Todd Brown: Thank you, Shing, and thank you to everybody for joining us on today’s call. Our revenue for the third quarter of 2023 totaled $0.2 million compared to the $2.8 million during the same quarter in 2022. The $0.2 million of revenue we did recognize during this third quarter of 2023 resulted primarily from additional installations of our campus solution in China. We did also complete certain projects during the same time period worth approximately $1.4 million, but the agreement with our new customer did not yet meet the requirements for revenue recognition during the quarter. Overall, our project completions slowed in China due to the business and economic recovery efforts that [indiscernible] restrictions were lifted at the end of last year, as well as due to the political tensions that Shing mentioned, which have been increasing between the US and China.
All of those conditions made it more difficult and expected for us to complete projects on a steadily increasing pace. Our operating loss decreased to $4.1 million in the 2023 third quarter compared to $6.7 million in the same period of 2022. In addition to the decrease in revenue and a $2.2 million decrease in cost of revenue, operating loss primarily decreased due to activity in general and administrative expense, including decreases of $2.3 million in the amount of reserved for doubtful accounts recorded, $0.8 million in legal and professional fees, $0.5 million in stock-based compensation expense, and $0.3 million in business development expense. The decreases in administrative and general expense were partially offset by a $0.7 million increase in technology and development expense.
Net loss totaled $7.2 million or $0.39 per basic and diluted share in the 2023 third quarter, compared to a net loss of $8.9 million, or $0.85 per basic and diluted share, in the same quarter of 2022. In addition to the 39% decrease in operating loss compared to the same quarter of 2022, the decrease in net loss was primarily the result of the 2022 third quarter, including $0.4 million of an accrual that did not recur in the 2023 third quarter, as well as a $0.3 million loss on investment that did not recur in the 2023 third quarter. At September 30, 2023, our cash balance was approximately $0.3 million compared to a cash balance of less than $0.1 million at December 31, 2022. Net cash used in operating activities was $9.1 million during the nine months ended September 30, 2023, which was a 33% decrease compared to the $13.6 million used in operating activity during the nine months ended September 30, 2022.
And with that, I’ll turn the call back over to the moderator to begin the question-and-answer portion of the call.
Operator: Thank you. We will now begin the question-and-answer session. [Operator Instructions] Showing no questions, I would like to turn the conference back over to Fay Tian for any closing remarks.
Fay Tian: Thank you, Sarah. And thank you everyone for participating in Remark Holdings’ Third Quarter Fiscal 2023 Financial Results Conference Call. A replay will be available in approximately four hours through the same link issued in our November 15 press release. Have a good afternoon. Thank you.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect. Thank you.
End of Q&A:
