Business
Sentage Holdings Inc. Announces Financial Results for the First Six Months of Fiscal Year 2024
SHANGHAI, Dec. 17, 2024 /PRNewswire/ -- Sentage Holdings Inc. (the "Company", "we", "our") (Nasdaq: SNTG), is a holding company incorporated in the Cayman
About this update from Sentage Holdings Inc.
[{"type":"text","content":"SHANGHAI, Dec. 17, 2024 /PRNewswire/ -- Sentage Holdings Inc. (the \"Company\", \"we\", \"our\") (Nasdaq: SNTG), is a holding company incorporated in the Cayman Islands with no material operations of its own. Through its China-based operating entities, the Company offers consumer loan repayment and collection management, loan recommendation, and prepaid payment network services in China. The Company today announced its financial results for the first six months of fiscal year 2024 ended June 30, 2024. The following summarizes such financial results.\n\nFinancial Highlights for the First Six Months of Fiscal Year 2024 \nTotal operating revenue was $nil in the six months ended June 30, 2024, compared with $82 for the same period of last year, representing a 100% decrease. The reason for the decrease in revenue was that the Company's existing business had declined while the Company attempting to enter into new businesses. the company has been adjusting and improving its products and services to enhance its competitiveness. These improvements require more time to be completed. Net loss was $1.12 million in the six months ended June 30, 2024, compared with net loss of $1.08 million for the same period of last year.Basic and diluted loss per share was $0.47 in the six months ended June 30, 2024, compared with basic and diluted loss per share of $0.46 for the same period of last year.Financial Results for the First Six Months of Fiscal Year 2024\nOperating Expenses\nSelling, general and administrative expenses increased by $43,366, or 4%, to $1,123,711 in the six months ended June 30, 2024, from $1,080,345 for the same period of last year. The increase was due to the following reasons:\nProfessionals consulting expenses increased by $122,525 or 30% to $ 534,675 in the six months ended June 30, 2024, from $412,151 for the same period of last year. The increase was primarily due to the company paying more for consulting services to third party professionals.Provision for Income Taxes\nProvision for income taxes was nil for the six months ended 30 June 2024, compared with nil for the same period last year.\nNet Loss\nNet loss was $1.12 million in the six months ended June 30, 2024, compared with net loss of $1.08 million for the same period of last year.\nLoss Per Share\nBasic and diluted loss per share was $0.47 in the six months ended J...