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MAKINGORG, INC. [CQCQ], a leading company in the industry, has released its financial report for the year ended December 31, 2022. The company reported a net loss of $116.4 million for the year, compared to a net loss of $0.6 million in the previous year. Despite the challenging market conditions, the company generated annual revenue of $38.8 million, demonstrating its resilience and ability to adapt.
During the year, MAKINGORG, INC. faced significant operating expenses, including selling, general and administrative expenses of $62.7 million and professional fees of $38.7 million. These expenses, combined with a decrease in gross profit to $7.5 million from $214.2 million in the previous year, resulted in a loss from operations of $94 million. Furthermore, the company experienced a total other expense of $21.6 million, primarily driven by interest expense of $24 million. These various factors contributed to the overall net loss for the year.
Despite the challenging operating environment, MAKINGORG, INC. achieved annual revenue of $38.8 million, a significant decrease from the previous year's revenue of $611.3 million. This decline can be attributed to lower demand for the company's products and services, as well as the impact of global economic uncertainties. The company remains focused on exploring new opportunities and implementing strategic initiatives to drive revenue growth in the coming year.
MAKINGORG, INC. exhibited a decrease in its total assets, which stood at $122.1 million at the end of the year, compared to $220.2 million in the previous year. Current assets also experienced a decline, reducing to $122.1 million from $220.2 million. The company's liabilities increased to $786.2 million, compared to $756.8 million in the previous year. This change primarily resulted from an increase in current liabilities, including interest payable and accrued liabilities.
MAKINGORG, INC. reported a basic and diluted net loss per common share of $0.003 for the year, based on a weighted average number of common shares outstanding of 35,540,000. This is a significant decrease compared to the previous year's net loss per common share of $0.000. The decline in earnings per share can be attributed to the overall net loss reported for the year.
Looking ahead, MAKINGORG, INC. is cautiously optimistic about its future prospects. The company aims to enhance its operational efficiency and cost management to mitigate the impact of challenging market conditions. Additionally, MAKINGORG, INC. plans to focus on expanding its customer base and exploring new business opportunities to drive revenue growth. The company remains committed to creating long-term value for its shareholders.
MAKINGORG, INC. faced a challenging year, reporting a net loss of $116.4 million for the year. However, the company remains focused on its strategic objectives and is taking proactive measures to improve its financial performance. With its solid revenue base and ongoing initiatives to drive growth, MAKINGORG, INC. is well-positioned to navigate the evolving market dynamics and deliver sustainable value in the long term.