8-K: Cheetah Net Changes Auditors for 2026 Fiscal Year

Cheetah Net Supply Chain Service Inc. announced the dismissal of Assentsure PAC and the engagement of Tang Qian & Associates PLLC as its new independent registered public accounting firm for the fiscal year ending December 31, 2026.

Summary

• Cheetah Net Supply Chain Service Inc. (CTNT) dismissed Assentsure PAC as its independent registered public accounting firm on January 6, 2026.
• The company engaged Tang Qian & Associates PLLC to serve as its new independent registered public accounting firm for the fiscal year ending December 31, 2026.
• Assentsure PAC served as the company's auditor from October 2, 2023, to January 6, 2026.
• Assentsure's reports on the company's financial statements for the fiscal years ended December 31, 2024, and 2023 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified.
• There were no disagreements with Assentsure PAC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
• The only reportable events during Assentsure's tenure were the previously disclosed material weaknesses in the company's internal control over financial reporting.
• Neither the company nor anyone on its behalf consulted Tang Qian & Associates PLLC regarding any reportable events prior to their engagement.

Sentiment

Score: 5

Explanation: The change in auditor is a neutral event, as there were no reported disagreements with the previous auditor. However, the previously disclosed material weaknesses in internal controls prevent a higher score, as this issue remains a concern for financial reporting integrity and could impact investor confidence.

Positives

• The previous auditor, Assentsure PAC, did not issue adverse opinions, disclaimers, or qualified reports for the fiscal years 2023 and 2024.
• There were no disagreements with Assentsure PAC on accounting principles, financial statement disclosure, or auditing scope or procedure, which is a positive indicator regarding past financial reporting integrity.

Negatives

• The company previously identified and disclosed material weaknesses in its internal control over financial reporting, which remain a concern.

Risks

• Previously disclosed material weaknesses in the company's internal control over financial reporting, which could impact the reliability of future financial statements if not remediated.

Future Outlook

The company has engaged Tang Qian & Associates PLLC to serve as its independent registered public accounting firm for the fiscal year ending December 31, 2026, indicating a continuation of standard financial reporting practices and external audit oversight.

Management Comments

• Huan Liu, Chief Executive Officer, Director, and Chairman of the Board of Directors, signed the report on behalf of Cheetah Net Supply Chain Service Inc.

Industry Context

Changes in independent registered public accounting firms are a routine corporate governance event for publicly traded companies. Such changes can occur for various reasons, including cost considerations, service quality, or a desire for a fresh perspective. The absence of reported disagreements with the previous auditor is generally viewed favorably, though the mention of previously disclosed material weaknesses in internal controls warrants continued attention from an industry perspective.

Corporate Governance

Stakeholder Impact

• Shareholders: Will rely on the new auditor for independent assurance on financial statements. The previously disclosed material weaknesses in internal controls could impact confidence if not effectively addressed by management and overseen by the new auditor.
• Management: Will work with a new auditing firm, requiring adaptation to new processes and personnel, and continued efforts to remediate internal control weaknesses.
• Regulatory Authorities: The SEC is informed of the change, and the company has complied with disclosure requirements under Item 4.01 of Form 8-K.

Key Dates

Recommendation

The filing primarily details a routine change in the company's independent registered public accounting firm. While the absence of reported disagreements with the outgoing auditor is a positive sign, the previously disclosed material weaknesses in internal control over financial reporting remain a concern that could impact future financial integrity. This administrative change, without new financial or operational data, does not provide a basis for a strong buy or sell recommendation, thus a 'hold' is appropriate pending further operational and financial updates, particularly regarding the remediation of internal control weaknesses.

Keywords

Cheetah Net Supply Chain Service, CTNT, Auditor Change, Independent Accountant, SEC Filing, Form 8-K, Corporate Governance, Financial Reporting, Internal Controls