Sentage Holdings Inc. Announces Financial Results for the First Six Months of Fiscal Year 2024
Sentage Holdings (NASDAQ: SNTG) reported financial results for H1 2024 showing significant business challenges. The company recorded zero revenue compared to $82 in the same period last year, marking a 100% decrease due to declining existing business while attempting to enter new markets. Net loss widened to $1.12 million from $1.08 million year-over-year.
Operating expenses increased by 4% to $1.12 million, primarily driven by a 30% rise in professional consulting expenses to $534,675. The company's cash position decreased to $1.61 million as of June 30, 2024, down from $2.26 million at the end of 2023. Net cash used in operating activities increased to $1.09 million from $1.01 million in the previous year.
Sentage Holdings (NASDAQ: SNTG) ha riportato risultati finanziari per il primo semestre del 2024 che evidenziano sfide significative per l'azienda. La società ha registrato zero entrate rispetto a 82 dollari nello stesso periodo dell'anno scorso, segnando un calo del 100% a causa del declino del business esistente durante il tentativo di entrare in nuovi mercati. La perdita netta è aumentata a 1,12 milioni di dollari rispetto a 1,08 milioni di dollari dell'anno precedente.
Le spese operative sono aumentate del 4% a 1,12 milioni di dollari, principalmente a causa di un aumento del 30% delle spese per consulenza professionale, arrivando a 534.675 dollari. La posizione di cassa dell'azienda è scesa a 1,61 milioni di dollari al 30 giugno 2024, rispetto ai 2,26 milioni di dollari alla fine del 2023. Il flusso di cassa netto utilizzato nelle attività operative è aumentato a 1,09 milioni di dollari rispetto a 1,01 milioni di dollari dell'anno precedente.
Sentage Holdings (NASDAQ: SNTG) reportó resultados financieros para el primer semestre de 2024 que muestran desafíos comerciales significativos. La compañía registró cero ingresos en comparación con 82 dólares en el mismo período del año pasado, marcando una disminución del 100% debido al declive del negocio existente mientras intenta ingresar a nuevos mercados. La pérdida neta se amplió a 1,12 millones de dólares desde 1,08 millones de dólares el año anterior.
Los gastos operativos aumentaron un 4% a 1,12 millones de dólares, impulsados principalmente por un aumento del 30% en los gastos de consultoría profesional a 534.675 dólares. La posición de efectivo de la compañía disminuyó a 1,61 millones de dólares al 30 de junio de 2024, desde 2,26 millones de dólares a finales de 2023. El flujo de efectivo neto utilizado en actividades operativas aumentó a 1,09 millones de dólares desde 1,01 millones de dólares del año anterior.
센타지 홀딩스 (NASDAQ: SNTG)는 2024년 상반기 재무 결과를 발표하며 주요 사업상의 도전에 직면했다고 밝혔습니다. 회사는 지난해 같은 기간 82달러에 비해 0달러의 매출을 기록하여 기존 사업의 감소로 인해 100% 감소했습니다. 순손실은 작년 1.08백만 달러에서 1.12백만 달러로 확대되었습니다.
운영비용은 4% 증가하여 1.12백만 달러에 달하며, 이는 주로 전문 상담 비용이 30% 상승하여 534,675달러에 이른 데 기인합니다. 회사의 현금 잔고는 2024년 6월 30일 현재 1.61백만 달러로, 2023년 말 2.26백만 달러에서 감소했습니다. 운영 활동에서 사용된 순 현금은 전년의 1.01백만 달러에서 1.09백만 달러로 증가했습니다.
Sentage Holdings (NASDAQ: SNTG) a publié ses résultats financiers pour le premier semestre 2024, révélant des défis commerciaux significatifs. L'entreprise a enregistré zéro revenu par rapport à 82 dollars au même période l'année dernière, marquant une diminution de 100% en raison du déclin de ses activités existantes tout en essayant d'entrer sur de nouveaux marchés. La perte nette a augmenté à 1,12 million de dollars contre 1,08 million de dollars l'année précédente.
Les charges opérationnelles ont augmenté de 4% à 1,12 million de dollars, principalement en raison d'une hausse de 30% des frais de consultation professionnelle, atteignant 534.675 dollars. La position de trésorerie de l'entreprise a diminué à 1,61 million de dollars au 30 juin 2024, contre 2,26 millions de dollars à la fin de 2023. Le cash-flow net utilisé dans les activités opérationnelles a augmenté à 1,09 million de dollars par rapport à 1,01 million de dollars l'année précédente.
Sentage Holdings (NASDAQ: SNTG) hat finanzielle Ergebnisse für das erste Halbjahr 2024 veröffentlicht, die bedeutende geschäftliche Herausforderungen aufzeigen. Das Unternehmen verzeichnete null Einnahmen im Vergleich zu 82 Dollar im gleichen Zeitraum des letzten Jahres, was einen Rückgang von 100% aufgrund des Rückgangs des bestehenden Geschäfts darstellt, während es versucht, in neue Märkte einzutreten. Der Nettverlust weitete sich auf 1,12 Millionen Dollar von 1,08 Millionen Dollar im Vorjahr aus.
Die Betriebskosten stiegen um 4% auf 1,12 Millionen Dollar, hauptsächlich bedingt durch einen Anstieg der professionellen Beratungskosten um 30% auf 534.675 Dollar. Die Liquiditätsposition des Unternehmens fiel zum 30. Juni 2024 auf 1,61 Millionen Dollar, gegenüber 2,26 Millionen Dollar Ende 2023. Der Netto-Mittelabfluss aus operativen Tätigkeiten stieg auf 1,09 Millionen Dollar von 1,01 Millionen Dollar im Vorjahr.
- Net cash provided by financing activities improved to $0.43 million from -$4,709 year-over-year
- Revenue dropped 100% to $0 from $82 year-over-year
- Net loss increased to $1.12 million from $1.08 million
- Operating expenses increased 4% to $1.12 million
- Professional consulting expenses rose 30% to $534,675
- Cash and restricted cash declined to $1.61 million from $2.26 million
- Net cash used in operations increased to $1.09 million from $1.01 million
Insights
The financial results paint a concerning picture of SNTG's operational performance. The company reported zero revenue for H1 2024, down from just
The complete absence of revenue while maintaining significant operating expenses raises serious questions about business viability. The company's attempt to pivot into new businesses appears to be consuming cash without showing tangible progress. With the current cash burn rate, liquidity could become a critical concern within the next few quarters unless the company secures additional financing or successfully launches revenue-generating operations.
Financial Highlights for the First Six Months of Fiscal Year 2024
- Total operating revenue was $nil in the six months ended June 30, 2024, compared with
$82 100% 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 $1.08 million - Basic and diluted loss per share was
$0.47 $0.46
Financial Results for the First Six Months of Fiscal Year 2024
Operating Expenses
Selling, general and administrative expenses increased by
- Professionals consulting expenses increased by
$122,525 30% to$ 534,675 $412,151
Provision for Income Taxes
Provision for income taxes was nil for the six months ended 30 June 2024, compared with nil for the same period last year.
Net Loss
Net loss was
Loss Per Share
Basic and diluted loss per share was
Cash and Cash Equivalents
As of June 30, 2024, the Company had cash and restricted cash of
Cash Flow
Net cash used in operating activities was
Net cash used in investing activities was $nil, compared with Net cash used in investing activities of
Net cash provided by/ (used in) financing activity was
About Sentage Holdings Inc.
Sentage Holdings Inc., headquartered in
Forward-Looking Statement
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review risk factors that may affect its future results in the Company's registration statement.
For more information, please contact:
Sentage Holdings Inc.
Investor Relations Department
Email: ir@sentageholdings.com
Ascent Investor Relations LLC
Tina Xiao President
Tel: +1-646-932-7242
Email: investors@ascent-ir.com
SENTAGE HOLDINGS INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
As of | As of | |||||||
USD | USD | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 2,262,881 | $ | 1,615,725 | ||||
Restricted cash | 26,127 | 21,101 | ||||||
Accounts receivable, net | 284,628 | 132,049 | ||||||
Prepaid expenses and other current assets | 9,118,909 | 6,720,283 | ||||||
Total current assets | 11,692,545 | 8,489,158 | ||||||
Non-current assets | ||||||||
Right-of-use assets, net | 72,939 | 29,133 | ||||||
Plant and equipment, net | 64,472 | 57,395 | ||||||
Intangible assets, net | 66,859 | 58,702 | ||||||
Long-term investments | 1,000,000 | 3,500,000 | ||||||
Deferred tax assets | 12,324 | 12,040 | ||||||
Total non-current assets | 1,216,594 | 3,657,270 | ||||||
Total assets | $ | 12,909,139 | $ | 12,146,428 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 5,985 | $ | 5,847 | ||||
Lease liabilities | 72,230 | 23,802 | ||||||
Accrued expenses and other current liabilities | 256,795 | 237,490 | ||||||
Total current liabilities | 335,010 | 267,139 | ||||||
Non-current liability | ||||||||
Due to a related party, non-current | 344,235 | 782,364 | ||||||
Total non-current liability | 344,235 | 782,364 | ||||||
Total liabilities | 679,245 | 1,049,503 | ||||||
Shareholders' equity | ||||||||
Class A Ordinary shares, | 14,027 | 14,027 | ||||||
Class B Ordinary shares, | - | - | ||||||
Additional paid in capital | 55,327,858 | 55,327,858 | ||||||
Statutory reserves | 166,038 | 166,038 | ||||||
Accumulated deficit | (43,363,848) | (44,489,252) | ||||||
Accumulated other comprehensive income | 85,819 | 78,254 | ||||||
Total shareholders' equity | 12,229,894 | 11,096,925 | ||||||
Total liabilities and shareholders' equity | $ | 12,909,139 | $ | 12,146,428 | ||||
* | Retrospectively restated for one-for-five reverse split with effective date of August 10, 2022. |
SENTAGE HOLDINGS INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||
For the six months | ||||||||
2023 | 2024 | |||||||
OPERATING REVENUE | ||||||||
Prepaid payment network service fee | 82 | - | ||||||
Total operating revenue | 82 | - | ||||||
OPERATING EXPENSE | ||||||||
Selling, general and administrative expenses | 1,080,345 | 1,123,711 | ||||||
Total operating expenses | 1,080,345 | 1,123,711 | ||||||
LOSS FROM OPERATIONS | (1,080,263) | (1,123,711) | ||||||
OTHER EXPENSES | (1,623) | (1,693) | ||||||
LOSS BEFORE INCOME TAX PROVISION | (1,081,886) | (1,125,404) | ||||||
PROVISION FOR INCOME TAXES | - | - | ||||||
NET LOSS | (1,081,886) | (1,125,404) | ||||||
OTHER COMPREHENSIVE LOSS | ||||||||
Foreign currency translation adjustment | (57,057) | (7,565) | ||||||
COMPREHENSIVE LOSS | $ | (1,138,943) | $ | (1,132,969) | ||||
Loss per common share- basic and diluted | $ | (0.46) | $ | (0.47) | ||||
Weighted average shares- basic and diluted | 2,376,764 | 2,376,764 | ||||||
SENTAGE HOLDINGS INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
For the six months | ||||||||
2023 | 2024 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (1,081,886) | $ | (1,125,404) | ||||
Adjustments to reconcile net income to cash and restricted cash | ||||||||
Depreciation and amortization | 49,087 | 52,151 | ||||||
Allowance for Credit Losses | (2,902) | 45,231 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 37,863 | 107,348 | ||||||
Prepaid expenses and other current assets | 124,441 | (101,374) | ||||||
Lease liabilities | (44,191) | (44,473) | ||||||
Accrued expenses and other current liabilities | (97,547) | (19,443) | ||||||
Net cash used in operating activities | (1,015,135) | (1,085,964) | ||||||
Cash flows from investing activity | ||||||||
Additions to property, plant and equipment | (537) | - | ||||||
Net cash used in investing activity | (537) | - | ||||||
Cash flows from financing activity | ||||||||
Proceeds from (Repayment to) related party loans | (4,709) | 438,129 | ||||||
Net cash (used in)/provided by financing activity | (4,709) | 438,129 | ||||||
Reconciliation of cash and restricted cash, beginning of period | ||||||||
Cash | 3,805,135 | 2,262,881 | ||||||
Restricted cash | 23,089 | 26,127 | ||||||
Cash and restricted cash, beginning of period | $ | 3,828,224 | $ | 2,289,008 | ||||
Reconciliation of cash and restricted cash, end of period | ||||||||
Cash | 2,724,245 | 1,615,725 | ||||||
Restricted cash | 19,850 | 21,101 | ||||||
Cash and restricted cash, end of period | $ | 2,744,095 | $ | 1,636,826 | ||||
Effect of exchange rate changes on cash and restricted cash | (63,749) | (4,347) | ||||||
Net decrease in cash and restricted cash | (1,084,130) | (652,182) | ||||||
Cash and restricted cash, beginning of period | 3,828,224 | 2,289,008 | ||||||
Cash and restricted cash, end of period | $ | 2,744,095 | $ | 1,636,826 | ||||
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SOURCE Sentage Holdings Inc.
FAQ
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