UNITED STATES 
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended: September 30, 2008 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ____________ to _____________ Commission File No. 333-146209 CHEETAH CONSULTING, INC.(Exact name of small business issuer as specified in its charter)  FLORIDA14-1908451(State or other jurisdiction of incorporation or organization)(I.R.S. Tax. I.D. No.)6860 Gulfport Blvd. South, #161
St. Petersburg, Florida 33707(Address of Principal Executive Offices)(941) 723-2480(Registrants Telephone Number, Including Area Code) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  o  No  þ  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  Large accelerated filer.oAccelerated filer.   oNon-accelerated filer.  o
(Do not check if a smaller reporting company)Smaller reporting company.  þ  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  o  No  þ The number of shares outstanding of each of the issuer’s classes of common stock as of September 30, 2008:  4,550,000   Quick Link to Table of Contents   TABLE OF CONTENTS  Part I  Financial Information Item 1.  Financial Statements Item 2.  Managements Discussion And Analysis Or Plan Of Operation Item 3.  Quantitative and Qualitative Disclosures About Market Risk Item 4.  Controls And Procedures Part II  Other Information Item 1.  Legal Proceedings Item 2.  Unregistered Shares Of Equity Securities And Use Of Proceeds Item 4.  Submission Of Matters To A Vote Of Security Holders Item 5.  Other Information Item 6.  Exhibits Signatures Exhibit Index  2   Quick Link to Table of Contents  PART I  FINANCIAL INFORMATION    ITEM 1. FINANCIAL STATEMENTS   Randall N. Drake, C.P.A., P.A.  1981 Promenade Way Clearwater, Florida 33760 Phone: (727) 536-4863     REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  To the Board of Directors and
Stockholders of Cheetah Consulting, Inc.:  We have reviewed the accompanying balance sheet of Cheetah Consulting, Inc. as of September 30, 2008 and the related statements of operations and cash flows for the three-month and nine-month periods ended September 30, 2008 and September 30, 2007. These financial statements are the responsibility of the companys management. We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.  Randall N. Drake, CPA, PARandall N. Drake, CPA, PAClearwater, FloridaNovember 4, 2008   3   Quick Link to Table of Contents  Cheetah Consulting, Inc. Balance Sheet As of  September 30, 2008December 31, 2007(Unaudited)(Audited)ASSETSCurrent AssetsCurrent AssetsCash & Cash Equivalents26,4254,965Accounts Receivable040,000Due from FL UC Fund3890Total Current Assets26,81444,965Fixed AssetsEquipment & Automobile70,07365,539Accumulated Depreciation(16,604)(6,789)Total Fixed Assets53,46958,750TOTAL ASSETS80,283103,715LIABILITIES &  STOCKHOLDERS' EQUITYLiabilitiesCurrent LiabilitiesAccrued Expenses2,59020,040Note Payable-Current Portion-Note C9,7519,226Total  Current Liabilities12,34129,266Non-Current LiabilitiesNote Payable-Non Current Portion-Note C29,72137,175Total  Non-Current Liabilities29,72137,175Total Liabilities42,06266,441Stockholders' EquityCommon Stock, $.001 Par Value,200,000,000 sharesauthorized, 4,550,000 issued & outstanding4,5504,550Paid in Capital(1,845)(1,845)Retained Earnings35,51634,569Total Equity38,22137,274TOTAL LIABILITIES & STOCKHOLDERS' EQUITY80,283103,715   Seeaccompanying notes and accountant's report.  4   Quick Link to Table of Contents  Cheetah Consulting, Inc. Statement of Operations For the  3 months ended3 months ended9 months ended9 months endedSeptember 30, 2008September 30, 2007September 30, 2008September 30, 2007(Unaudited)(Unaudited)(Unaudited)(Unaudited)Revenue:Consulting Income$0$12,500$90,000$102,224Total Revenue012,50090,000102,224Operating Expenses:Accounting & Audit Fees750752,6251,150Automobile Expenses9382,7796,3625,171Business Gifts215Commissions-Note D017,5007,00048,524Depreciation Expense3,2973,1079,8153,429Dues & Subscriptions100100Insurance Expense1,4402,160Interest Expense7419172,3111,305Legal Fees400Licenses and Taxes280300749Meals and Entertainment1,5077963,1542,811Office Expense8112741,034808Postage & Shipping0418595Scuba Lessons & Supplies1,0271,027Telephone/Internet8491,5413,4992,406Transfer Agent Fees1002000Travel35,106052,5682,696Total Operating Expenses44,19929,77789,05372,946Net Income (Loss) from Operations(44,199)(17,277)94729,278Other Income:Interest Income0005Total Other Income0005Net Income(Loss)($44,199)($17,277)$947$29,283Earnings (loss) per common share:Net income (loss) per share-Note E($0.01)$0.00$0.00$0.01Weighted Average Shares Basic and Diluted4,550,0004,550,0004,550,0004,287,500  See accompanying notes and accountant's report.  5   Quick Link to Table of Contents  Cheetah Consulting, Inc. Statement of Cash Flows For the Nine Months Ended September 30, (UNAUDITED)  20082007OPERATING ACTIVITIES:Net Income(Loss)94729,283Adjustments to reconcile Net Income (Loss)to net cash provided by operations:Depreciation Expense9,8153,429Changes in Operating Assets and Liabilities:Accounts Receivable40,000Accrued Expenses(17,839)(3,000)Payroll Taxes Payable0(245)Net cash provided (used) by Operating Activities32,92329,467INVESTING ACTIVITIES:Acquisition of Equipment(4,535)(64,203)Net cash provided (used) by Investing Activities(4,535)(64,203)FINANCING ACTIVITIES:Capital Stock Issued4,200Paid in Capital(4,095)Note Payable-Principal paid(6,929)(2,802)Note Payable-Proceeds51,391Net cash provided (used) by Financing Activities(6,929)48,694Net Increase in cash & cash equivalents21,45913,958Cash & cash equivalents at beginning of period4,9652,635Cash & cash equivalents at end of period26,42416,593Supplemental Disclosure:Interest Expense$2,311$1,305  See accompanying notes and accountant's report.  6   Quick Link to Table of Contents  CHEETAH CONSULTING, INC.  Notes to Financial Statements  September 30, 2008 and September 30, 2007 (UNAUDITED)   NOTE A  ORGANIZATION AND NATURE OF BUSINESS  The Company was incorporated May 11, 2004 in the State of Florida.  The Company is in the business of consulting.     NOTE B  SIGNIFICANT ACCOUNTING POLICIES   Basis for Presentation In the opinion of management, all adjustments consisting of normal recurring adjustments necessary for a fair statement of (a) the result of operations for the three and nine month periods ended September 30, 2008 and September 30, 2007; (b) the financial position at September 30, 2008 and (c) cash flows for the nine month periods ended September 30, 2008 and September 30, 2007, have been made.  The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States of America. These principals require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates.  The financial statement and notes are presented as permitted by Form 10-Q. Accordingly, certain information and note disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted. The accompanying unaudited financial statements should be read in conjunction with the financial statements for the years ended December 31, 2007 and December 31, 2006 and notes thereto in the Companys registration statement on Form S-1 for the year ended December 31, 2007, filed with the Securities and Exchange Commission. Operating results for the three and nine months ended September 30, 2008 and September 30, 2007 are not necessarily indicative of the results that may be expected for the entire year.   Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all short-term securities with a maturity of three months or less to be cash equivalents.   Fixed Assets Property and equipment are stated at cost.  Depreciation is computed using straight-line    methods over the estimated useful lives of the assets.  Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized.  Expenditures for maintenance and repairs are charged to expense as incurred.  The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or the unamortized balance is warranted. Based upon its most recent analysis, the Company believes that no impairment of equipment exists at September 30, 2008.   Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the corporation to make estimates and assumptions that affect certain reported amounts and disclosures.  Accordingly, actual results could differ from those estimates.  7   Quick Link to Table of Contents  CHEETAH CONSULTING, INC.  Notes to Financial Statements  September 30, 2008 and September 30, 2007 (UNAUDITED) (continued)   Revenue Recognition The Company generates revenue through consulting services. The Company provides these services and bills for them as the services are rendered.  The Company recognizes its revenue when its services are rendered.   Accounts Receivable Based on managements review of accounts receivable, no allowance for doubtful accounts was considered necessary. Receivables are determined to be past due, based on payment terms of original invoices. The Company does not typically charge interest on past due receivables.  Income Taxes For 2007, the Company was taxed under Subchapter S of the Internal Revenue Code. Therefore no provision for income taxes has been made for 2007. The companys S-Corporation election was revoked effective January 1, 2008. For 2008 the Company will be taxed under Subchapter C of the Internal Revenue Code. The Company provides for income taxes pursuant to Statement of Financial Accounting Standards No. 109. Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes, if and when applicable, related primarily to differences between certain assets and liabilities for financial and tax reporting. Any deferred taxes would represent the future tax return consequences of those differences, which will either be taxable when the assets and liabilities are recovered or settled. The Company has not recognized either a current income tax benefit or a current income tax expense, the realization of which could not be considered more likely than not.  Fair Values Of Financial Instruments Statement of Financial Accounting Standards No. 107, Disclosures About Fair Value of Financial Instruments, requires the Corporation to disclose estimated fair value for its financial instruments. Fair Value estimates, methods, and assumptions are set forth as follows for the Corporations financial instruments. The carrying amounts of cash, receivables, other current assets, payables, accrued expenses and notes payable approximate fair value because of the short maturity of those instruments.  Recently Adopted or Issued Accounting Pronouncements There are no recently issued accounting standards that will have an impact on the financial statements that have not been adopted.      NOTE C  NOTE PAYABLE  The Company has a note payable to Chase Auto Finance. The note is dated May 7, 2007 in the original amount of $51,291.35 and is payable in monthly installments of $1,026.72 over five (5) Years with a fixed interest rate of 7.25%. The note is secured by a 2006 Mercedes C55 AMG.  Scheduled principal payments due and principal balances of the note over the next five years are as follows:   Periods ending
September 30,Principal Due
for the YearPrincipal Balances2008$$
39,4722009$
9,571$
29,7212010$
10,489$
19,2322011$
11,285$
7,9472012$
7,947$
0  8   Quick Link to Table of Contents  CHEETAH CONSULTING, INC.  Notes to Financial Statements  September 30, 2008 and September 30, 2007 (UNAUDITED) (continued)   NOTE D  RELATED PARTY TRANSACTIONS  The Company pays commissions to the husband of a key shareholder as a contract consultant. The consultant may leave his position at any time and the Company may terminate this relationship at any time.  The consultant earned commissions of $7,000 and $48,524 for the periods ended September 30, 2008 and 2007 respectively.    NOTE E  EARNINGS (LOSS) PER COMMON SHARE  Earnings (Loss) per common share of ($0.00) were calculated based on a net income numerator of $947 divided by a denominator of 4,550,000 weighted-average shares of common stock outstanding at September 30, 2008. Earnings (Loss) per common share of $0.01 were calculated based on a net Income numerator of $29,283 divided by a denominator of 4,287,500 weighted-average shares of common stock outstanding at September 30, 2007. There are no share equivalents.    9   Quick Link to Table of Contents  ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION  The following discussion should be read in conjunction with our unaudited financial statements and the notes thereto.  Forward-Looking Statements  This quarterly report contains forward-looking statements relating to us that are based on the beliefs of our management as well as assumptions made by, and information currently available to, our management. When used in this Report, the words "anticipate", "believe", "estimate", "expect", "intend", "plan" and similar expressions, as they relate to us or our management, are intended to identify forward-looking statements. These statements reflect management's current view of us concerning future events and are subject to certain risks, uncertainties and assumptions, including among many others: our potential inability to raise additional capital, the possibility that third parties hold proprietary rights that preclude us from marketing our products, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, changes in economic conditions, uncertainties related to Japan's legal system and economic, political and social events in Japan, a general economic downturn, a downturn in the securities markets, Securities and Exchange Commission regulations which affect trading in the securities of "penny stocks," and other risks and uncertainties. Should any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Report as anticipated, estimated or expected.  Use of Certain Defined Terms  Except as otherwise indicated by the context, references in this report to "Wes" "we," "us," or "our" and the "Company" are references to the business of Cheetah Consulting, Inc.  Use of GAAP Financial Measures  We use GAAP financial measures in the section of this quarterly report captioned "Managements Discussion and Analysis or Plan of Operation." All of the GAAP financial measures used by us in this report relate to the inclusion of financial information.  Overview  This subsection of MD&A is an overview of the important factors that management focuses on in evaluating our businesses, financial condition and operating performance, our overall business strategy and our earnings for the periods covered.  General Cheetah Consulting, Inc. (CCI) was incorporated on May 11, 2004 under the laws of the State of Florida. Diane J. Harrison, Esq. is majority owner and president of the company. With over twenty-five (25) years of experience, she has provided management expertise in private industry as well as in the federal government.  CCI currently provides services to a number of small businesses.  The Company is working to assist owners of their businesses in the valuation of their company to determine an appropriate strategy for the owner to successfully exit the business. Sources of Revenue Our primary focus is the valuation of small to medium sized businesses where the owner(s) is seeking to exit the business. The companies we seek are those that can be valued and for which an exit strategy can be developed. Targeted companies will include those with owner(s) who have built the company over time and those with the necessary financial data to analyze. The owner(s) must be taught to develop an outsider point of view of the business and a willingness to act on opportunities to create incremental value. A restructuring framework model is used to assist in the valuation of the business.  The present value of the company is considered in terms of a maximum restructured value.  This may necessitate the disposal/acquisition of assets or business opportunities.  By using a discounted cash flow or DCF approach, an economic model, we believe a more sophisticated and reliable picture of a companys value can be developed.  In the DCF approach, the value of a business is the future-expected-cash-flow discounted at a rate that reflects the riskiness of the business.  We use mathematical formulas to determine the discounted cash flow.  We can separate a 10   Quick Link to Table of Contents  companys expected cash flow into two time periods and the companys value can be defined as:  value = present value of cash flow during explicit forecast period + present value of cash flow after explicit forecast period (or the continuing value).  There are three DCF techniques that we can use:  the long explicit forecast; the growing free cash flow perpetuity formula; and the value driver formula.  Since each formula is mathematical in nature we are able to plug in the necessary date into a computer spreadsheet with the appropriate formula to get our analysis.  Our Secretary, Ms. Lynnette Harrison, a computer programmer, has the experience and skills to update any programs we need.  By utilizing computer programs for our formulas, any of our employees can run the analysis which is then reviewed by either our President Diane J. Harrison, our Treasurer Joseph Scutero or Michael Daniels.  The results to be presented to the client are then finally reviewed and approved by our President. The fees charged to a client range from $5,000 to $15,000 per project, depending on the size of the client company.  A client pays the fee up front for us to provide a valuation of his or her business using our DCF model.  The client supplies financial statements provided by their accountants for us to pull the figures we use in our formulas.  We then meet with the client to discuss the results and the different approaches they may utilize in the future as an exit strategy. We do not execute any formal agreement in writing with a client.  As a company we believe that personal service and reputation are important and to date this arrangement has worked well for both our clients and our Company. Results of Operations General The following table shows our revenues, expenditures and net income for the nine month periods ended September 30, 2008 and September 30, 2007 (Unaudited). Table 4.0 Revenues, Expenditures and Net Income YEARREVENUEEXPENSESNET INCOME (LOSS)September 30, 2008$ 90,000$ 115,853$  (25,853)September 30, 2007$ 89,724$   43,169$    46,555   Operating Results for the nine months Ended September 30, 2008 Compared To September 30, 2007 (Unaudited) The following tables set forth key components of our results of operations for the periods indicated, in dollars and key components of our revenue for the periods indicated in dollars.  **  remainder of this page intentionally left blank **  11   Quick Link to Table of Contents  Cheetah Consulting, Inc. Statement of Operations For the:  9 months ended9 months endedSeptember 30, 2008September 30, 2007(Unaudited)(Unaudited)Change% ChangeRevenue:Consulting Income$90,000$102,224($12,224)-12%Total Revenue90,000102,224(12,224)-12%Operating Expenses:Accounting & Audit Fees2,6251,1501,475128%Automobile Expenses6,3625,1711,19123%Business Gifts215(215)-100%Commissions-Note D7,00048,524(41,524)-86%Depreciation Expense9,8153,4296,386186%Dues & Subscriptions100100100%Insurance Expense2,160(2,160)-100%Interest Expense2,3111,3051,00677%Legal Fees400(400)-100%Licenses and Taxes300749(449)-60%Meals and Entertainment3,1542,81134312%Office Expense1,03480822628%Postage & Shipping8595(10)-11%Scuba Lessons & Supplies1,027(1,027)-100%Telephone/Internet3,4992,4061,09345%Transfer Agent Fees2000200100%Travel52,5682,69649,8721850%Total Operating Expenses89,05372,94616,10722%Net Income (Loss) from Operations94729,278(28,331)-97%Other Income:Interest Income05(5)-100%Total Other Income05(5)-100%Net Income(Loss)$947$29,283(28,336)-97%Earnings (loss) per common share:Net income (loss) per share-Note E$0.00$0.01(0)-100%Weighted Average Shares Basic and Diluted4,550,0004,287,500262,5006%   12   Quick Link to Table of Contents  Revenues. For the nine months ended September 30, 2008, revenues were $90.000, compared to $89,724for the nine months ended September 30, 2007. There was no significant increase or decrease in revenues.  With the current economic downturn we believe that this was the major factor contributing to our revenues not being larger. Operating Expenses.Our operating expenses increased by $16,107 to $89,053 for the nine months ended September 30, 2008 from $72,946 for the nine months September 30, 2007. The increase in in our operating expenses of $16,107 is due to the increase of $49,872 in our travel expenses.   With the downturn in the U.S. economy we tried to expand our concept to Asia and Europe.  We made several trips to Hong Kong, China and Europe in an effort to offer our services to companies with multinational operations. As a percentage of revenues, our cost of revenue was 99% for the nine months ended September 30, 2008, an increase of 28% for the nine months ended September 30, 2007. Gross Profit (Loss). For the nine months ended September 30, 2008 and 2007, we had a profit of $947 and $29,278 respectively, a decrease of $28,331 for the nine month period ended September 30 2008. The decrease in our losses is due primarily to the increase in the travel expenses. Provision for Income Taxes.  No provision for income taxes was made in the nine months ended September 30, 2008. Net Income. As a result of the factors described above, net income decreased from $29,283 for the nine months ended September 30, 2007 to $947 for the same period in 2008. Liquidity and Capital Resources As of September 30, 2008, we had cash and cash equivalents of $26,814. Since May of 2004 the company has concentrated its efforts in providing consulting services to a niche market targeting small to medium sized businesses where management is seeking a method of divesting itself of the business.  Management believes it can capitalize on the number of business owners seeking to develop an appropriate exit strategy. Our internal liquidity is provided by our operations. Our total current assets exceed our current liabilities by over $38,000.00. Management believes that in the fiscal year 2008 the Company may not show a profit however operations should be sustainable in the long-term of at least twelve (12) months.  In the event the company needs additional funds, our President, Diane J. Harrison, will provide any necessary capital to the company in the form of non-interest bearing loans due and payable at least twelve (12) months in the future.  There is no agreement in writing regarding this loan and our Board of Directors does not believe a written commitment is necessary due to the present level of time and effort Ms. Harrison has in the venture.  In addition, the company has a line of credit with Bank of America that may be drawn on. While the capital resources of the company are stable from a cash perspective, the credit of the officers and directors for debt financing if necessary is extremely strong. The company has not established any lines of credit with any banks. Two members of our Board of Directors, Ms. Diane Harrison and Mr. Scutero, are accredited investors and have high credit ratings to support any required personal guarantee.  They have committed to the company that they would secure up to $150,000 in credit if necessary.  There is no agreement in writing regarding this extension of credit and our Board of Directors does not believe a written commitment is necessary due to the present level of time and effort Ms. Harrison and Mr. Scutero have in the venture. In the event we are unable to generate sufficient funds to continue our business efforts or if the company is pursued by a larger company for a business combination we will analyze all strategies to continue the company and maintain or increase shareholder value. Under these circumstances we would consider a merger, acquisition, joint venture, strategic alliance, a roll-up, or other business combination for the purposes of continuing the business and maintaining or increasing shareholder value.  Management believes its responsibility to maintain shareholder value is of paramount importance, which means the Company should consider the aforementioned alternatives in the event funding is not available on favorable terms to the Company when needed. We have not entered into any discussions with any companies, financial institutions, investment banks, broker-dealers, promoters or other parties regarding the pursuit of any business combination that would result in a change in control.  We set forth above specific circumstances under which this would occur, keeping in mind the fiduciary responsibility of management to maintain shareholder value. 13   Quick Link to Table of Contents  Cash Flow for nine months ended September 30, 2008 compared to September 30, 2007 (Unaudited) The following table provides the statements of net cash flows for the periods presented in this filing: Cheetah Consulting, Inc. Statement of Cash Flows For the:  9 months ended9 months endedSeptember 30, 2008September 30, 2007(Unaudited)(Unaudited)Change% ChangeOPERATING ACTIVITIESNet Income(Loss)94729,283(28,336)-97%Adjustments to reconcile Net Income (Loss)to net cash provided by operations:Depreciation Expense9,8153,4296,386186%Changes in Operating Assets and Liabilities:Accounts Receivable40,00040,000100%Accrued Expenses(17,839)(3,000)(14,839)495%Payroll Taxes Payable0(245)245-100%Income Taxes Payable000%Sales Tax Payable000%Net cash provided (used) by Operating Activities32,92329,4673,45612%INVESTING ACTIVITIES:Acquisition of Equipment(4,535)(64,203)59,668-93%Net cash provided (used) by Investing Activities(4,535)(64,203)59,668-93%FINANCING ACTIVITIES:Capital Stock Issued04,200(4,200)-100%Paid in Capital0(4,095)4,095-100%Note Payable-Principal paid(6,929)(2,802)(4,127)147%Note Payable-Proceeds051,391(51,391)-100%Net cash provided (used) by Financing Activities(6,929)48,694(55,623)-114%Net Increase in cash & cash equivalents21,45913,9587,50154%Cash & cash equivalents at beginning of period4,9652,6352,33088%Cash & cash equivalents at end of period26,42416,5939,83159%Supplemental Disclosure:Interest Expense$2,311$1,3051,00677%   14   Quick Link to Table of Contents  Operating Activities.For the nine months ended September 30, 2008 and 2007, our operating activities provided $32,923 and $29,467 respectively. This increase in cash provided was mainly due to our increase in accounts receivable of $40,000 and accruing expenses payable of ($17,839).  Investing Activities.  For the nine month periods ended September 30, 2008 and 2007 our investing activities were $4,535 and $64,203, respectively of net cash used by investing in the acquisition of equipment.  Financing Activities.  Net cash provided (used) by financing activities in the nine month periods ended September 30, 2008 and 2007 totaled ($6,929) and $48,694, respectively. The decrease in the cash provided by financing activities was primarily attributable to financing the company automobile in 2007. Seasonality of our Sales Our operating results and operating cash flows historically have not been subject to seasonal variations. We do not anticipate a change in the patterns due to seasonality at this time. Inflation Inflation does not materially affect our business or the results of our operations. Current Business Climate The current business climate in the U.S. has shown a marked decrease in the availability of credit to small to medium size businesses.  This has caused our potential clients to either continue their present operation without seeking an exit from their business or the sale of their business due to lower valuation of the business.  This retrenchment is having a direct impact on our ability to gain business.  As a result we are going to reduce our operations to conserve our capital until such time as the economy is stronger and our target market is again receptive to our efforts. Recent Accounting Pronouncements The Company adopted the provisions of Financial Standards Accounting Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes  an Interpretation of FASB Statement No. 109 ("FIN 48"), on January 1, 2007. There were no unrecognized tax benefits and there was no effect on the Company's financial condition or results of operations as a result of implementing FIN 48. The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of the date of adoption of FIN 48, there was neither accrued interest or penalty associated with any unrecognized tax benefits nor any interest expense recognized during the period. In December 2007, the Financial Accounting Standards Board issued Statement of SFAS No. 141(revised 2007), Business Combinations, which replaces SFAS No. 141.  The statement retains the purchase method of accounting for acquisitions, but requires a number of changes, including changes in the way assets and liabilities are recognized in the purchase accounting.  It also changes the recognition of assets acquired and liabilities assumed arising from contingencies, requires the capitalization of in-process research and development at fair value, and requires the expensing of acquisition-related costs as incurred.  SFAS No. 141(R) is effective for the Company beginning January 1, 2009 and will apply prospectively to business combinations completed on or after that date. In December 2007, the Financial Accounting Standards Board issued SFAS No. 160; Noncontrolling Interest in Consolidated Financial Statements, and amendment of ARB 51, which changes the accounting and reporting for minority interest.  Minority interest will be recharacterized as non-controlling interest and will be reported as component of equity separate from the parent's equity, and purchases or sales of equity interests that do not result in change in control will be accounted for as equity transactions.  In addition, net income attributable to the non-controlling interest will be included in consolidated net income on the dace of the income statement and, upon a loss of control, the interest sold, as well as any interest retained, will be recorded at fair value with any gain or loss recognized in earnings.  SFAS No. 160 is effective for the Company beginning January 1, 2009 and will apply prospectively, except for the presentation and disclosure requirements, which will apply retrospectively.  15   Quick Link to Table of Contents  In March 2008, the Financial Accounting Standards Board issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities.  SFAS No. 161 requires additional disclosures related to the use of derivative instruments, the accounting for derivatives and the financial statement impact of derivatives.  SFAS No. 161 is effective for fiscal years beginning after November 15, 2008.  The adoption of SFAS No. 161 will not impact the Company's financial statements.  In May 2008, the Financial Accounting Standards Board issued SFAS No. 162, The Hierarchy of Generally Accepted Accounting Principles. SFAS No. 162 identifies the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with generally accepted accounting principles. This statement shall be effective 60 days following the SECs approval of the Public Company Accounting Oversight Board amendments to AU Section 411, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles. We do not expect its adoption will have a material impact on our financial statements. Off-Balance Sheet Arrangements We do not have any off-balance arrangements.   ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company does not have exposure to many market risks, such as potential loss arising from adverse change in market rates and prices, such as foreign currency exchange and interest rates.  We do not hold any derivatives or other financial instruments for trading or speculative purposes.   ITEM 4. CONTROLS AND PROCEDURES  An evaluation was carried out, under the supervision and with the participation of our management, including Diane J. Harrison, our President, Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures, as of the end of the period covered by this report on Form 10-Q.   Disclosure controls and procedures are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, such as this Form 10-Q, is recorded, processed, summarized and reported within the time period specified in the Securities and Exchange Commissions rules and forms.  Based on that evaluation, Ms. Harrison concluded that, as of September 30, 2008, and as of the date that the evaluation of the effectiveness of our disclosure controls and procedures was completed, our disclosure controls and procedures were effective to satisfy the objectives for which they are intended.  There were no changes in our internal control over financial reporting identified in connection with the evaluation performed that occurred during the six-month period covered by this report that has materially affected or is reasonably likely to materially affect, our internal control over financial reporting.   ** Remainder of this page intentionally left blank ** 16   Quick Link to Table of Contents  PART II  OTHER INFORMATION   ITEM 1 LEGAL PROCEEDINGS There is no pending litigation by or against us.    ITEM 2 UNREGISTERED SHARES OF EQUITY SECURITIES AND USE OF PROCEEDS Except as specified below, we have not sold any of our securities in a private placement transaction or otherwise during the past three years.  Set forth below is information regarding the issuance and sales of Cheetah Consulting, Inc.'s common stock without registration under the Securities Act of 1933during the last three years. No sales involved the use of an underwriter and no underwriter discounts or commissions were paid in connection with the sale of any securities. (a)  On August 7, 2006, the Board of Directors issued 25,000 shares of stock (at $0.01 per share) to President Diane J. Harrison for paid in capital of $250.    The Company relied on the exemption from registration under Section 4(2) of the 1933 Securities Act, as amended.  The following table gives effect to the change in par value from $0.01 to $0.001 per share that occurred on February 28, 2007, which the Company treated as a forward stock split of 1:10, and the true forward stock split of 1:10 that occurred on March 31, 2007. Name of StockholderShares ReceivedConsiderationDate of PaymentAfter Change in Par Value
(0.01 to 0.001)After Forward Stock Split
(1:10)Diane J. Harrison25,000$250.00 CheckAugust 7, 2006250,0002,500,000 (b)  On August 31, 2006 the Board of Directors authorized the sale of up to 15,000 additional shares of stock (at $0.01 per share). The Company filed a Form D with the U.S. Securities and Exchange Commission for sales under Regulation D Section 506.  Shares were sold to U.S. citizens under the Regulation D 506 exemption claimed under Section 4(2) of the Securities Act of 1933, as amended.  The company sold 10,500 of the authorized 15,000 shares and then closed the sale of additional shares. The sales to the individuals listed below were for shares issued from the authorized capital stock for paid-in-capital. These shares were exempt from registration pursuant to Section 4(2) of the Securities Act of 1933 as the shares were not a part of a public offering and pursuant to Rule 506 of the Rules and Regulations of the Securities Act of 1933. There was no distribution of a prospectus, private placement memorandum, or business plan to the public. Shares were sold to friends, family and personal business acquaintances of the Officers and Directors. Each individual had specific knowledge of the Companys operation that was given to them personally by the Officers and Directors. Each individual is considered educated and informed concerning small investments, such as the $3.00 investment in our company. The sale of the shares occurred between September 1, 2006 and March 31, 2007 to the individuals below. Upon receipt of the executed subscription agreements, the sale of any additional shares was closed by the Board of Directors.  Each stock subscription agreement executed by the purchaser was formally accepted by the company on March 31, 2007 and shares were issued effective upon the acceptance by the company. The following table gives effect to the change in par value from $0.01 to $0.001 per share that occurred on February 28, 2007, which the Company treated as a forward stock split of 1:10, and the true forward stock split of 1:10 that occurred on March 31, 2007.  17   Quick Link to Table of Contents  Name of StockholderShares ReceivedConsiderationDate of PaymentAfter Change in Par Value
(0.01 to 0.001)After Forward Stock Split
(1:10)Joseph Scutero300$3.00 CheckMarch 31, 20073,00030,000Lynnette J. Harrison300$3.00 CheckMarch 31, 20073,00030,000Wilma J. Harrison300$3.00 CheckMarch 31, 20073,00030,000William B. Harrison300$3.00 CheckMarch 31, 20073,00030,000Belvey Harrison300$3.00 CheckMarch 31, 20073,00030,000William B. Harrison, II300$3.00 CheckMarch 31, 20073,00030,000William B. Harrison, III300$3.00 CheckMarch 31, 20073,00030,000Chad W. Sparks300$3.00 CheckMarch 31, 20073,00030,000Brandi J. Peachy300$3.00 CheckMarch 31, 20073,00030,000Nick R. Holladay300$3.00 CheckMarch 31, 20073,00030,000Sherry J. Long300$3.00 CheckMarch 31, 20073,00030,000John J. Piazza300$3.00 CheckMarch 31, 20073,00030,000Scott Bills300$3.00 CheckMarch 31, 20073,00030,000Meshel Coleman300$3.00 CheckMarch 31, 20073,00030,000Joseph Coleman300$3.00 CheckMarch 31, 20073,00030,000Jasmine Coleman300$3.00 CheckMarch 31, 20073,00030,000Eileen Love300$3.00 CheckMarch 31, 20073,00030,000Kandace Coleman300$3.00 CheckMarch 31, 20073,00030,000Jerry Neel, Jr.300$3.00 CheckMarch 31, 20073,00030,000Moshe Turgeman300$3.00 CheckMarch 31, 20073,00030,000Albert Moretti300$3.00 CheckMarch 31, 20073,00030,000Martin Mink300$3.00 CheckMarch 31, 20073,00030,000Evan Scutero300$3.00 CheckMarch 31, 20073,00030,000Karen Wolfson300$3.00 CheckMarch 31, 20073,00030,000Alan Drien300$3.00 CheckMarch 31, 20073,00030,000Matthew Miller300$3.00 CheckMarch 31, 20073,00030,000Larry Chapman300$3.00 CheckMarch 31, 20073,00030,000Ashley Coleman300$3.00 CheckMarch 31, 20073,00030,000Mark J. Kepes300$3.00 CheckMarch 31, 20073,00030,000Deborah A. Kepes300$3.00 CheckMarch 31, 20073,00030,000Rolland L. Owens300$3.00 CheckMarch 31, 20073,00030,000Corey Owens300$3.00 CheckMarch 31, 20073,00030,000Brent Owens300$3.00 CheckMarch 31, 20073,00030,000Stephanie Owens300$3.00 CheckMarch 31, 20073,00030,000Betty Owens300$3.00 CheckMarch 31, 20073,00030,000Total:10,500105,0001,050,000   ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No matters were submitted to our security holders during the nine month period ending September 30, 2008 that were not reported in a current report on Form 8-K.   18   Quick Link to Table of Contents  ITEM 5 OTHER INFORMATION  Committees We currently do not have standing audit, nominating or compensation committees.  Currently, our entire Board of Directors is responsible for the functions that would otherwise be handled by these committees.  We intend, however, to establish an audit committee, a nominating committee and a compensation committee of the Board of Directors.  We envision that the audit committee will be primarily responsible for reviewing the services performed by our independent auditors, evaluating our accounting policies and our system of internal controls.  The nominating committee would be responsible for nomination of new director candidates and will be responsible for implementing our corporate governance policies and procedures.  The compensation committee will be primarily responsible for reviewing and approving our salary and benefits policies (including stock options) and other compensation of our executive officers.  Our Board of Directors has not made a determination as to whether any member of our board is an audit committee financial expert.  Upon the establishment of an audit committee, the board will determine whether any of the directors qualify as an audit committee financial expert.    ITEM 6 EXHIBITS  Exhibit No.Description3(i)Articles of Incorporation
Filed on September 9, 2007 as Exhibit 3(i) to the registrants Registration Statement on Form SB-2 (File No. 333-146209) and incorporated herein by reference.3(ii)Amended and Restated Articles of Incorporation
Filed on September 9, 2007 as Exhibit 3(ii) to the registrants Registration Statement on Form SB-2 (File No. 333-146209) and incorporated herein by reference.3.1Amended and Restated Articles of Incorporation
Filed on September 9, 2007 as Exhibit 3(iii) to the registrants Registration Statement on Form SB-2 (File No. 333-146209) and incorporated herein by reference.3.2By-Laws
Filed on September 9, 2007 as Exhibit 3(iv) to the registrants Registration Statement on Form SB-2 (File No. 333-146209) and incorporated herein by reference.15Letter on Unaudited Interim Financial Information by Randall N. Drake, C.P.A.23Consent of Experts and Counsel: Independent Auditor's Consent by Randall N. Drake, C.P.A.
Filed on May 27, 2008 as Exhibit 23.3 to the registrants Registration Statement on Form S-1/A (File No. 333-146209) and incorporated herein by reference.31.1Certification of Chief Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2Certification of Chief Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32Certification of Chief Executive Officer and Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   19   Quick Link to Table of Contents   SIGNATURES  In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CHEETAH CONSULTING, INC.Dated:  November 10, 2008/s/Diane J. Harrison.Diane J. HarrisonChief Executive OfficerDated:   November 10, 2008/s/Diane J. Harrison.Diane J. HarrisonChief Financial Officer      EXHIBIT INDEX  Exhibit No.Description3(i)Articles of Incorporation
Filed on September 9, 2007 as Exhibit 3(i) to the registrants Registration Statement on Form SB-2 (File No. 333-146209) and incorporated herein by reference.3(ii)Amended and Restated Articles of Incorporation
Filed on September 9, 2007 as Exhibit 3(ii) to the registrants Registration Statement on Form SB-2 (File No. 333-146209) and incorporated herein by reference.3.1Amended and Restated Articles of Incorporation
Filed on September 9, 2007 as Exhibit 3(iii) to the registrants Registration Statement on Form SB-2 (File No. 333-146209) and incorporated herein by reference.3.2By-Laws
Filed on September 9, 2007 as Exhibit 3(iv) to the registrants Registration Statement on Form SB-2 (File No. 333-146209) and incorporated herein by reference.15Letter on Unaudited Interim Financial Information by Randall N. Drake, C.P.A.23Consent of Experts and Counsel: Independent Auditor's Consent by Randall N. Drake, C.P.A.
Filed on May 27, 2008 as Exhibit 23.3 to the registrants Registration Statement on Form S-1/A (File No. 333-146209) and incorporated herein by reference.31.1Certification of Chief Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2Certification of Chief Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32Certification of Chief Executive Officer and Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   20