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MAKINGORG, INC. [CQCQ], a leading company in the industry, has recently released its financial report for the quarter ended September 30, 2022. The company reported a net loss of $10.1 million for the third quarter, compared to a net income of $69.2 thousand in the same period last year. Quarterly revenue amounted to $39.5 million, a decrease from $362.4 million in the third quarter of 2021.
Despite the decrease in revenue, MAKINGORG, INC. managed to maintain a gross profit of $7.6 million for the quarter, although it is lower compared to the $123.6 million gross profit achieved in the same period last year. The company faced challenges in managing its operating expenses, with selling, general and administrative expenses reaching $11.6 million, and professional fees totaling $0.3 million. As a result, the company reported a loss from operations of $4.2 million.
Looking at the company's financial performance for the first nine months of 2022, MAKINGORG, INC. recorded a net loss of $92.9 million, significantly higher than the net loss of $18.3 million in the same period of the previous year. Revenue for the nine-month period amounted to $39.5 million, a decrease from $434.3 million in the same period last year. The company's gross profit for the nine months was $7.6 million, compared to $148.2 million in the previous year.
MAKINGORG, INC. currently has a total assets value of $129.6 million, a significant decrease from $220.2 million as of December 31, 2021. The decrease in assets can mainly be attributed to a decrease in cash and cash equivalents, which declined from $108.4 million to $28.6 million. The company has total liabilities of $772.4 million, slightly higher than the $756.8 million reported at the end of 2021. The company's stockholders' deficit also increased to $642.7 million, compared to $536.6 million in the previous year.
The basic and diluted loss per common share for the quarter is reported as $(0.000), based on the weighted average number of common shares outstanding of 35.5 million shares. This indicates a decrease in earnings per share compared to the same period last year.
Despite the challenging financial results, MAKINGORG, INC. remains focused on its growth strategies and cost optimization initiatives. The company is actively exploring new revenue opportunities and implementing measures to improve its profitability and financial stability. The management team is confident in the company's ability to overcome the current challenges and return to a path of sustainable growth.
In conclusion, MAKINGORG, INC. reported a net loss of $10.1 million for the third quarter, reflecting a decline in revenue compared to the previous year. The company continues to face challenges in managing its operating expenses, resulting in a loss from operations. However, the company remains committed to its growth strategies and is optimistic about its future prospects. With a focus on cost optimization and exploring new revenue opportunities, MAKINGORG, INC. aims to improve its financial performance and return to profitability.