Fri, Jul 5, 10:05 AM (64 days ago)
MakingORG, Inc. reported a net loss of $21,338 for Q1 2023, a significant improvement from the $47,551 loss in Q1 2022. The company did not generate any revenue in either quarter, primarily due to the adverse impact of COVID-19 on its operations in China. Total operating expenses decreased by 63% year-over-year, from $41,553 to $15,343, mainly due to reduced professional fees and rent expenses. As of March 31, 2023, total assets were $129,424, up from $122,087 at the end of 2022. Cash and cash equivalents increased to $27,129 from $23,852. However, the company continues to face liquidity challenges, with total liabilities of $814,642 and a negative working capital of $483,884. The company's ability to continue as a going concern is dependent on raising additional capital. Management does not anticipate future material economic consequences from COVID-19 but acknowledges substantial doubt about the company's ability to continue as a going concern. No significant changes in internal controls over financial reporting were noted.