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Intangible Asset and Goodwill | 3 Months Ended
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Mar. 31, 2026
Intangible Asset and Goodwill |
Intangible Asset and Goodwill | NOTE 9 — Intangible 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. 2)Acquisition of TWEW On November 27, 2024, Cheetah Net entered into a Stock Purchase Agreement to acquire 100% of TWEW. The transaction closed on December 19, 2024. The gross purchase price was $1 million. Consideration paid 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
​ The fair value of the accounts receivable, other current assets, and short-term loan payable assumed approximates their gross contractual amounts. The customer relationship intangibles of $600,000 were valued by discounting estimated after-tax earnings over their remaining useful lives using the multi-period excess earnings method, that are representative of those a market participant would use in estimating fair value. 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 three months ended March 31, 2026 and 2025, the Company incurred accumulated amortization expenses of $23,511 and $28,071, respectively. ​

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