

$ 833,925

^[1]

Cost of revenues

849,409

319,226

^[1]

922,242

742,769

^[1]

Gross profit (loss)

19,500

34,900

^[1]

39,367

91,156

^[1]

Operating expenses

901,297

815,749

^[1]

1,685,483

1,832,453

^[1]

Segment operating loss

(881,797)

(780,849)

^[1]

(1,646,116)

(1,741,297)

^[1]

Operating segment

Going Concern Consideration

Operating expenses

36,335

113,660

176,773

246,070

Segment operating loss

(16,835)

(78,760)

(137,406)

(154,914)

Logistics And Labor Services

Going Concern Consideration

REVENUE

354,126

92,700

833,925

Cost of revenues

319,226

72,833

742,769

Gross profit (loss)

34,900

19,867

91,156

Logistics And Labor Services | Operating segment

Going Concern Consideration

Operating expenses

16,251

113,660

156,689

246,070

Segment operating loss

(16,251)

$ (78,760)

(136,822)

$ (154,914)

International Trading

Going Concern Consideration

REVENUE

868,909

Cost of revenues

849,409

Gross profit (loss)

19,500

International Trading | Operating segment

Going Concern Consideration

Operating expenses

20,084

Segment operating loss

$ (584)

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Cash flows from operating activities:
Net loss	$ (545,220)	$ (1,266,437)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	16,507	19,764
Loss on disposal of Edward	297,610
Amortization of operating lease right-of-use assets	254,432	161,875
Amortization of intangible assets	38,511	56,144
Share-based compensation expenses	28,364	26,629
Changes in operating assets and liabilities:
Accounts receivable	109,768	28,326
Other receivables	196,604	(472,883)
Due to a related party	4,509
Prepaid expenses and other current assets	(611,041)	219,713
Accounts payable	(104,760)
Other payables and other current liabilities	(301,003)	37,797
Operating lease liabilities	(250,041)	(17,761)
Cash used in operating activities-continuing operations	(865,760)	(1,206,833)
Cash provided by operating activities-discontinued operations	0	2,540,501
Net cash provided by operating activities	(865,760)	1,333,668
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(4,974,529)
Cash used in disposal of Edward	(3,844)
Investment	(41,110,573)
Loans made to third parties	(26,490,000)	(3,445,150)
Loans repayment received from third parties	3,968,598	784,000
Cash used in investing activities-continuing operations	(68,610,348)	(2,661,150)
Net cash used in investing activities	(68,610,348)	(2,661,150)
Cash flows from financing activities:
Proceeds from PIPE	40,140,000
Repayments of premium finance	(82,650)	(120,461)
Repayments of long-term borrowings	(18,706)	(17,833)
Cash (used in) provided by financing activities-continuing operations	71,386,496	(138,294)
Net cash (used in) provided by financing activities	71,386,496	(138,294)
Net (decrease) increase in cash	1,910,387	(1,465,776)
Cash, beginning of period	233,217	1,650,962
Cash, end of period	2,143,604	185,186
Cash of continuing operations	2,143,604	185,186
Supplemental cash flow information
Cash paid for income taxes	2,155	2,155
Cash paid for interests	14,499	$ 16,410
ATM offering
Cash flows from financing activities:
Proceeds from issuance of common stock	30,947,851
Stock subscription
Cash flows from financing activities:
Proceeds from issuance of common stock	$ 400,000

LONGTERM BORROWINGS (Details) - USD ($)

Jun. 30, 2026

Dec. 31, 2025

LONGTERM BORROWINGS

Total long-term borrowings

$ 589,849

$ 608,555

Current portion of long-term borrowings

37,279

35,902

Non-current portion of long-term borrowings

552,570

572,653

^[1]

Small Business Administration

LONGTERM BORROWINGS

Total long-term borrowings

449,632

456,063

Thread Capital Inc.

LONGTERM BORROWINGS

Total long-term borrowings

$ 140,217

$ 152,492

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Apr. 20, 2026	Apr. 19, 2026	Mar. 24, 2026	Mar. 23, 2026	Dec. 31, 2025	Sep. 30, 2024	Jul. 25, 2024
Common stock, par value per share	$ 0.0001			$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares authorized	2,200,000,000			2,200,000,000		1,000,000,000
Common stock, shares issued	3,159,391					17,096
Common stock, shares outstanding	3,159,391					17,096
Class A common stock
Common stock, par value per share	$ 0.0001					$ 0.0001		$ 0.0001
Common stock, shares authorized	2,000,000,000			2,000,000,000		891,750,000
Common stock, shares issued	2,955,935	1,955,889	391,177,712		391,177,712	13,640
Common stock, shares outstanding	2,955,935	1,955,889	391,177,712		391,177,712	13,640
Class B common stock
Common stock, par value per share	$ 0.0001					$ 0.0001
Common stock, shares authorized	200,000,000			200,000,000		108,250,000
Common stock, shares issued	203,456	3,456	690,875		690,875	3,456
Common stock, shares outstanding	203,456	3,456	690,875		690,875	3,456

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

LOAN RECEIVABLE (Tables)

6 Months Ended

Jun. 30, 2026

LOAN RECEIVABLE

Schedule of loan receivable


	June 30, 2026		December 31, 2025
Hongkong Sanyou Petroleum Co Limited ⁽¹⁾	$	25,458,778	$	3,846,666
Asia Finance Investment Limited⁽²⁾		4,492,735		3,583,445
Total loan receivable	$	29,951,513	$	7,430,111

(1)

(2)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Use of estimates

Going Concern Consideration

The Company’s consolidated financial statements are prepared assuming that the Company will continue as a going concern.

Risks and uncertainties

Risks and uncertainties related to the Company’s business include, but are not limited to, the following:

●

Any adverse change in political relations between the PRC and the U.S., including ongoing trade conflicts between the U.S. and the PRC, may negatively affect the Company’s business; and

●

Cash and cash equivalents


	June 30,		December 31,
	2026		2025
Cash held in Current Accounts	$	2,143,604	$	233,217
Total cash and cash equivalents shown in the statements of cash flows	$	2,143,604	$	233,217

Accounts receivable, net

Inventory

Loan receivable

Contingent consideration asset

Receivable from withdrawal of investment deposit

Based on the Company’s assessment, no allowance for expected credit losses was recorded as of June 30, 2026.

Property, plant, and equipment, net


Property, plant, and equipment		Estimated useful life
Motor vehicles		10 years
Leasehold improvements		3-6 years

Intangible assets, net

Amortization of intangible assets is computed using the straight-line method over the estimated useful lives as below:


Intangible assets		Estimated useful life
Customer relationships		10-12 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 not recognize any impairment to intangible assets for the six months ended June 30, 2026 and 2025.

Fair value of financial instruments

●

Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 3 — inputs to the valuation methodology are unobservable.

The Company applied level 3 to obtain the fair value of intangible assets and goodwill. See NOTE 9 — Intangible Asset and Goodwill.

Leases

Goodwill

Impairment of long-lived assets

For the six months ended June 30, 2026 and 2025, the Company did not record any impairment.

Revenue recognition

Disaggregation of Revenue


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
U.S. domestic market		$	—		$	333,591		$	79,530		$	798,474
Overseas market			868,909			20,535			882,079			35,451
Total revenue		$	868,909		$	354,126		$	961,609		$	833,925

For the three months ended June 30, 2026, the Company’s total revenue from continuing operations was $868,909, increased by $514,783 from $354,126 for the same period in 2025.

Cost of Revenues

Logistics and Warehousing Segment

International Trading Segment

General and Administration Expenses

Share-based Compensation

Income Taxes

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.

(Loss) Earnings per share


		June 30, 2026
		Loss			Share			Per share amount
Basic and diluted EPS
Loss from continuing operations per ordinary share		$	(545,220)			1,027,682		$	(0.53)
Loss from discontinued operations per ordinary share			—			1,027,682			0.00
Loss from operations per ordinary share		$	(545,220)			—		$	(0.53)


		June 30, 2025
		Loss			Share			Per share amount
Basic and diluted EPS
Loss from continuing operations per ordinary share		$	(1,266,437)			16,096		$	(78.68)
Loss from discontinued operations per ordinary share			—			16,096			0.00
Loss from operations per ordinary share		$	(1,266,437)			—		$	(78.68)

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.

Segment reporting

Recent accounting pronouncements

Recently issued accounting pronouncements not yet adopted

Recently issued accounting pronouncements adopted

STOCK BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION

NOTE 12 — 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 of directors approved the grant of 230 shares of Class A common stock and 157 shares of Class B common stock (the “Award”) to Mr. Huan Liu, chief executive officer of the Company. The Award vested immediately upon grant.

On September 30, 2025, the compensation committee of the Company’s board of directors approved the grant of 219 shares of Class A common stock (the “Jianhui Award”) to Mr. Jianhui Li, strategic consultant of the Company. The Jianhui Award vested immediately upon grant.

On September 19, 2025, the compensation committee of the Company’s board of directors approved the grant of 720 shares of Class B common stock (the “Huan Award”) to Mr. Huan Liu, chief executive officer of the Company, pursuant to the Plan, which grant became effective on October 15, 2025. The Huan Award was vested immediately upon grant.


				Weighted
		Class A	Class B	Average Grant
		Common Stock	Common Stock	Date Fair Value
		Shares	Shares	Per Share (US$)
Shares as of December 31, 2025		448	876	460
Shares outstanding as of June 30, 2026		448	876	460

Nonvested shares

On September 30, 2024, the compensation committee of the Company’s board of directors approved the grant of 94 and 271 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 31 shares of Class A common stock to one employee. On January 1, 2025, January 17, 2025, and September 23, 2025, a total of 156 shares were forfeited. On September 30, 2025, a total of 60 shares were vested.

A summary of the nonvested shares for the six months ended June 30, 2026 is as follows:


				Weighted
		Number of		Average Grant
		non-vested		Date Fair Value
		Shares		Per Share (US$)
Outstanding as of December 31, 2025		179		678
Outstanding as of June 30, 2026		179		678

The fair value of vested and non-vested 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 $14,182 and $28,364 for the three and six months ended June 30, 2026, respectively.

As of June 30, 2026, total unrecognized compensation cost relating to nonvested shares was $93,198, which is to be recognized over a weighted average period of two years.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of cash and cash equivalents consist of cash in bank and interest-bearing certificates of deposit with an initial term


	June 30,		December 31,
	2026		2025
Cash held in Current Accounts	$	2,143,604	$	233,217
Total cash and cash equivalents shown in the statements of cash flows	$	2,143,604	$	233,217

Schedule of property, plant, and equipment estimated useful lives of the assets


Property, plant, and equipment		Estimated useful life
Motor vehicles		10 years
Leasehold improvements		3-6 years

Schedule of amortization of intangible assets using straight-line method


Intangible assets		Estimated useful life
Customer relationships		10-12 years

Summary of the company's total revenue by geographic area


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
U.S. domestic market		$	—		$	333,591		$	79,530		$	798,474
Overseas market			868,909			20,535			882,079			35,451
Total revenue		$	868,909		$	354,126		$	961,609		$	833,925

Schedule of (loss) earnings per share, basic and diluted


		June 30, 2026
		Loss			Share			Per share amount
Basic and diluted EPS
Loss from continuing operations per ordinary share		$	(545,220)			1,027,682		$	(0.53)
Loss from discontinued operations per ordinary share			—			1,027,682			0.00
Loss from operations per ordinary share		$	(545,220)			—		$	(0.53)


		June 30, 2025
		Loss			Share			Per share amount
Basic and diluted EPS
Loss from continuing operations per ordinary share		$	(1,266,437)			16,096		$	(78.68)
Loss from discontinued operations per ordinary share			—			16,096			0.00
Loss from operations per ordinary share		$	(1,266,437)			—		$	(78.68)

SEGMENT REPORTING - Major customer (Details)	3 Months Ended		6 Months Ended
SEGMENT REPORTING - Major customer (Details)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Major customer \| Customer concentration risk \| Revenue
Going Concern Consideration
Concentration risk, percentage	100.00%	10.00%	90.00%	10.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)

Common Stock

Class A common stock

Private Placement

Common Stock

Class A common stock

ATM offering

Common Stock

Class A common stock

Common Stock

Class B common stock

Stock subscription

Common Stock

Class B common stock

Additional paid-in capital

Private Placement

Additional paid-in capital

ATM offering

Additional paid-in capital

Stock subscription

Additional paid-in capital

Retained Earnings (Accumulated Deficit)

Class A common stock

Class B common stock

Private Placement

ATM offering

Stock subscription

Total

Beginning balance at Dec. 31, 2024

^[1]

$ 1

$ 17,298,282

$ (4,680,611)

$ 12,617,672

Beginning balance (in shares) at Dec. 31, 2024

^[1]

13,361

2,735

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share-based compensation expense

16,185

Net loss from continuing operations for the period

(753,909)

Ending balance at Mar. 31, 2025

^[1]

$ 1

17,314,467

(5,434,520)

11,879,948

Ending balance (in shares) at Mar. 31, 2025

^[1]

13,361

2,735

Beginning balance at Dec. 31, 2024

^[1]

$ 1

17,298,282

(4,680,611)

12,617,672

Beginning balance (in shares) at Dec. 31, 2024

^[1]

13,361

2,735

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss from continuing operations for the period

^[2]

(1,266,437)

Ending balance at Jun. 30, 2025

^[1]

$ 1

17,324,911

(5,947,048)

11,377,864

Ending balance (in shares) at Jun. 30, 2025

^[1]

13,361

2,735

Beginning balance at Mar. 31, 2025

^[1]

$ 1

17,314,467

(5,434,520)

11,879,948

Beginning balance (in shares) at Mar. 31, 2025

^[1]

13,361

2,735

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share-based compensation expense

10,444

Net loss from continuing operations for the period

(512,528)

^[2]

Ending balance at Jun. 30, 2025

^[1]

$ 1

17,324,911

(5,947,048)

11,377,864

Ending balance (in shares) at Jun. 30, 2025

^[1]

13,361

2,735

Beginning balance at Dec. 31, 2025

^[1]

$ 1

17,685,900

(8,330,314)

$ 9,355,587

^[3]

Beginning balance (in shares) at Dec. 31, 2025

13,640

^[1]

3,456

^[1]

13,640

3,456

17,096

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share-based compensation expense

14,182

$ 14,182

Issuance of common stock

$ 17

^[1]

$ 40,139,983

$ 40,140,000

Issuance of common stock

^[1]

167,250

Net loss from continuing operations for the period

(616,265)

Ending balance at Mar. 31, 2026

$ 18

^[1]

57,840,065

(8,946,579)

48,893,504

Ending balance (in shares) at Mar. 31, 2026

^[1]

180,890

3,456

Beginning balance at Dec. 31, 2025

^[1]

$ 1

17,685,900

(8,330,314)

$ 9,355,587

^[3]

Beginning balance (in shares) at Dec. 31, 2025

13,640

^[1]

3,456

^[1]

13,640

3,456

17,096

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss from continuing operations for the period

$ (545,220)

Ending balance at Jun. 30, 2026

$ 296

^[1]

$ 20

^[1]

89,201,800

(8,875,534)

$ 80,326,582

Ending balance (in shares) at Jun. 30, 2026

2,955,935

^[1]

203,456

^[1]

2,955,935

203,456

3,159,391

Beginning balance at Mar. 31, 2026

$ 18

^[1]

57,840,065

(8,946,579)

$ 48,893,504

Beginning balance (in shares) at Mar. 31, 2026

^[1]

180,890

3,456

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share-based compensation expense

14,182

Issuance of common stock

$ 278

^[1]

$ 20

^[1]

$ 30,947,573

$ 399,980

$ 30,947,851

$ 400,000

Issuance of common stock

^[1]

2,775,000

200,000

Net loss from continuing operations for the period

71,045

Fraction shares issued due to reverse stock split (in shares)

^[1]

Ending balance at Jun. 30, 2026

$ 296

^[1]

$ 20

^[1]

$ 89,201,800

$ (8,875,534)

$ 80,326,582

Ending balance (in shares) at Jun. 30, 2026

2,955,935

^[1]

203,456

^[1]

2,955,935

203,456

3,159,391

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 15.
[2]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.
[3]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(13))
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 810
-SubTopic 10
-Section 45
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-18

+ Details

- Definition

Number of new stock issued during the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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+ Details

STOCK BASED COMPENSATION (Details)				9 Months Ended
STOCK BASED COMPENSATION (Details)	Sep. 30, 2025 shares	Nov. 30, 2024 employee shares	Sep. 30, 2024 director employee shares	Sep. 23, 2025 shares	Sep. 19, 2025 shares
STOCK BASED COMPENSATION
Number of directors \| director			1
Number of officer \| employee			6
Vesting period			3 years
Number of employees \| employee		1
Class A common stock
STOCK BASED COMPENSATION
Vested	(60)
CEO \| Class A common stock
STOCK BASED COMPENSATION
Number of shares granted			230
CEO \| Class B common stock
STOCK BASED COMPENSATION
Number of shares granted			157
Director \| Class A common stock
STOCK BASED COMPENSATION
Number of shares granted			94
Employees \| Class A common stock
STOCK BASED COMPENSATION
Number of shares granted	219	31	271
Forfeited				156
Employees \| Class B common stock
STOCK BASED COMPENSATION
Number of shares granted					720

INCOME TAXES - Reconciliations of Statutory Income Tax Rate (Details)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Effective Income Tax Rate Reconciliation, Percent
Federal income tax at the statutory rate	21.00%	21.00%
State statutory tax rate	34.30%	4.30%
Permanent Items	17.80%	(0.40%)
Change in valuation allowance	(75.00%)	(25.30%)
Other	0.90%
Effective tax rate	(1.00%)	(0.40%)

INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL (Tables)

6 Months Ended

Jun. 30, 2026

INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL

Schedule of amortization of intangible assets using straight-line method


Intangible Assets		Estimated Useful Lives (month)
Edward-Developed Technology		84
Edward-Customer Relationships		144
Edward-Trade Names		84
TWEW-Customer Relationships		120

Schedule of future amortization expenses for finite-lived intangible assets


2026 (from July 1, 2026 to December 31, 2026)		30,000
2027		60,000
2028		60,000
2029		60,000
Thereafter		295,000
Total	$	505,000

Edward Transit Express Group Inc.

INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL

Schedule of final valuation of assets acquired and liabilities assumed


	As of June 30, 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	$	—

TWEW

INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL

Schedule of final valuation of assets acquired and liabilities assumed


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

Super International Trading Limited

INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL

Schedule of final valuation of assets acquired and liabilities assumed


Acquired assets acquired and (liabilities):
Cash	$	5,471
Accounts Receivable		839,039
Contingent Consideration Asset		2,783,884
Goodwill		2,189,792
Accounts Payable		(838,187)
Total Purchase Consideration	$	4,980,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

PREMIUM FINANCE (Details)

6 Months Ended

Jun. 30, 2026

USD ($)

Jun. 30, 2025

USD ($)

Dec. 31, 2025

USD ($)

^[1]

Aug. 01, 2025

USD ($)

installment

Aug. 01, 2024

USD ($)

installment

PREMIUM FINANCE

Interest expenses

$ 12,533

$ 13,406

Premium finance

82,650

$ 82,650

Premium Finance Agreement

PREMIUM FINANCE

Amount borrowed

$ 151,421.49

$ 205,774.8

Interest rate percentage

7.10%

8.51%

Number of monthly installments | installment

Interest expenses

$ 1,473

$ 3,004

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.

LOAN RECEIVABLE (Details) - USD ($)

Jun. 30, 2026

Dec. 31, 2025

Accounts, Notes, Loans and Financing Receivable

Total loans receivables

$ 29,951,513

$ 7,430,111

^[1]

Hongkong Sanyou Petroleum Co Limited

Accounts, Notes, Loans and Financing Receivable

Total loans receivables

25,458,778

3,846,666

Asia Finance Investment Limited

Accounts, Notes, Loans and Financing Receivable

Total loans receivables

$ 4,492,735

$ 3,583,445

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.

INTANGIBLE ASSET, CONTINGENT CONSIDERATION ASSET AND GOODWILL - Final valuation of assets acquired and liabilities assumed (Details) - USD ($)

12 Months Ended

Dec. 31, 2024

Jun. 30, 2026

May 27, 2026

Apr. 16, 2026

Dec. 31, 2025

^[1]

Nov. 27, 2024

Jun. 30, 2024

Mar. 31, 2024

Acquired assets acquired and (liabilities):

Contingent Consideration Asset

$ 2,783,884

Goodwill

2,665,654

$ 475,862

Edward Transit Express Group Inc.

Acquired assets acquired and (liabilities):

Cash

$ 79,883

Accounts Receivable

47,354

Other Current Assets

42,685

Right-of-use Lease Asset

645,625

Fixed Assets

60,795

Goodwill

568,532

437,382

Goodwill

$ 131,150

Other Noncurrent Assets

27,000

Accounts Payable

(34,686)

Accrued Expenses Payable

(20,933)

Deferred Tax Liability

$ (131,150)

(131,150)

Operating Lease Liability, Current

(94,548)

Operating Lease Liability, Long Term

(506,557)

Total Purchase Consideration

1,200,000

Edward Transit Express Group Inc. | Developed Technology

Acquired assets acquired and (liabilities):

Customer Relationships

120,000

Edward Transit Express Group Inc. | Customer Relationships

Acquired assets acquired and (liabilities):

Customer Relationships

360,000

Edward Transit Express Group Inc. | Trade Names

Acquired assets acquired and (liabilities):

Customer Relationships

$ 36,000

TWEW

Acquired assets acquired and (liabilities):

$ 69,980

43,120

1,210

475,861

Deferred Tax Liability

(140,171)

Short term loans payable

(50,000)

Total Purchase Consideration

1,000,000

TWEW | Customer Relationships

Acquired assets acquired and (liabilities):

Customer Relationships

$ 600,000

Super International Trading Limited

Acquired assets acquired and (liabilities):

$ 5,471

839,039

2,189,792

(838,187)

Total Purchase Consideration

4,980,000

Super International Trading Limited | Contingent Consideration Asset

Acquired assets acquired and (liabilities):

Contingent Consideration Asset

$ 2,783,884

[1]	Retrospectively restated for effect of the Company’s amended and restated articles of incorporation and bylaws and the reverse split took effect on April 29, 2026. See also Note 16.

INCOME TAXES - Additional Information (Details)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2026

USD ($)

Mar. 31, 2026

USD ($)

Jun. 30, 2025

USD ($)

Jun. 30, 2026

USD ($)

Jun. 30, 2025

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2025

INCOME TAXES

Income tax

$ 1,210

$ 4,400

$ 12,987

^[1]

$ 5,610

$ 18,342

^[1]

$ 2,155

Income tax provision

5,200

5,610

5,200

Income taxes paid

2,000

13,142

Income tax offset

$ 790

Number of years of cumulative pre-tax book losses | Y

Uncertain tax positions

$ 0

Maximum income tax threshold amount

$ 27,000,000

Edward Transit Express Group Inc.

INCOME TAXES

Business acquisition, Income tax expense

1,101

TWEW

INCOME TAXES

Business acquisition, Income tax expense

$ 9,886

[1]	Certain reclassifications have been made to the financial statements for the period ended June 30, 2025, to conform to the presentation for the period ended June 30, 2026, with no effect on previously reported net income (loss). See Note 6 – Discontinued Operations.

CONCENTRATIONS

6 Months Ended

Jun. 30, 2026

CONCENTRATIONS

CONCENTRATIONS

NOTE 15 — 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.

Credit risk

As of June 30, 2026 and 2025, 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.

The Company also closely monitors the collectability of its loan receivable, and no allowance for credit losses was recorded as of December 31, 2025 and June 30, 2026 based on management’s assessment under ASC 326.

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 9 — Intangible Asset and Goodwill). As of the date of this report, the Company’s logistics and warehousing business is still in its early development stage.

The Company has expanded into the construction machinery trading sector through its acquisition of Super International, which closed on May 27, 2026 (see also NOTE 9— Intangible Asset and Goodwill). As of the date of this report, Super International’s construction machinery trading operations are in their early growth stage, complementing the Company’s existing logistics and warehousing platform.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

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