0001213900-23-034793 | 20-F | XBRL Viewer

		As of December 31,
Name	Related party relationship	2021		2022
		USD		USD
Qiaoling Lu	CEO and controlling shareholder of the Company	$	161,020	$	4,709
Total due to a related party		$	161,020	$	4,709

Organization and Principal Activities (Details) - Schedule of consolidated statements of cash flows - VIE [Member] - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ (371,005)	$ 1,433,255	$ 465,210
Net cash provided by (used in) investing activities	(34,346)	(19,977)
Net cash provided by (used in) financing activities	$ (156,311)	$ (959,420)	$ (585,859)

Organization and Principal Activities (Details) - Schedule of consolidated statements of comprehensive income/(loss) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Consolidated Statements Of Comprehensive Income Loss Abstract
Total revenues	$ 161,372	$ 2,262,449	$ 3,595,409
Net Income	$ (960,506)	$ 692,774	$ 1,587,375

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitment and Contingencies (Details) - Schedule of operating lease - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Operating Lease [Abstract]
Operating lease commitments for Lease expense under lease agreements	$ 75,832	$ 102,560	$ 178,392
Operating lease commitments for property management expenses under lease agreements	$ 9,399	$ 13,581	$ 22,980

Document And Entity Information	12 Months Ended
Document And Entity Information	Dec. 31, 2022 shares
Document Information Line Items
Entity Registrant Name	Sentage Holdings Inc.
Trading Symbol	SNTG
Document Type	20-F
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	2,805,325
Amendment Flag	false
Entity Central Index Key	0001810467
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-40580
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	501, Platinum Tower 233 Taicang Road
Entity Address, Address Line Two	HuangPu
Entity Address, City or Town	Shanghai City
Entity Address, Postal Zip Code	200001
Entity Address, Country	CN
Contact Personnel Email Address	qllu@sentageholdings.com
Title of 12(b) Security	Ordinary shares, par value US$0.005 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Accounting Standard	U.S. GAAP
Auditor Firm ID	6907
Auditor Name	Enrome LLP
Auditor Location	Singapore
Business Contact
Document Information Line Items
Entity Address, Address Line One	501, Platinum Tower 233 Taicang Road
Entity Address, Address Line Two	HuangPu
Entity Address, City or Town	Shanghai City
Entity Address, Postal Zip Code	200001
Entity Address, Country	CN
Contact Personnel Name	Qiaoling Lu
City Area Code	+86
Local Phone Number	21 5386 0209
Contact Personnel Email Address	qllu@sentageholdings.com

Consolidated Statements of Comprehensive Income and Other Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING REVENUE
Consumer loan repayment and collection management service fees		$ 156,062	$ 1,074,734
Loan recommendation service fees		1,177,822	2,087,717
Prepaid payment network service fee	$ 161,372	928,565	432,958
Total operating revenue	161,372	2,262,449	3,595,409
OPERATING EXPENSE
Selling, general and administrative expenses	2,732,379	3,041,415	1,414,979
Total operating expenses	2,732,379	3,041,415	1,414,979
INCOME(LOSS) FROM OPERATIONS	(2,571,007)	(778,966)	2,180,430
OTHER INCOME (EXPENSES)	9,100	(56,931)	(354)
INCOME(LOSS) BEFORE INCOME TAX PROVISION	(2,561,907)	(835,897)	2,180,076
INCOME TAX EXPENSE		257,344	592,701
NET INCOME(LOSS)	(2,561,907)	(1,093,241)	1,587,375
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(86,083)	152,700	36,993
COMPREHENSIVE INCOME (LOSS)	$ (2,647,990)	$ (940,541)	$ 1,624,368
Earnings(loss) per common share- basic and diluted (in Dollars per share)	$ (1.08)	$ (0.46)	$ 0.79
Weighted average shares- basic and diluted (in Shares)	2,376,764	2,374,795	2,000,000

Segment reporting (Details) - Schedule of segment - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consumer loan repayment and collection management services [Member]
Segment Reporting Information [Line Items]
Revenue		$ 156,062	$ 1,074,734
Operating expenses		508,772	422,963
Income (loss) from operations		(352,710)	651,771
Income (loss) from operations		14,783	177,169
Net income (loss)	112	(367,692)	474,496
Depreciation and amortization		1,347	6,836
Capital expenditure
Total assets	8,328	(3,715,787)	694,874
Loan recommendation services [Member]
Segment Reporting Information [Line Items]
Revenue		928,565	2,087,717
Operating expenses	244,629	20,717	821,624
Income (loss) from operations		907,848	1,266,093
Income (loss) from operations	(244,629)	109,732	344,159
Net income (loss)	(244,799)	798,054	921,728
Depreciation and amortization		9,997	11,521
Capital expenditure
Total assets	51,321	4,011,568	1,174,137
Prepaid payment network services [Member]
Segment Reporting Information [Line Items]
Revenue	161,372	1,177,822	432,958
Operating expenses	297,550	236,039	170,392
Income (loss) from operations		941,783	262,566
Income (loss) from operations	(136,178)	132,827	71,373
Net income (loss)	(144,833)	754,814	191,151
Depreciation and amortization	42,676	51,627	35,163
Capital expenditure	34,346	6,722
Total assets	1,536,973	1,629,846	915,577
Others [Member]
Segment Reporting Information [Line Items]
Revenue
Operating expenses	2,190,200	2,275,887
Income (loss) from operations		(2,275,887)
Income (loss) from operations	(2,190,200)
Net income (loss)	(2,172,387)	(2,278,417)
Depreciation and amortization	14,752
Capital expenditure
Total assets	13,062,212	15,441,081
Total segment [Member]
Segment Reporting Information [Line Items]
Revenue	161,372	2,262,449	3,595,409
Operating expenses	2,732,379	3,041,415	1,414,979
Income (loss) from operations		(778,966)	2,180,430
Income (loss) from operations	(2,571,007)	257,342	592,701
Net income (loss)	(2,561,907)	(1,093,241)	1,587,375
Depreciation and amortization	57,428	62,971	53,520
Capital expenditure	34,346	6,722
Total assets	$ 14,658,834	$ 17,366,708	$ 2,784,588

Prepaid expenses and other current assets (Details) - Schedule of prepaid expenses and other current assets - USD ($)

Dec. 31, 2022

Dec. 31, 2021

Prepaid expenses and other current assets

Advance to suppliers

^[1]

$ 48,710

$ 65,171

Other receivable, net

^[2]

4,523,688

442,050

Prepaid expenses

^[3]

7,248

7,841

Total

$ 4,579,646

$ 515,062

[1]	Advance to suppliers represents balance paid to vendors for certain services that have not been completed. These advances are interest free, unsecured and short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. As of December 31, 2022 and 2021, there was no allowance recorded as the Company considers all of the advance to suppliers balance fully realizable.
[2]	Other receivable primarily includes advances to employees for business development and security deposits paid for third-party payment platforms. This primarily represents a deposit of $3.57 million paid by the Company in March 2022 for the commissioned acquisition of an e-commerce technology services business. As of December 31, 2022 and 2021, there was no allowance recorded as the Company considers all of the other receivable balance fully collectible.
[3]	VAT tax recoverable represents the amount that is overpaid by the Company before the VAT tax invoices received. Such amount can be used to offset future VAT tax liability.

Income tax (Details) - Schedule of statutory rates to the Company’s effective tax rate	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Statutory Rates to the Company SEffective Tax Rate [Abstract]
China Income tax statutory rate	(25.00%)	25.00%	25.00%
Nondeductible expenses-permanent difference	0.10%	0.10%	0.10%
Change in valuation allowance	24.90%	6.50%	2.10%
Effective tax rate		31.60%	27.20%

Accounts receivable, net (Tables)

12 Months Ended

Dec. 31, 2022

Accounts receivable, net [Abstract]

Schedule of accounts receivable, net

	As of December 31,
	2021			2022
	USD			USD
Accounts receivable associated with loan recommendation services	$	11,594		$	-
Accounts receivable associated with prepaid payment network services		447,010			492,954
Less: Allowance for doubtful debts		(54,896	)		(59,444	)
Accounts receivable, net	$	403,708		$	433,510

Loan Receivable (Details) - USD ($)	Dec. 31, 2022	Jul. 08, 2021
Loan Receivable [Abstract]
Principal amount		$ 5,500,000
Principal rate percentage		3.00%
Outstanding loan receivable	$ 5,500,000

Organization and Principal Activities (Details)	Sep. 25, 2019
Ownership [Member]
Organization and Principal Activities (Details) [Line Items]
Equity interests percentage	100.00%

Income tax (Details) - USD ($)	1 Months Ended	12 Months Ended
Income tax (Details) - USD ($)	Mar. 16, 2007	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2016
Income tax (Details) [Line Items]
Uniform rate	25.00%
Chinese tax rate		25.00%
Income tax rate		25.00%
Withholding tax		10.00%
Valuation allowance (in Dollars)					$ 1,200,000
Deferred tax assets (in Dollars)		$ 12,686	$ 13,724
Hong Kong [Member]
Income tax (Details) [Line Items]
Profit taxes		16.50%	16.50%	16.50%
EIT Law [Member]
Income tax (Details) [Line Items]
Statutory income tax rate		25.00%

Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Intangible Assets, Net [Abstract]

Intangible assets, net

8.	Intangible assets, net

Intangible assets primarily consist of accounting software, which is amortized based on straight-line method over use life of 5 to 10 years.

Intangible assets, net, consist of the following:

	As of December 31,
	2021			2022
	USD			USD
Software	$	347,484		$	457,640
Total cost	$	347,484		$	457,640
Less: Accumulated amortization		(316,937	)		(368,165	)
Intangible assets, net	$	30,547		$	89,475

Amortization expense was $ 17,212, $39,601 and $40,498 for the years ended December 31, 2022, 2021 and 2020, respectively.

Operating leases (Details)	12 Months Ended
Operating leases (Details)	Dec. 31, 2022 USD ($)
Operating leases [Abstract]
Rental expenses	$ 19,199

Income tax (Details) - Schedule of income tax expense - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Income Tax Expense [Abstract]
Current income tax expense		$ 257,344	$ 592,701
Deferred income tax benefit
Total		$ 257,344	$ 592,701

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent events

17.

Subsequent events

No subsequent event which had a material impact on the Company was identified through the date of issuance of the financial statements.

Segment reporting

12 Months Ended

Dec. 31, 2022

Segment reporting [Abstract]

Segment reporting

16.

Segment reporting

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker in order to allocate resources and assess performance of the segment.

In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different services. Based on management’s assessment, the Company has determined that it has three operating segments as defined by ASC 280, including Consumer Loan Repayment and Collection Management Services, Loan Recommendation Services and Prepaid Payment Network Services.

The following tables present summary information by segment for the years ended December 31, 2022, 2021 and 2020, respectively:

			Year ended December 31, 2020
	Consumer loan repayment and collection management services		Loan recommendation services		Prepaid payment network services		Others		Total

Revenue		1,074,734		2,087,717		432,958		-		3,595,409
Operating expenses		422,963		821,624		170,392		-		1,414,979
Income from operations		651,771		1,266,093		262,566		-		2,180,430
Income tax expense		177,169		344,159		71,373		-		592,701
Net income		474,496		921,728		191,151		-		1,587,375
Depreciation and amortization		6,836		11,521		35,163		-		53,520
Capital expenditure		-		-		-		-		-
Total assets		694,874		1,174,137		915,577		-		2,784,588

				Year ended December 31, 2021
	Consumer loan repayment and collection management services			Loan recommendation services		Prepaid payment network services		Others			Total

Revenue		156,062			928,565		1,177,822		-			2,262,449
Operating expenses		508,772			20,717		236,039		2,275,887			3,041,415
Income (loss) from operations		(352,710	)		907,848		941,783		(2,275,887	)		(778,966	)
Income tax expense		14,783			109,732		132,827		-			257,342
Net income (loss)		(367,692	)		798,054		754,814		(2,278,417	)		(1,093,241	)
Depreciation and amortization		1,347			9,997		51,627		-			62,971
Capital expenditure		-			-		6,722		-			6,722
Total assets		(3,715,787	)		4,011,568		1,629,846	$	15,441,081			17,366,708

			Year ended December 31, 2022
	Consumer loan repayment and collection management services		Loan recommendation services			Prepaid payment network services			Others			Total

Revenue		-		-			161,372			-			161,372
Operating expenses		-		244,629			297,550			2,190,200			2,732,379
Income (loss) from operations		-		(244,629	)		(136,178	)		(2,190,200	)		(2,571,007	)
Net income (loss)		112		(244,799	)		(144,833	)		(2,172,387	)		(2,561,907	)
Depreciation and amortization		-		-			42,676			14,752			57,428
Capital expenditure		-		-			34,346			-			34,346
Total assets		8,328		51,321			1,536,973			13,062,212			14,658,834

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Organization and Principal Activities (Details) - Schedule of consolidated balance sheets - VIE [Member] - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 20,020	$ 607,278
Restricted cash	23,089	30,269
Accounts receivable, net	433,510	403,708
Prepaid expenses and other current assets	966,260	485,154
Total current assets	1,442,879	1,526,409
Non-current assets
Plant and equipment, net	53,023	120,280
Intangible assets, net	89,475	30,547
Deferred tax assets	12,686	13,724
Total non-current assets	155,184	164,551
Total assets	1,598,063	1,690,960
Current liabilities
Accounts payable	8,647	2,743
Accrued expenses and other current liabilities	1,431,818	379,989
Total current liabilities	1,440,465	382,732
Non-current liability
Due to a related party, non-current	464,709	621,021
Total non-current liability	464,709	621,021
Total liabilities	$ 1,905,174	$ 1,003,753

Plant and equipment, net (Details) - Schedule of plant and equipment - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cost:
Total cost	$ 421,364	$ 555,051
Less: Accumulated depreciation	(368,341)	(434,771)
Plant and equipment, net	53,023	120,280
Office Equipment and Furniture [Member]
Cost:
Total cost	363,991	492,985
Automobiles [Member]
Cost:
Total cost	$ 57,373	$ 62,066

Income tax

12 Months Ended

Dec. 31, 2022

Income tax [Abstract]

Income tax

10.

Income tax

(a)

Cayman Islands

Under the current tax laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, no Cayman Islands withholding tax will be imposed upon the payment of dividends by the Company to its shareholders.

(b)

Hong Kong Profits Tax

Sentage HK is incorporated in Hong Kong and is subject to profit taxes in Hong Kong at a rate of 16.5%. However, Sentage HK did not generate any assessable profits arising in or derived from Hong Kong for the fiscal years ended December 31, 2022, 2021 and 2020, and accordingly no provision for Hong Kong profits tax has been made in these periods.

(c)

PRC Enterprise Income Tax (“EIT”)

On March 16, 2007, the National People’s Congress of the PRC enacted the Enterprise Income Tax Law (“EIT Law”), under which domestic companies would be subject to Enterprise Income Tax (“EIT”) at a uniform rate of 25%. The EIT Law became effective on January 1, 2008.

Sentage WFOE, Daxin Wealth, Daxin Zhuohui, Qingdao Buytop and Zhenyi are incorporated in the PRC, and are subject to the PRC Enterprise Income Tax Laws (“EIT Laws”) and are taxed at the statutory income tax rate of 25%.

Under the EIT Law and its implementation rules, an enterprise established outside China with a “place of effective management” within China is considered a China resident enterprise for Chinese enterprise income tax purposes. A China resident enterprise is generally subject to certain Chinese tax reporting obligations and a uniform 25% enterprise income tax rate on its worldwide income. The implementation rules to the New EIT Law provide that non-resident legal entities are considered PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc., occur within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Company does not believe that the legal entities organized outside the PRC should be treated as residents for 2008 EIT law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC are deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income tax at a rate of 25%.

If the Company were to be non-resident for PRC tax purposes, dividends paid to it from profits earned by the PRC operating entities after January 1, 2008 would be subject to a withholding tax. The EIT law and its relevant regulations impose a withholding tax at 10%, unless reduced by a tax treaty or agreement, for dividends distributed by a PRC-resident enterprise to its non-PRC-resident corporate investor for earnings generated beginning on January 1, 2008. Earnings generated prior to January 1, 2008 are exempt from such withholding tax. The Company has not recognized any deferred tax liability for the undistributed earnings of the PRC-resident enterprise as of December 31, 2022, 2021 and 2020, as the Company plans to permanently reinvest the earnings generated before December 31, 2022 in the PRC.

Income tax returns of PRC Entities are filed on an individual entity basis. The PRC Entities have calculated their income tax provision using the separate return method in these consolidated financial statements.

Income taxes provision

Income tax expense consists of the following:

	Year ended December 31,
	2020		2021		2022
	USD		USD		USD
Current income tax expense	$	592,701	$	257,344	$	-
Deferred income tax benefit		-		-		-
Total	$	592,701	$	257,344	$	-

The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the years ended December 31, 2022, 2021 and 2020:

	Year ended December 31,
	2020			2021			2022
	USD			USD			USD
China Income tax statutory rate		25.0	%		25.0	%		(25	%)
Nondeductible expenses-permanent difference		0.1	%		0.1	%		0.1	%
Change in valuation allowance		2.1	%		6.5	%		24.9	%
Effective tax rate		27.2	%		31.6	%		-

Deferred taxes

The Company’s deferred tax assets are comprised of the following:

	As of December 31,
	2021		2022
	USD		USD
Deferred tax assets
Deferred tax assets derived from net operating loss (“NOL”) carry forwards and deferred revenue	$	13,724	$	650,601
Total gross deferred tax assets		13,724		650,601
Valuation allowance on deferred tax assets		-		(637,915)
Deferred tax assets, net of valuation allowance	$	13,724	$	12,686

The Company follows ASC 740, “Income Taxes”, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The Company’s deferred tax assets primarily derived from the net operating loss (“NOL”) and deferred revenue that can be carried forward to offset future taxable income. As the Company ended its offline loan recommendation business in the end of 2017, management concluded that the chances for the Company’s VIEs, Daxin Wealth and Daxin Zhuohui, to utilize their net operating loss carry forwards carry forwards were remote. Accordingly, a valuation allowance of approximately $1.2 million has been provided against part of the deferred tax assets associated with the NOL carryforwards that occurred prior to December 31, 2016 due to expiration of some of loss carryforwards. As of December 31, 2022 and 2021, the Company had deferred tax assets balance of $12,686 and $13,724, respectively. In connection with the newly added loan recommendation services and prepaid payment network services, management believes that the Company will continue to generate sufficient taxable income in the 2023 fiscal year. Therefore, the Company believes that it can utilize the remaining deferred tax asset to offset future taxable income.

Uncertain tax positions

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2022 and 2021, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest or penalties tax for the years ended December 31, 2022, 2021 and 2020. The Company does not anticipate any significant increases or decreases in unrecognized tax benefits in the next twelve months from December 31, 2022. As of December 31, 2022, all the tax returns of the Company’s PRC subsidiary and VIEs remain available for statutory examination by PRC tax authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Operating leases

12 Months Ended

Dec. 31, 2022

Operating leases [Abstract]

Operating leases

Operating leases

The Group has leased office premises and buildings under non-cancellable operating lease agreements. These leases have different terms and renewal rights

The following table presents balances reported in the consolidated balance sheets related to the Company’s leases:

	As of December 31,
	2021		2022
	USD		USD

Right-of-use asset, net	$	-	$	162,270

Operating lease liabilities, current		-		87,129
Operating lease liabilities, non-current		-		74,384
Total operating lease liabilities	$	-	$	161,513

The following table presents operating lease cost reported in the consolidated statements of comprehensive loss related to the Company’s leases:

	Year ended December 31, 2022
	USD
Operating lease cost	$	19,199
Short-term lease cost		24,967
Total		44,166

For the year ended December 31, 2022, the Group incurred rental expenses under operating leases US$19,199.

The following table reconciles the undiscounted cash flows of the Company’s leases as of December 31, 2022 to the present value of its operating lease payments:

For the year ending December 31	USD
2023	$	92,684
2024		75,832
Total undiscounted operating lease payments		168,516
Less: imputed interest		(7,003	)
Present value of operating lease liabilities		161,513

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income (loss)	$ (2,561,907)	$ (1,093,241)	$ 1,587,375
Adjustments to reconcile net income to cash and restricted cash provided by (used in) operating activities:
Depreciation and amortization	57,428	62,971	53,520
Deferred income tax expense		74,243	592,701
Impairment loss recognised in respect of receivables	4,548	54,896
Accounts receivable	(34,350)	763,240	(918,303)
Prepaid expenses and other current assets	(4,064,584)	(132,021)	90,290
Interest accrued for lease liabilities	1,342
Contract liabilities		(154,106)	(1,056,406)
Accrued expenses and other current liabilities	(65,086)	41,354	116,033
Net cash provided by (used in) operating activities	(6,662,609)	(382,664)	465,210
Cash flows from investing activities
Additions to plant and equipment and intangible assets	(34,346)	(19,977)
Investment in loans receivable		(5,500,000)
Net cash (used in) investing activities	(34,346)	(5,519,977)
Cash flows from financing activities
Deferred initial public offering costs		765,885	(765,885)
Payment of lease liabilities	(16,851)
Proceeds from IPO		16,912,053
Proceeds from (Repayment to) related party loans	(156,311)	(1,276,641)	180,026
Net cash provided by (used in) financing activities	(173,162)	16,401,297	(585,859)
Reconciliation of cash and restricted cash, beginning of year
Cash	10,753,118	117,434	227,387
Restricted cash	30,269	22,948	23,644
Cash and restricted cash, beginning of year	10,783,387	140,382	251,031
Reconciliation of cash and restricted cash, end of year
Cash	3,805,135	10,753,118	117,434
Restricted cash	23,089	30,269	22,948
Cash and restricted cash, end of year	3,828,224	10,783,387	140,382
Effect of exchange rate changes on cash and restricted cash	(85,046)	144,349	10,000
Net increase (decrease) in cash and restricted cash	(6,955,163)	10,643,005	(110,649)
Cash and restricted cash, beginning of year	10,783,387	140,382	251,031
Cash and restricted cash, end of year	3,828,224	10,783,387	140,382
Supplemental disclosures of cash flows information
Cash paid for amounts include in operating lease liabilities	$ 1,342

Prepaid expenses and other current assets (Tables)

12 Months Ended

Dec. 31, 2022

Prepaid expenses and other current assets [Abstract]

Schedule of prepaid expenses and other current assets

	As of December 31,
	2021		2022
	USD		USD
Prepaid expenses and other current assets
Advance to suppliers (i)	$	65,171	$	48,710
Other receivable, net (ii)		442,050		4,523,688
Value-added Tax (“VAT”) recoverable (iii)		7,841		7,248
Total	$	515,062	$	4,579,646

(i)

Advance to suppliers represents balance paid to vendors for certain services that have not been completed. These advances are interest free, unsecured and short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. As of December 31, 2022 and 2021, there was no allowance recorded as the Company considers all of the advance to suppliers balance fully realizable.

(ii)

Other receivable primarily includes advances to employees for business development and security deposits paid for third-party payment platforms. This primarily represents a deposit of $3.57 million paid by the Company in March 2022 for the commissioned acquisition of an e-commerce technology services business. As of December 31, 2022 and 2021, there was no allowance recorded as the Company considers all of the other receivable balance fully collectible.

(iii)

VAT tax recoverable represents the amount that is overpaid by the Company before the VAT tax invoices received. Such amount can be used to offset future VAT tax liability.

Operating leases (Details) - Schedule of consolidated balance sheets	Dec. 31, 2022 USD ($)
Schedule of Consolidated Balance Sheets [Abstract]
Right-of-use asset, net	$ 162,270
Operating lease liabilities, current	87,129
Operating lease liabilities, non-current	74,384
Total operating lease liabilities	$ 161,513

Operating leases (Tables)

12 Months Ended

Dec. 31, 2022

Operating leases [Abstract]

Schedule of consolidated balance sheets

	As of December 31,
	2021		2022
	USD		USD

Right-of-use asset, net	$	-	$	162,270

Operating lease liabilities, current		-		87,129
Operating lease liabilities, non-current		-		74,384
Total operating lease liabilities	$	-	$	161,513

Schedule of operating lease cost reported in the consolidated statements of comprehensive loss

	Year ended December 31, 2022
	USD
Operating lease cost	$	19,199
Short-term lease cost		24,967
Total		44,166

Schedule of undiscounted cash flows

For the year ending December 31	USD
2023	$	92,684
2024		75,832
Total undiscounted operating lease payments		168,516
Less: imputed interest		(7,003	)
Present value of operating lease liabilities		161,513

Income tax (Details) - Schedule of deferred tax assets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Schedule of Deferred Tax Assets [Abstract]
Deferred tax assets derived from net operating loss (“NOL”) carry forwards and deferred revenue	$ 650,601	$ 13,724
Total gross deferred tax assets	650,601	13,724
Valuation allowance on deferred tax assets	(637,915)
Deferred tax assets, net of valuation allowance	$ 12,686	$ 13,724

Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other payables - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Accrued expenses and other current liabilities
Deposits received from customers	$ 20,592	$ 27,615
Accrued expenses	36,883	90,491
VAT and other taxes payable	200,342	216,516
Payroll payable	51,184	45,369
Total	$ 309,001	$ 379,991

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of accrued expenses and other payables

	As of December 31,
	2021		2022
	USD		USD
Accrued expenses and other current liabilities
Deposits received from customers	$	27,615	$	20,592
Accrued expenses		90,491		36,883
VAT and other taxes payable		216,516		200,342
Payroll payable		45,369		51,184
Total	$	379,991	$	309,001

Cash and cash equivalents

12 Months Ended

Dec. 31, 2022

Cash and cash equivalents [Abstract]

Cash and cash equivalents

3.	Cash and cash equivalents

Cash and cash equivalents, consist of the following:

	As of December 31,
	2021		2022
	USD		USD
Cash at bank	$	10,753,049	$	3,805,103
Cash on hand		69		32
Total	$	10,753,118	$	3,805,135

The carrying amounts of the Company’s bank and cash balances are denominated in the following currencies:

	As of December 31,
	2021		2022
	USD		USD
RMB	$	642,036	$	139,688
USD		10,111,082		3,665,447
Total	$	10,753,118	$	3,805,135

Conversion of RMB into foreign currencies is subject to the PRC’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations.

Accounts receivable, net (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Accounts receivable, net [Abstract]
Accounts receivable	$ 433,510	$ 403,708
Allowance for doubtful accounts	$ 59,444	$ 54,896

Plant and equipment, net (Details) - USD ($)	12 Months Ended
Plant and equipment, net (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Plant and equipment, net [Abstract]
Depreciation expense	$ 25,464	$ 23,370	$ 13,022

Summary of Significant Accounting Policies (Details) - Schedule of the currency exchange rates	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of the Currency Exchange Rates [Abstract]
Year-end spot rate	US$1=RMB 6.8972	US$1=RMB 6.3757
Average rate	US$1=RMB 6.7290	US$1=RMB 6.4508

Consolidated Statements of Comprehensive Income and Other Comprehensive Income (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Earnings(loss) per common share- basic and diluted	$ (1.08)	$ (0.46)	$ 0.79
Weighted average shares- basic and diluted	2,376,764	2,374,795	2,000,000

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

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+ Details

Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Shareholders' equity

14.

Shareholders’ equity

Ordinary shares

Sentage Holdings was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on September 16, 2019. The original authorized number of Ordinary Shares was 50,000 shares with par value of $1.00 per share and 10,000 shares were issued and outstanding. On September 2, 2020, the Company amended its Memorandum of Association to subdivide the authorized shares from 50,000 shares at par value of $1.00 per share to 50,000,000 shares of Ordinary Shares with par value of $0.001 per share, and subdivide the already issued 10,000 shares to 10,000,000 shares at par value of $0.001 per share As a result of this forward split, there is a total of 10,000,000 Ordinary Shares issued and outstanding. The issuance of these 10,000,000 shares is considered as a part of the Reorganization of the Company, which was retroactively applied as if the transaction occurred at the beginning of the period presented (see Note 1).

On August 10, 2022, the Company’s authorized ordinary shares was consolidated at the ratio of five-for-one and the Company’s authorized capital stock became $50,000 divided into 10,000,000 ordinary shares of $0.005 per share.

From the legal perspective, the Reverse Split applied to the issued shares of the Company on the date of the Reverse Split and does not have any retroactive effect on the Company’s shares prior that date. However, for accounting purposes only, references to our ordinary shares in this annual report are stated as having been retroactively adjusted and restated to give effect to the Reverse Split, as if the Reverse Split had occurred by the relevant earlier date.

Restricted net assets

Relevant PRC laws and regulations restrict the Company’s PRC subsidiary and VIEs from transferring a portion of their net assets, equivalent to their statutory reserves and their share capital, to the Company in the form of loans, advances or cash dividends. Only PRC entities’ accumulated profits may be distributed as dividends to the Company without the consent of a third party.

The payment of dividends by entities organized in China is subject to limitations, procedures and formalities. Regulations in the PRC currently permit payment of dividends only out of accumulated profits as determined in accordance with accounting standards and regulations in China. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S GAAP differ from those in the statutory financial statements of the WFOE and VIEs. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by State Administration of Foreign Exchange.

In light of the foregoing restrictions, Sentage WFOE and the VIEs are restricted in their ability to transfer their net assets to the Company. Foreign exchange and other regulations in the PRC may further restrict Sentage WFOE and VIEs from transferring funds to the Company in the form of dividends, loans and advances. As of December 31, 2022 and 2021, restricted net assets of Sentage WFOE and VIEs amounted to $846,905 and $538,177, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Prepaid expenses and other current assets

12 Months Ended

Dec. 31, 2022

Prepaid expenses and other current assets [Abstract]

Prepaid expenses and other current assets

6.	Prepaid expenses and other current assets

The prepaid expenses and other current assets consist of the following:

	As of December 31,
	2021		2022
	USD		USD
Prepaid expenses and other current assets
Advance to suppliers (i)	$	65,171	$	48,710
Other receivable, net (ii)		442,050		4,523,688
Value-added Tax (“VAT”) recoverable (iii)		7,841		7,248
Total	$	515,062	$	4,579,646

(i)

(ii)

(iii)

VAT tax recoverable represents the amount that is overpaid by the Company before the VAT tax invoices received. Such amount can be used to offset future VAT tax liability.

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies [Abstract]

Basis of presentation

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S.GAAP’’).

The consolidated financial statements are presented in the United States dollar (“USD”), rounded to the nearest thousands except share data and per share data, or otherwise noted.

Principles of consolidation

Principles of consolidation

The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries and its VIEs. All transactions and balances among the Company, its subsidiaries and its VIEs have been eliminated upon consolidation.

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting powers; has the power to appoint or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

A consolidated VIE is an entity in which the Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards normally associated with ownership of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary, the Company considered whether it has the power to direct activities that are significant to the VIE’s economic performance, and also the Group’s obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result of the Company’s direct ownership in Sentage WFOE and the VIE Agreements, the Company is regarded as the primary beneficiary of the VIEs, and we treat the VIEs as the Company’s consolidated entities under U.S. GAAP, for accounting purposes. The Company has consolidated the financial results of the VIEs in its consolidated financial statements in accordance with U.S. GAAP. The VIE agreements have not been tested in a court of law in China as of the date of this annual report.

Use of estimates

Use of estimates

The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the balance sheet date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, estimate of standalone selling prices of each unit of accounting in multiple elements arrangements, estimate of breakage, the fair value of identifiable assets acquired, liabilities assumed and non-controlling interests in business combinations, the useful lives of long-lived assets including intangible assets, the fair value of the reporting unit for the goodwill impairment test, the allowance for doubtful accounts receivable and other receivables, the realization of deferred tax assets, the fair value of share-based compensation awards, lease liabilities, right-of-use assets and the recoverability of long-lived assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

Functional currency

Functional currency

The Group use United States dollar (“US$”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated outside of the PRC is US, while the functional currency of the PRC entities in the Group is RMB as determined based on the criteria of Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters.

Convenience translation

Convenience translation

Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive income/(loss) and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31,2022 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.8972, representing the index rates stipulated by the Federal Reserve Bank of New York on December 31,2022. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2022, or at any other rate. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated financial statements are unaudited.

Cash and cash equivaletns

Cash and cash equivaletns

Cash and cash equivalents includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains all of its bank accounts in the PRC. The Company’s cash balances in these bank accounts in the PRC are not insured by the Federal Deposit Insurance Corporation or other programs.

Restricted cash

Restricted cash

In connection with the Company’s newly launched prepaid payment network service business, the Company is required to make an initial one-year security deposit with designated PRC banks in order to be eligible to issue prepaid gift and debit cards to customers. Security deposit is based on 1% of the estimated proceeds to be collected from the prepaid card issuance and is subject to adjustment as be determined by the PRC banks based on actual sales volume of the prepaid cards. As of December 31, 2021 and 2022, the Company has not issued any prepaid cards to customers. The Company records such security deposit as restricted cash.

Accounts receivable net

Accounts receivable net

Accounts receivable net include service fees generated from the Company’s loan recommendation and prepaid payment network services.

The Company reduces accounts receivable by recording an allowance for doubtful accounts to account for the estimated impact of collection issues resulting from a client’s inability or unwillingness to pay valid obligations to the Company. The Company determines the adequacy of allowance for doubtful accounts based on individual account analysis, historical collection trend, and best estimate of specific losses on individual exposures. The Company establishes a provision for doubtful receivable when there is objective evidence that the Company may not be able to collect amounts due. Actual amounts received may differ from management’s estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance for doubtful accounts after the management has determined that the likelihood of collection is not probable. As of December 31, 2022 and 2021, there was US$59,444 and US$54,896 allowance recorded as the Company considers all of the accounts receivable fully collectible.

Plant and equipment, net

Plant and equipment, net

Plant and equipment are stated at cost less accumulated depreciation and any recorded impairment.

Gains or losses arising from the disposal of an item of plant and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognized in profit or loss on the date of disposal.

The estimated useful lives are presented below.

Office equipment and furniture		3-5 years
Transportation vehicles		3-5 years
Leasehold improvement		Lesser of useful life and lease term

Depreciation on plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets.

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of comprehensive income in other income (expenses).

Intangible assets

Intangible assets

Purchased intangible assets are initially measured at cost. Following initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at each financial year end. Intangible assets, excluding development costs, created within the business are not capitalised and expenditure is charged against profits in the period in which the expenditure is incurred.

The Company’s intangible assets with definite useful lives primarily are purchased software. The Company typically amortizes intangible assets with definite useful lives on a straight-line basis over estimated useful lives of ten years.

Impairment of long-lived assets

Impairment of long-lived assets

Long-lived assets with finite lives, primarily property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of December 31, 2022 and 2021.

Fair value of financial instruments

Fair value of financial instruments

The Group applies ASC 820, Fair Value measurements and Disclosures, for fair value measurements financial assets and financial liabilities and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements on a recurring and non-recurring basis. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.

ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

●

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date.

●

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

●

Level 3 inputs are unobservable inputs for the asset or liability.

The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects management’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by management based on the best information available in the circumstances.

Unless otherwise disclosed, the fair value of the Company’s financial instruments, including cash, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, deferred revenue and accrued expenses and other current liabilities approximate the fair value of the respective assets and liabilities as of December 31, 2022 and 2021 based upon the short-term nature of the assets and liabilities. The balance of due to related parties also approximate the fair value because it was paid by cash from related parties to the Company as working capital.

The functional currency for Sentage and Sentage HK is the United States dollar (“US$”). However, Sentage, and Sentage HK currently only serve as the holding companies and did not have active operations as of the date of this annual report. The Company operates its business through its VIEs in the PRC as of December 31, 2022. The functional currency of the Company’s VIEs is the Chinese Yuan (“RMB”). The Company’s consolidated financial statements have been translated into US$. Assets and liabilities accounts are translated using the exchange rate at each reporting period end date. Equity accounts are translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations.

The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:

	As of December 31,
	2021	2022
Year-end spot rate	US$1=RMB 6.3757	US$1=RMB 6.8972
Average rate	US$1=RMB 6.4508	US$1=RMB 6.7290

Revenue recognition

Revenue recognition

On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with customers”, using the modified retrospective approach.

The Company adopted ASC 606, “Revenue from Contracts with Customers” for all periods presented. Consistent with the criteria of ASC 606, the Company follows five steps for its revenue recognition: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

The primary sources of the Group’s revenues are as follows:

(1)

Revenue from consumer loan repayment and collection management services

Loans facilitated through the Company were consumer loan products ranging from 30,000 RMB (approximately $4,342) to 80,000 RMB (approximately US$11,579). Loan term ranges from one year to four years. All the Company’s clients are individual customers who entered into service agreements with the Company. All these loans were facilitated through the Company’s offline loan recommendation services before November 2017. Since November 2017, the Company has not provided any intermediary services for any new customers in anticipation of changes in related governing regulations in China, and the Company has been focusing on providing services related to consumer loan repayment and collection management to its customers. These consumer loan repayment and collection management services are a part of the Company’s service obligation in its service agreements with its customers. Pursuant to the service agreements, customers authorized the Company to monitor and manage the repayment and collection process of outstanding loans for a fixed service fee, which was paid upfront by customers. The Company is required to monitor loans within the loan term to ensure timely repayment of loans when they become due. Pursuant to the Company’s agreements with customers, loan repayment and collection management services are parts of bundled services offered by the Company to customers for a fixed fee and are not capable of being distinct because the Company is required to concurrently monitor and manage the repayment and collection process of outstanding loans to be entitled to receive a fixed service fee. As a result, loan management services and collection management services are not separately identifiable in the context of the contract and accordingly are treated as a bundled single performance obligation. There is no variable consideration in the contract. Once a specific loan is repaid on time, the Company’s service obligation related to such loan is satisfied. When a loan becomes delinquent, the Company is then required to assist in collection efforts for an extended service period of 12 months starting on the day such loan becomes delinquent. No additional fee can be charged for collection management services provided to delinquent loans beyond the initial fixed fee agreed. If all or a part of the loan is still not repaid after all collection management efforts are exhausted within such required service period, the Company’s service obligation related to such loan is satisfied and the Company is not responsible for any loss from an uncollectible loan.

The Company’s loan repayment and collection management services primarily include reconciling borrower repayment record and sending payment reminder and notice periodically, facilitating repayment upon maturity and collaborating with third-party collection agents and law firms in the event of delinquency etc. Loan repayment and collection management fees received from the customers upfront are deferred first, and then ratably recognized as revenue over the loan terms or an extended service period of 12 months starting on the day such loan becomes delinquent, as the Company performs designated services.

(2) Revenue from services provided to borrower for loan recommendation

The Company started to provide recommendation services where the Company recommends prospective borrowers to funding partners in June 2019. The Company’s performance obligations include making loan product recommendations to borrower applicants, processing paperwork related to borrowers’ applications based on their specific needs, evaluating credentials of borrower applicants, appraising borrowers’ properties to be collateralized through data analysis and on-site inspection, and recommending qualified borrowers to various funding partners for loan approval. The Company receive a service fee from a borrower if he or she is approved for a loan and such loan is then funded by one of our funding partners. The Company acquires borrowers through cooperating with third-party referral partners as well as through its own borrower development efforts. For borrowers acquired through cooperating with third-party referral partners, pursuant to the service agreement between the Company and the referral partners, referral partners first charge borrowers service fees for their referrals. The Company then charges the referral partners a commission ranging from 1.5% to 2% based on the loan proceeds disbursed to the borrowers. For borrowers developed directly by the Company, the Company charges the borrowers a service fee of 1.75% to 3% of the loan amount received by the borrowers. Such revenue is recognized at the point when the Company’s performance obligations are satisfied and the loan proceeds are disbursed to a specific borrower. For the years ended December 31, 2022, 2021 and 2020, the Company earned nil, $1,177,822 and $2,087,717 recommendation service revenue, respectively.

Contract fulfillment costs associated with loan recommendation services primarily consist of employee salary, bonus and business travel costs incurred by the Company to fulfill its performance obligations. Contract fulfillment costs are only capitalized when the costs generate or enhance resources that will be used in satisfying future performance obligations of the contract and the costs are expected to be recovered. For the years ended December 31, 2022 and 2021, the Company did not capitalize contract fulfillment costs, but expensed as incurred, due to immateriality of such costs.

(3)

Revenue from prepaid payment network services

In 2012, one of the Company’s VIE subsidiaries, Qingdao Buytop, was granted a third-party payment service license by the relevant authority in China. The Company started to provide prepaid payment network services to merchant customers in August 2019. The Company is licensed to issue generic and branded prepaid gift and debit cards and provide related services to various merchants, such as supermarket and department stores. In connection with the prepaid payment network services, the Company expects to generate revenue from: (1) technology consulting and support services fees related to payment solution planning, design, and management; (2) prepaid card payment services fees related to the issuance and use of prepaid cards.

Technology consulting and support services are short-term in nature, with service period ranging from one to three months, and related service fees are recognized as revenue at point when payment solution, design and management services are rendered, completed and accepted by customers. For merchant customers who need prepaid card payment services such as collecting and processing information necessary for prepaid card issuance and authorizing transaction requests after verifying transaction information, the Company charges service fee equal to 0.3% to 0.5% of each transaction amount and recognizes revenue at the point when the prepaid cards issued by merchant customers are used by their end user card holders. For the years ended December 31, 2022, 2021 and 2020, the Company earned $161,372, $928,565 and $432,958 revenue from providing technology consulting and support service revenue to customers, respectively.

Income taxes

Income taxes

The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

An uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended December 31, 2022, 2021 and 2020. The Company does not believe that there was any uncertain tax provision on December 31, 2022, 2021 and 2020. The Company’s subsidiary and VIEs in China are subject to the income tax laws of the PRC. No significant income was generated outside the PRC for the fiscal years ended December 31, 2022, 2021 and 2020. As of December 31, 2022, all of the tax returns of the Company’s PRC subsidiary and VIEs remain available for statutory examination by PRC tax authorities.

Value added tax (“VAT”)

Value added tax (“VAT”)

The Company is a general taxpayer and is subject to applicable VAT tax rate of 6% . VAT is reported as a deduction to revenue when incurred. Entities that are VAT general taxpayers are allowed to offset qualified input VAT tax paid to suppliers against their output VAT liabilities.

Earnings per Share

Earnings per Share

The Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. As of December 31, 2022 and 2021, there were no dilutive shares.

Statutory reserve

Statutory reserve

In accordance with the Company Laws of the PRC, the PRC Entities registered as PRC domestic companies must make appropriations from its after-tax profit as determined under the PRC GAAP to non-distributable reserve funds including a statutory surplus fund and a discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the after-tax profits as determined in accordance with the legal requirements in the PRC. Appropriation is not required if the surplus fund has reached 50% of the registered capital of the respective company. Appropriation to the discretionary surplus fund is made at the discretion of the respective company.

The use of the statutory reserves are restricted to the off-setting of losses or increasing capital of the respective company. All these reserves are not allowed to be transferred to their investors in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.

Comprehensive income

Comprehensive income

Comprehensive income consists of two components, net income and other comprehensive income. The foreign currency translation gain or loss resulting from translation of the financial statements expressed in RMB to US$ is reported in other comprehensive income in the consolidated statements of comprehensive income.

Statement of Cash Flows

Statement of Cash Flows

In accordance with ASC 230, “Statement of Cash Flows”, cash flows from the Company’s operations are formulated based upon the local currencies using the average exchange rate in the period. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.

Related parties and transactions

Related parties and transactions

The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures” and other relevant ASC standards.

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure.

Right-of-use assets, net

Right-of-use assets, net

In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), which is effective for annual reporting periods (including interim periods) beginning after December 15, 2018, and early adoption is permitted.

The Company, through its subsidiary, leases its offices, which are classified as operating leases in accordance with Topic 842. Operating leases are required to record in the balance sheet as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date, and (3) initial direct costs for any expired or existing leases as of the adoption date. The Company elected the short-term lease exemption as the lease terms are 12 months or less.

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Company assesses whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset. The right-of-use assets and related lease liabilities are recognized at the lease commencement date. The Company recognizes operating lease expenses on a straight-line basis over the lease term and had no finance leases for any of the periods stated herein.

The right-of-use of asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and less any lease incentive received. All right-of-use assets are reviewed for impairment annually. No impairment for right-of-use lease assets as of December 31, 2022 and 2021.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities include employee compensation payable, taxes payable and other payables.

employee compensation payable refers to the salary, social security, provident fund and bonus payable to the Company’s employees before the end of the current fiscal year. taxes payable refers to the composition of VAT and surtax payable under PRC tax before the end of the fiscal year. Other payables mainly deposit, service fees, etc.

Recent Adopted Accounting Pronouncements

Recent Adopted Accounting Pronouncements

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The new amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on the consolidated financial statements.

In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which provides guidance on the disclosure of transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The new guidance is required to be applied either prospectively to all transactions within the scope of ASU 2021-10 that are reflected in financial statements at the date of adoption and new transactions that are entered into after the date of adoption or retrospectively to those transactions. This guidance is effective for the Company for the year ending March 31, 2023. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on the financial position, results of operations and cash flows.

In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. This guidance is effective for the Company for the year ending March 31, 2025 and interim reporting periods during the year ending March 31, 2025. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on the financial position, results of operations and cash flows.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated balance sheets, statements of income and comprehensive income and statements of cash flows.

Cash and cash equivalents (Details) - Schedule of cash and cash equivalents - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Schedule of Cash And Cash Equivalents [Abstract]
Cash at bank	$ 3,805,103	$ 10,753,049
Cash on hand	32	69
Total	$ 3,805,135	$ 10,753,118

Consolidated Statements of Changes in Shareholders’ Equity - USD ($)

Ordinary shares

Additional paid-in capital

Statutory Reserves

Accumulated deficit

Accumulated other comprehensive income(loss)

Total

Balances at Dec. 31, 2019

$ 10,000

$ 38,419,832

$ (39,226,760)

$ 24,002

$ (772,926)

Balances (in Shares) at Dec. 31, 2019

^[1]

2,000,000

Net income (loss) for the year

1,587,375

Foreign currency translation adjustment

36,993

Balances at Dec. 31, 2020

$ 10,000

38,419,832

(37,639,385)

60,995

851,442

Balances (in Shares) at Dec. 31, 2020

^[1]

2,000,000

Net income (loss) for the year

(1,093,241)

Statutory reserve

166,038

(166,038)

Foreign currency translation adjustment

152,700

Balances at Dec. 31, 2021

$ 14,000

55,327,885

166,038

(38,898,664)

213,695

16,822,954

Balances (in Shares) at Dec. 31, 2021

^[1]

2,800,000

Net income (loss) for the year

(2,561,907)

Issuance of common stock for compensation

$ 27

(27)

Issuance of common stock for compensation (in Shares)

5,325

Addition of share capital

$ 4,000

16,908,053

16,912,053

Addition of share capital (in Shares)

^[1]

800,000

Foreign currency translation adjustment

(86,083)

Balances at Dec. 31, 2022

$ 14,027

$ 55,327,858

$ 166,038

$ (41,460,571)

$ 127,612

$ 14,174,964

Balances (in Shares) at Dec. 31, 2022

^[1]

2,805,325

[1]	Retrospectively restated for one-for-five reverse split with effective date of August 10, 2022

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Cash and cash equivalents (Details) - Schedule of carrying amounts of the Company’s bank and cash balances - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Bank and Cash balances	$ 3,805,135	$ 10,753,118
RMB
Short-Term Debt [Line Items]
Bank and Cash balances	139,688	642,036
USD
Short-Term Debt [Line Items]
Bank and Cash balances	$ 3,665,447	$ 10,111,082

Organization and Principal Activities

12 Months Ended

Dec. 31, 2022

Organization and Principal Activities [Abstract]

Organization and Principal Activities

1.	Organization and Principal Activities

(a)

Principal activities

Sentage Holdings Inc. (“Sentage Holdings” or the “Company”) was incorporated on September 16, 2019 under the law of Cayman Islands as an exempted company with limited liability. As of December 31, 2022, the Company, through its subsidiaries and consolidated variable interest entities (“VIEs”) (collectively referred to as the “Group”) was primarily engaged in providing customers a comprehensive range of financial services including repayment and collection management services, loan recommendation services, and prepaid payment network services. All of the Group’s operations and customers are located in the People’s Republic of China(“PRC”).

Sentage Holdings owns 100% of the equity interests of Sentage Hongkong Limited (“Sentage HK”), a limited liability company formed under the laws of Hong Kong on September 25, 2019.

On December 17, 2019, Shanghai Santeng Technology Co., Ltd. (“Sentage WFOE”) was incorporated pursuant to PRC laws as a wholly foreign owned enterprise of Sentage HK.

Sentage Holdings, Sentage HK, and Sentage WFOE are currently not engaging in any active business operations and merely acting as holding companies.

As of December 31, 2022, the consolidated financial statements of the Company include the following entities:

Entity	Date of incorporation	Place of incorporation	Percentage of direct or indirect economic ownership	Principal activities
Sentage Holdings Inc. (“Sentage Holdings”)	September 16, 2019	Cayman Islands	Parent, 100%	Investment holding
Sentage Hongkong Limited (“Sentage HK”)	September 25, 2019	Hong Kong	100%	Investment holding
Shanghai Santeng Technology Co., Ltd. (“Sentage WFOE”)	December 17, 2019	Shanghai, PRC	100%	WFOE, Consultancy and information technology support
Daxin Wealth Investment Management (Shanghai) Co., Ltd. (“Daxin Wealth”)	August 13, 2014	Shanghai, PRC	VIE	Consumer loan repayment and collection management services; and loan recommendation services to assist borrowers to obtain loans from various financial institutions services
Daxin Zhuohui Financial Information Services (Shanghai) Co., Ltd. (“Daxin Zhuohui”)	January 9, 2015	Shanghai, PRC	VIE	Consumer loan repayment and collection management services; and loan recommendation services to assist borrowers to obtain loans from various financial institutions services
Qingdao Buytop Payment Services Co., Ltd. (“Qingdao Buytop”)	August 4, 2009	Qingdao,Shandong,PRC	VIE	Prepaid payment network services
Zhenyi Information Technology (Shanghai) Co., Ltd. (“Zhenyi”)	August 29, 2017	Shanghai, PRC	VIE	Provide technology and system development and support

(b)

History of the Group and reorganization

Organization and General

Prior to the reorganization described below, the Sentage Operating Companies Shareholders were the controlling shareholders of the following entities: (1) Daxin Wealth Investment Management (Shanghai) Co., Ltd. (“Daxin Wealth”), formed in Shanghai City, China on August 13, 2014; (2) Daxin Zhuohui Financial Information Services (Shanghai) Co., Ltd. (“Daxin Zhuohui”), formed in Shanghai City, China on January 9, 2015; (3) Qingdao Buytop Payment Services Co., Ltd. (“Qingdao Buytop”), formed in Qingdao City, Shandong Province, China on August 4, 2009; and (4) Zhenyi Information Technology (Shanghai) Co., Ltd. (“Zhenyi”), formed in Shanghai City, China on August 29, 2017. Daxin Wealth, Daxin Zhuohui, Qingdao Buytop and Zhenyi were all formed as limited companies pursuant to PRC laws. Daxin Wealth and Daxin Zhuohui are primarily engaged in providing consumer loan repayment and collection management services. Daxin Zhuohui also provides loan recommendation services. Qingdao Buytop is primarily engaged in providing customers with prepaid payment network services. Zhenyi is primarily engaged in providing technology and system development and support. Daxin Wealth, Daxin Zhuohui, Qingdao Buytop and Zhenyi are collectively referred to as the “Sentage Operating Companies” below.

Reverse recapitalization

A reorganization of legal structure (“Reorganization”) was completed on March 9, 2020. The Reorganization involved the formation of Sentage Holdings, Sentage HK and Sentage WFOE, and entering into certain contractual arrangements Sentage WFOE, the shareholders of the Sentage Operating Companies. Consequently, the Company became the ultimate holding company of Sentage HK, Sentage WFOE, Daxin Wealth, Daxin Zhuohui, and Qingdao Buytop.

On March 9, 2020, Sentage WFOE entered into a series of contractual arrangements with the shareholders of the Sentage Operating Companies. These agreements include Exclusive Purchase Agreements, an Exclusive Business Cooperation Agreement, Equity Pledge Agreements, Powers of Attorney, Loan Agreements intended to guarantee the exercise of the Exclusive Purchase Agreements and Spouse Consents (collectively the “VIE Agreements”). Sentage WFOE, Zhenyi, and Zhenyi’s shareholders entered into the VIE Agreements on April 1, 2021. Pursuant to the VIE Agreements, Sentage WFOE has the exclusive right to provide to the Sentage Operating Companies consulting services related to business operations including technical and management consulting services.

As a result of our direct ownership in Sentage WFOE and the VIE Agreements, we are regarded as the primary beneficiary of the VIEs, and we treat the VIEs as our consolidated entities under U.S. GAAP, for accounting purposes. We have consolidated the financial results of the VIEs in our consolidated financial statements in accordance with U.S. GAAP. The VIE Agreements have not been tested in a court of law in China as of the date of this annual report.

The Company, together with its wholly owned subsidiaries and its VIEs, is effectively controlled by the same shareholders before and after the Reorganization and therefore the Reorganization is considered as a recapitalization of entities under common control. The consolidation of the Company, its subsidiaries, and its VIEs has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.

(c)

VIE contractual arrangements

The Company’s main operating entities are Daxin Wealth, Daxin Zhuohui, Qingdao Buytop and Zhenyi (or the “Sentage Operating Companies” as referred above), in which we do not have equity interests but whose financial results have been consolidated by Sentage Holdings for accounting purposes in accordance with U.S. GAAP due to Sentage Holdings having effective control over, and being the primary beneficiary of, these companies via the VIE Agreements, which have not been tested in a court of law in China as of the date of this annual report.

Risks associated with the VIE structure

The Company believes that the contractual arrangements with its VIEs and the shareholders of its VIEs are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could:

●

revoke the business and operating licenses of the Company’s PRC subsidiary and VIEs;

●

discontinue or restrict the operations of any related-party transactions between the Company’s PRC subsidiary and VIEs;

●

limit the Company’s business expansion in China by way of entering into contractual arrangements;

●

impose fines or other requirements with which the Company’s PRC subsidiary and VIEs may not be able to comply;

●

require the Company or the Company’s PRC subsidiary and VIEs to restructure the relevant ownership structure or operations; or

●

restrict or prohibit the Company’s use of the proceeds from public offering to finance the Company’s business and operations in China.

The Company’s ability to conduct its financial service businesses may be negatively affected if the PRC government were to carry out of any of the aforementioned actions. As a result, the Company may not be able to consolidate its VIEs in its consolidated financial statements as it may lose the ability to exert effective control over the VIEs and their shareholders and it may lose the ability to receive economic benefits from the VIEs. The Company, however, does not believe such actions would result in the liquidation or dissolution of the Company, its PRC subsidiary and its VIEs.

The Company, Sentage HK and Sentage WFOE are essentially holding companies and do not have active operations as of December 31, 2022 and 2021. As a result, total assets and liabilities presented on the Consolidated Balance Sheets and revenue, expenses, and net income presented on the Consolidated Statement of Comprehensive Income as well as the cash flows from operating, investing and financing activities presented on the Consolidated Statement of Cash Flows are substantially the financial position, operation and cash flow of the Company’s VIEs. The Company has not provided any financial support to the VIEs for the years ended December 31, 2022 and 2021.

The table sets forth the assets and liabilities of the VIEs included in the Company’s consolidated balance sheets:

	As of December 31,
	2021		2022
	USD		USD
ASSETS
Current assets
Cash and cash equivalents		607,278		20,020
Restricted cash		30,269		23,089
Accounts receivable, net		403,708		433,510
Prepaid expenses and other current assets		485,154		966,260

Total current assets		1,526,409		1,442,879

Non-current assets
Plant and equipment, net		120,280		53,023
Intangible assets, net		30,547		89,475
Deferred tax assets		13,724		12,686

Total non-current assets		164,551		155,184

Total assets		1,690,960		1,598,063

Current liabilities
Accounts payable		2,743		8,647
Accrued expenses and other current liabilities		379,989		1,431,818

Total current liabilities		382,732		1,440,465

Non-current liability
Due to a related party, non-current		621,021		464,709

Total non-current liability		621,021		464,709
Total liabilities		1,003,753		1,905,174

The table sets forth the results of operations of the VIE included in the Company’s consolidated statements of comprehensive income/(loss):

	Years ended December 31,
	2020		2021		2022
	USD		USD		USD
Total revenues		3,595,409		2,262,449		161,372
Net Income		1,587,375		692,774		(960,506	)

The table sets forth the cash flows of the VIE included in the Company’s consolidated statements of cash flows:

	Years ended December 31,
	2020			2021			2022
	USD			USD			USD
Net cash (used in) provided by operating activities		465,210			1,433,255			(371,005	)
Net cash provided by (used in) investing activities		-			(19,977	)		(34,346	)
Net cash provided by (used in) financing activities		(585,859	)		(959,420	)		(156,311	)

As the VIEs are incorporated as limited liability companies under the PRC Company Law, the creditors of the VIEs do not have recourse to the general credit of the Company. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs.

Plant and equipment, net

12 Months Ended

Dec. 31, 2022

Plant and equipment, net [Abstract]

Plant and equipment, net

7.	Plant and equipment, net

Plant and equipment consists of the following:

	As of December 31,
	2021			2022
	USD			USD
Cost:
Office equipment and furniture	$	492,985		$	363,991
Transportation vehicles		62,066			57,373
Total cost	$	555,051		$	421,364
Less: Accumulated depreciation		(434,771	)		(368,341	)
Plant and equipment, net	$	120,280		$	53,023

Depreciation expense was $25,464, $23,370 and $13,022 for the years ended December 31, 2022, 2021 and 2020, respectively.

Concentrations (Details) - USD ($)	12 Months Ended
Concentrations (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Concentrations (Details) [Line Items]
Financial institutions (in Dollars)	$ 3,805,103	$ 10,753,049
Revenue percentage	52.20%	10.00%	10.00%
Accounts Receivable [Member]
Concentrations (Details) [Line Items]
Revenue percentage	63.20%	73.80%

Operating leases (Details) - Schedule of undiscounted cash flows	Dec. 31, 2022 USD ($)
Schedule of Undiscounted Cash Flows [Abstract]
2023	$ 92,684
2024	75,832
Total undiscounted operating lease payments	168,516
Less: imputed interest	(7,003)
Present value of operating lease liabilities	$ 161,513

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2022

Accrued Expenses and Other Current Liabilities [Abstract]

Accrued expenses and other current liabilities

11.

Accrued expenses and other current liabilities

Accrued expenses and other payables consist of the following:

	As of December 31,
	2021		2022
	USD		USD
Accrued expenses and other current liabilities
Deposits received from customers	$	27,615	$	20,592
Accrued expenses		90,491		36,883
VAT and other taxes payable		216,516		200,342
Payroll payable		45,369		51,184
Total	$	379,991	$	309,001

Related party transactions (Details) - Schedule of due to a related party - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to a related party	$ 4,709	$ 161,020
Qiaoling Lu [Member]
Related Party Transaction [Line Items]
Due to a related party	$ 4,709	$ 161,020

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Ordinary shares, par value (in Dollars per share)	$ 0.005	$ 0.005
Ordinary shares, shares authorized	10,000,000	10,000,000
Ordinary shares, shares issued	2,805,325	2,800,000
Ordinary shares, shares outstanding	2,805,325	2,800,000

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible assets, net

	As of December 31,
	2021			2022
	USD			USD
Software	$	347,484		$	457,640
Total cost	$	347,484		$	457,640
Less: Accumulated amortization		(316,937	)		(368,165	)
Intangible assets, net	$	30,547		$	89,475

Organization and Principal Activities (Details) - Schedule of financial statements of the Company	12 Months Ended
	Dec. 31, 2022
Sentage Holdings Inc. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of incorporatio	September 16, 2019
Place of incorporation	Cayman Islands
Percentage of direct or indirect economic ownership	Parent, 100%
Principal activities	Investment holding
Sentage Hongkong Limited [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of incorporatio	September 25, 2019
Place of incorporation	Hong Kong
Percentage of direct or indirect economic ownership	100%
Principal activities	Investment holding
Shanghai Santeng Technology Co., Ltd. (“Sentage WFOE”) [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of incorporatio	December 17, 2019
Place of incorporation	Shanghai, PRC
Percentage of direct or indirect economic ownership	100%
Principal activities	WFOE, Consultancy and information technology support
Daxin Wealth Investment Management (Shanghai) Co., Ltd. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of incorporatio	August 13, 2014
Place of incorporation	Shanghai, PRC
Percentage of direct or indirect economic ownership	VIE
Principal activities	Consumer loan repayment and collection management services; and loan recommendation services to assist borrowers to obtain loans from various financial institutions services
Daxin Zhuohui Financial Information Services (Shanghai) Co., Ltd. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of incorporatio	January 9, 2015
Place of incorporation	Shanghai, PRC
Percentage of direct or indirect economic ownership	VIE
Principal activities	Consumer loan repayment and collection management services; and loan recommendation services to assist borrowers to obtain loans from various financial institutions services
Qingdao Buytop Payment Services Co., Ltd. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of incorporatio	August 4, 2009
Place of incorporation	Qingdao,Shandong,PRC
Percentage of direct or indirect economic ownership	VIE
Principal activities	Prepaid payment network services
Zhenyi Information Technology (Shanghai) Co., Ltd. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Date of incorporatio	August 29, 2017
Place of incorporation	Shanghai, PRC
Percentage of direct or indirect economic ownership	VIE
Principal activities	Provide technology and system development and support

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary of Significant Accounting Policies (Details) [Line Items]
Index rates	$ 1	¥ 6.8972
Security deposit	1.00%	1.00%
Allowance for doubtful	$ 59,444		$ 54,896
Service revenue			1,177,822	$ 2,087,717
Tax benefit percentage	50.00%	50.00%
Value added tax rate	6.00%	6.00%
Tax profit	10.00%	10.00%
Surplus fund	50.00%	50.00%
lease term	12 months	12 months
Minimum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Consumer loan	$ 4,342	¥ 30,000
Loan term ranges	1 year	1 year
Commission percentage	1.50%	1.50%
Service fee percentage	1.75%	1.75%
Maximum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Consumer loan	$ 11,579	¥ 80,000
Loan term ranges	4 years	4 years
Commission percentage	2.00%	2.00%
Service fee percentage	3.00%	3.00%
VIE subsidiaries [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Service revenue	$ 161,372		$ 928,565	$ 432,958
VIE subsidiaries [Member] \| Minimum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Service fee percentage	0.30%	0.30%
VIE subsidiaries [Member] \| Maximum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Service fee percentage	0.50%	0.50%

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2022

Organization and Principal Activities [Abstract]

Schedule of financial statements of the Company

Entity	Date of incorporation	Place of incorporation	Percentage of direct or indirect economic ownership	Principal activities
Sentage Holdings Inc. (“Sentage Holdings”)	September 16, 2019	Cayman Islands	Parent, 100%	Investment holding
Sentage Hongkong Limited (“Sentage HK”)	September 25, 2019	Hong Kong	100%	Investment holding
Shanghai Santeng Technology Co., Ltd. (“Sentage WFOE”)	December 17, 2019	Shanghai, PRC	100%	WFOE, Consultancy and information technology support
Daxin Wealth Investment Management (Shanghai) Co., Ltd. (“Daxin Wealth”)	August 13, 2014	Shanghai, PRC	VIE	Consumer loan repayment and collection management services; and loan recommendation services to assist borrowers to obtain loans from various financial institutions services
Daxin Zhuohui Financial Information Services (Shanghai) Co., Ltd. (“Daxin Zhuohui”)	January 9, 2015	Shanghai, PRC	VIE	Consumer loan repayment and collection management services; and loan recommendation services to assist borrowers to obtain loans from various financial institutions services
Qingdao Buytop Payment Services Co., Ltd. (“Qingdao Buytop”)	August 4, 2009	Qingdao,Shandong,PRC	VIE	Prepaid payment network services
Zhenyi Information Technology (Shanghai) Co., Ltd. (“Zhenyi”)	August 29, 2017	Shanghai, PRC	VIE	Provide technology and system development and support

Schedule of consolidated balance sheets

	As of December 31,
	2021		2022
	USD		USD
ASSETS
Current assets
Cash and cash equivalents		607,278		20,020
Restricted cash		30,269		23,089
Accounts receivable, net		403,708		433,510
Prepaid expenses and other current assets		485,154		966,260

Total current assets		1,526,409		1,442,879

Non-current assets
Plant and equipment, net		120,280		53,023
Intangible assets, net		30,547		89,475
Deferred tax assets		13,724		12,686

Total non-current assets		164,551		155,184

Total assets		1,690,960		1,598,063

Current liabilities
Accounts payable		2,743		8,647
Accrued expenses and other current liabilities		379,989		1,431,818

Total current liabilities		382,732		1,440,465

Non-current liability
Due to a related party, non-current		621,021		464,709

Total non-current liability		621,021		464,709
Total liabilities		1,003,753		1,905,174

Schedule of consolidated statements of comprehensive income/(loss)

	Years ended December 31,
	2020		2021		2022
	USD		USD		USD
Total revenues		3,595,409		2,262,449		161,372
Net Income		1,587,375		692,774		(960,506	)

Schedule of consolidated statements of cash flows

	Years ended December 31,
	2020			2021			2022
	USD			USD			USD
Net cash (used in) provided by operating activities		465,210			1,433,255			(371,005	)
Net cash provided by (used in) investing activities		-			(19,977	)		(34,346	)
Net cash provided by (used in) financing activities		(585,859	)		(959,420	)		(156,311	)

Intangible Assets, Net (Details) - Schedule of Intangible assets, net - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Intangible Assets Net [Abstract]
Software	$ 457,640	$ 347,484
Total cost	457,640	347,484
Less: Accumulated amortization	(368,165)	(316,937)
Intangible assets, net	$ 89,475	$ 30,547

Related party transactions

12 Months Ended

Dec. 31, 2022

Related party transactions

12.

Related party transactions

Due to related party

Due to a related party consists of the following:

		As of December 31,
Name	Related party relationship	2021		2022
		USD		USD
Qiaoling Lu	CEO and controlling shareholder of the Company	$	161,020	$	4,709
Total due to a related party		$	161,020	$	4,709

As of December 31, 2022 and 2021, the balance due to a related party in the amount of $ 4,709 and $ 161,020, respectively, was loan advance from the Company’s controlling shareholder and was used as working capital during the Company’s normal course of business.

Accounts receivable, net

12 Months Ended

Dec. 31, 2022

Accounts receivable, net [Abstract]

Accounts receivable, net

4.	Accounts receivable, net

Accounts receivable, net, consist of the following:

	As of December 31,
	2021			2022
	USD			USD
Accounts receivable associated with loan recommendation services	$	11,594		$	-
Accounts receivable associated with prepaid payment network services		447,010			492,954
Less: Allowance for doubtful debts		(54,896	)		(59,444	)
Accounts receivable, net	$	403,708		$	433,510

The Company’s accounts receivable includes service fees generated through providing loan recommendation and prepaid payment network services to customers. As of December 31, 2022 and 2021, the Company had accounts receivable balance of $433,510 and $403,708, respectively. The allowance for doubtful accounts were $59,444 and $54,896 as of December 31, 2022 and 2021.

Intangible Assets, Net (Details) - USD ($)	12 Months Ended
Intangible Assets, Net (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets, Net (Details) [Line Items]
Amortization expense	$ 17,212	$ 39,601	$ 40,498
Minimum [Member]
Intangible Assets, Net (Details) [Line Items]
Intangible assets net use life	5 years
Maximum [Member]
Intangible Assets, Net (Details) [Line Items]
Intangible assets net use life	10 years

Commitment and Contingencies

12 Months Ended

Dec. 31, 2022

Commitment and Contingencies [Abstract]

Commitment and Contingencies

15.

Commitment and Contingencies

(a)

Contingencies

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company’s management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate to have a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows.

(b) Lease commitments

The Company’s VIEs Daxin Wealth, Daxin Zhuohui, and Qingdao Buytop, entered into operating lease agreements with landlords to lease office space in Shanghai and Qingdao.

The following table sets forth our contractual obligations as of December 31, 2022：

	Year ended December 31,
	Total		2023		2024
	USD		USD		USD
Operating lease commitments for Lease expense under lease agreements	$	178,392		102,560		75,832
Operating lease commitments for property management expenses under lease agreements		22,980		13,581		9,399

Plant and equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Plant and equipment, net [Abstract]

Schedule of plant and equipment

	As of December 31,
	2021			2022
	USD			USD
Cost:
Office equipment and furniture	$	492,985		$	363,991
Transportation vehicles		62,066			57,373
Total cost	$	555,051		$	421,364
Less: Accumulated depreciation		(434,771	)		(368,341	)
Plant and equipment, net	$	120,280		$	53,023

Income tax (Tables)

12 Months Ended

Dec. 31, 2022

Income tax [Abstract]

Schedule of income tax expense

	Year ended December 31,
	2020		2021		2022
	USD		USD		USD
Current income tax expense	$	592,701	$	257,344	$	-
Deferred income tax benefit		-		-		-
Total	$	592,701	$	257,344	$	-

Schedule of statutory rates to the Company’s effective tax rate

	Year ended December 31,
	2020			2021			2022
	USD			USD			USD
China Income tax statutory rate		25.0	%		25.0	%		(25	%)
Nondeductible expenses-permanent difference		0.1	%		0.1	%		0.1	%
Change in valuation allowance		2.1	%		6.5	%		24.9	%
Effective tax rate		27.2	%		31.6	%		-

Schedule of deferred tax assets

	As of December 31,
	2021		2022
	USD		USD
Deferred tax assets
Deferred tax assets derived from net operating loss (“NOL”) carry forwards and deferred revenue	$	13,724	$	650,601
Total gross deferred tax assets		13,724		650,601
Valuation allowance on deferred tax assets		-		(637,915)
Deferred tax assets, net of valuation allowance	$	13,724	$	12,686

Accounts receivable, net (Details) - Schedule of accounts receivable, net - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Schedule of Accounts Receivable Net [Abstract]
Accounts receivable associated with loan recommendation services		$ 11,594
Accounts receivable associated with prepaid payment network services	$ 492,954	447,010
Less: Allowance for doubtful debts	(59,444)	(54,896)
Accounts receivable, net	$ 433,510	$ 403,708

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitment and Contingencies [Abstract]

Schedule of operating lease

	Year ended December 31,
	Total		2023		2024
	USD		USD		USD
Operating lease commitments for Lease expense under lease agreements	$	178,392		102,560		75,832
Operating lease commitments for property management expenses under lease agreements		22,980		13,581		9,399

Shareholders' Equity (Details) - USD ($)	Sep. 02, 2020	Dec. 31, 2022	Aug. 10, 2022	Dec. 31, 2021
Shareholders' Equity (Details) [Line Items]
Ordinary shares, shares authorized		50,000
Ordinary shares, par value (in Dollars)		$ 1
Ordinary shares, shares issued		10,000
Ordinary shares, shares outstanding		10,000
Ordinary shares		2,805,325		2,800,000
VIEs [Member]
Shareholders' Equity (Details) [Line Items]
Restricted net assets (in Dollars)				$ 538,177
Sentage Holdings Inc. [Member]
Shareholders' Equity (Details) [Line Items]
Ordinary shares, shares authorized			10,000,000
Subdivide shares authorized	50,000
Per share value (in Dollars per share)	$ 1
Ordinary shares	50,000,000
ordinary share per share value (in Dollars per share)	$ 0.001		$ 0.005
Ordinary shares, outstanding	10,000,000
Price per share (in Dollars per share)	$ 0.001
Ordinary shares, issued	10,000,000
Reorganization shares	10,000,000
Authorized capital stock (in Dollars)			$ 50,000
Sentage Holdings Inc. [Member] \| Minimum [Member]
Shareholders' Equity (Details) [Line Items]
Subdivide shares issued	10,000
Sentage Holdings Inc. [Member] \| Maximum [Member]
Shareholders' Equity (Details) [Line Items]
Subdivide shares issued	10,000,000
Sentage Holdings Inc. [Member] \| Sentage WFOE [Member]
Shareholders' Equity (Details) [Line Items]
Restricted net assets (in Dollars)		$ 846,905

Loan Receivable

12 Months Ended

Dec. 31, 2022

Loan Receivable [Abstract]

Loan receivable

5.	Loan receivable

On July 8, 2021, the Company entered into an agreement with Fortune Access Development Corporation, a British Virgin Island corporation, to purchase a one-year note with principal of $5.5 million at 3% per annum. As of December 31, 2022, the outstanding loan receivable was $5,500,000 with unsecured. As of April 16, 2023, the Company collected back all the loan receivable.

Segment reporting (Tables)

12 Months Ended

Dec. 31, 2022

Segment reporting [Abstract]

Schedule of segment

			Year ended December 31, 2020
	Consumer loan repayment and collection management services		Loan recommendation services		Prepaid payment network services		Others		Total

Revenue		1,074,734		2,087,717		432,958		-		3,595,409
Operating expenses		422,963		821,624		170,392		-		1,414,979
Income from operations		651,771		1,266,093		262,566		-		2,180,430
Income tax expense		177,169		344,159		71,373		-		592,701
Net income		474,496		921,728		191,151		-		1,587,375
Depreciation and amortization		6,836		11,521		35,163		-		53,520
Capital expenditure		-		-		-		-		-
Total assets		694,874		1,174,137		915,577		-		2,784,588

				Year ended December 31, 2021
	Consumer loan repayment and collection management services			Loan recommendation services		Prepaid payment network services		Others			Total

Revenue		156,062			928,565		1,177,822		-			2,262,449
Operating expenses		508,772			20,717		236,039		2,275,887			3,041,415
Income (loss) from operations		(352,710	)		907,848		941,783		(2,275,887	)		(778,966	)
Income tax expense		14,783			109,732		132,827		-			257,342
Net income (loss)		(367,692	)		798,054		754,814		(2,278,417	)		(1,093,241	)
Depreciation and amortization		1,347			9,997		51,627		-			62,971
Capital expenditure		-			-		6,722		-			6,722
Total assets		(3,715,787	)		4,011,568		1,629,846	$	15,441,081			17,366,708

			Year ended December 31, 2022
	Consumer loan repayment and collection management services		Loan recommendation services			Prepaid payment network services			Others			Total

Revenue		-		-			161,372			-			161,372
Operating expenses		-		244,629			297,550			2,190,200			2,732,379
Income (loss) from operations		-		(244,629	)		(136,178	)		(2,190,200	)		(2,571,007	)
Net income (loss)		112		(244,799	)		(144,833	)		(2,172,387	)		(2,561,907	)
Depreciation and amortization		-		-			42,676			14,752			57,428
Capital expenditure		-		-			34,346			-			34,346
Total assets		8,328		51,321			1,536,973			13,062,212			14,658,834

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies [Abstract]

Summary of significant accounting policies

2.	Summary of significant accounting policies

(a)

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S.GAAP’’).

The consolidated financial statements are presented in the United States dollar (“USD”), rounded to the nearest thousands except share data and per share data, or otherwise noted.

(b)

Principles of consolidation

(c)

Use of estimates

(d)

Functional currency

(e)

Convenience translation

(f)

Cash and cash equivaletns

(g)

Restricted cash

(h)

Accounts receivable net

Accounts receivable net include service fees generated from the Company’s loan recommendation and prepaid payment network services.

(i)

Plant and equipment, net

Plant and equipment are stated at cost less accumulated depreciation and any recorded impairment.

The estimated useful lives are presented below.

Office equipment and furniture		3-5 years
Transportation vehicles		3-5 years
Leasehold improvement		Lesser of useful life and lease term

Depreciation on plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets.

(j)

Intangible assets

(k)

Impairment of long-lived assets

(l)

Fair value of financial instruments

●

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date.

●

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

●

Level 3 inputs are unobservable inputs for the asset or liability.

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:

	As of December 31,
	2021	2022
Year-end spot rate	US$1=RMB 6.3757	US$1=RMB 6.8972
Average rate	US$1=RMB 6.4508	US$1=RMB 6.7290

(m)

Revenue recognition

On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with customers”, using the modified retrospective approach.

The primary sources of the Group’s revenues are as follows:

(1)

Revenue from consumer loan repayment and collection management services

(2) Revenue from services provided to borrower for loan recommendation

(3)

Revenue from prepaid payment network services

(n)

Income taxes

(o)

Value added tax (“VAT”)

(p)

Earnings per Share

(q)

Statutory reserve

(r)

Comprehensive income

(s)

Statement of Cash Flows

(t)

Related parties and transactions

The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures” and other relevant ASC standards.

(u)

Right-of-use assets, net

(v)

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities include employee compensation payable, taxes payable and other payables.

*(w)*	*Recent Adopted Accounting Pronouncements*

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies [Abstract]

Schedule of estimated useful lives

Office equipment and furniture		3-5 years
Transportation vehicles		3-5 years
Leasehold improvement		Lesser of useful life and lease term

Schedule of the currency exchange rates

	As of December 31,
	2021	2022
Year-end spot rate	US$1=RMB 6.3757	US$1=RMB 6.8972
Average rate	US$1=RMB 6.4508	US$1=RMB 6.7290

Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives	12 Months Ended
	Dec. 31, 2022
Office equipment and furniture [Member] \| Minimum [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Estimated useful	3 years
Office equipment and furniture [Member] \| Maximum [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Estimated useful	5 years
Transportation vehicles [Member] \| Minimum [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Estimated useful	3 years
Transportation vehicles [Member] \| Maximum [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Estimated useful	5 years
Leasehold improvement [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Estimated useful	Lesser of useful life and lease term

Related party transactions (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Related party transactions [Abstract]
Related party	$ 4,709	$ 161,020

- Definition

Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

+ Details

Concentrations

12 Months Ended

Dec. 31, 2022

Concentrations [Abstract]

Concentrations

13.

Concentrations

A majority of the Company’s revenue and expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.

As of December 31, 2022 and 2021, $3,805,103 and $10,753,049 of the Company’s cash was on deposit at financial institutions in the PRC where there currently is no rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event of bank failure. For the years ended December 31, 2022, 2021 and 2020, the Company’s substantial assets were located in the PRC and the Company’s substantial revenues were derived from its subsidiaries and VIEs located in the PRC.

For the year ended December 31, 2022, one customer accounted for more than 52.2% of the Company’s total revenue..

For the years ended December2021 and 2020, no single customer accounted for more than 10% of the Company’s total revenue.

As of December 31, 2022, one customer accounted for 63.2% of the total accounts receivable balance. As of December 31, 2021, one customer accounted for 73.8% of the total accounts receivable balance.

Operating leases (Details) - Schedule of operating lease cost reported in the consolidated statements of comprehensive loss	12 Months Ended
	Dec. 31, 2022 USD ($)
Schedule of Operating Lease Cost Reported in the Consolidated Statements of Comprehensive Loss [Abstractt]
Operating lease cost	$ 19,199
Short-term lease cost	24,967
Total	$ 44,166

Prepaid expenses and other current assets (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Prepaid expenses and other current assets [Abstract]
Deposit	$ 3,570