Business
Sentage Holdings Inc. Announces Financial Results for Fiscal Year 2021
SHANGHAI, July 18, 2022 /PRNewswire/ -- Sentage Holdings Inc. (the "Company", "we", "our") (Nasdaq: SNTG), a Cayman Islands company that offers a
About this update from Sentage Holdings Inc.
[{"type":"text","content":"SHANGHAI, July 18, 2022 /PRNewswire/ -- Sentage Holdings Inc. (the \"Company\", \"we\", \"our\") (Nasdaq: SNTG), a Cayman Islands company that offers a comprehensive range of financial services across consumer loan repayment and collection management, loan recommendation, and prepaid payment network services, through its China-base operating entities, today announced its financial results for the fiscal year ended December 31, 2021. The following summarizes such financial results.\nFinancial Highlights for Fiscal Year 2021\nTotal operating revenue was $2.26 million for fiscal year 2021, compared with $3.59 million for fiscal year 2020, representing a 37.1% decrease, primarily due to the fact that the outstanding servicing agreements under the consumer loan repayment and collection management business were fully completed in fiscal year 2021 and revenues from this business were significantly reduced in fiscal year 2021.Net loss was $1.09 million for fiscal year 2021, compared with net income of $1.59 million for fiscal year 2020.Basic and diluted loss per share was $0.09 for fiscal year 2021, compared with basic and diluted earnings per share of $0.16 for fiscal year 2020.Impact of the COVID-19 Pandemic\nIn early 2022, the Omicron variant of COVID-19 spread in China, especially in Jilin Province, Shenzhen and Shanghai where strict lockdowns were imposed. The Sentage Operating Companies' business facilities in Shanghai, China, were temporarily closed starting from April 2022 to the first week of June 2022, as a result of local government's efforts to contain the resurgence of the COVID-19. A COVID-19 resurgence may again give rise to economic downturns and other significant changes in regional and global economic conditions. As a result of COVID-19, borrowers' default and delinquency risks might increase as they experience unemployment or reduced income. Any higher default and delinquency risks may increase our operating costs and require us to dedicate more resources to maintain our current collection rate for the loan repayment and collection management business and may pose risk-management challenges for our loan recommendation business. If the COVID-19 situation deteriorates, our service capacity, operational efficiency and results of operations may be adversely affected.\nFinancial Results for Fiscal Year 2021\nRevenues\nTota...