UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2024
Commission file number: 001-40580
Sentage Holdings Inc.
501, Platinum Tower, 233 Taicang Rd., Huangpu,
Shanghai City, the PRC
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Sentage Holdings Inc. | ||
| Date: December 17, 2024 | By: | /s/ Qiaoling Lu |
| Qiaoling Lu | ||
| Chief Executive Officer | ||
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EXHIBIT INDEX
| Number | Description of Exhibit | |
| 99.1 | Press Release |
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Exhibit 99.1
Sentage Holdings Inc. Announces Financial Results for the First Six Months of Fiscal Year 2024
Shanghai, China, December 17, 2024 (GLOBE NEWSWIRE) -- Sentage Holdings Inc. (the “Company”, “we”, “our”) (Nasdaq: SNTG), is a holding company incorporated in the Cayman Islands with no material operations of its own. Through its China-based operating entities, the Company offers consumer loan repayment and collection management, loan recommendation, and prepaid payment network services in China. The Company today announced its financial results for the first six months of fiscal year 2024 ended June 30, 2024. The following summarizes such financial results.
Financial Highlights for the First Six Months of Fiscal Year 2024
| ● |
Total operating revenue was $nil in the six months ended June 30, 2024, compared with $82 for the same period of last year, representing a 100% decrease. The reason for the decrease in revenue was that the Company’s existing business had declined while the Company attempting to enter into new businesses. the company has been adjusting and improving its products and services to enhance its competitiveness. These improvements require more time to be completed.
| |
| ● | Net loss was $1.12 million in the six months ended June 30, 2024, compared with net loss of $1.08 million for the same period of last year. |
| ● | Basic and diluted loss per share was $0.47 in the six months ended June 30, 2024, compared with basic and diluted loss per share of $0.46 for the same period of last year. |
Financial Results for the First Six Months of Fiscal Year 2024
Operating Expenses
Selling, general and administrative expenses increased by $43,366, or 4%, to $1,123,711 in the six months ended June 30, 2024, from $1,080,345 for the same period of last year. The increase was due to the following reasons:
| ● | Professionals consulting expenses increased by $122,525 or 30% to $ 534,675 in the six months ended June 30, 2024, from $412,151 for the same period of last year. The increase was primarily due to the company paying more for consulting services to third party professionals. |
Provision for Income Taxes
Provision for income taxes was nil for the six months ended 30 June 2024, compared with nil for the same period last year.
Net Loss
Net loss was $1.12 million in the six months ended June 30, 2024, compared with net loss of $1.08 million for the same period of last year.
Loss Per Share
Basic and diluted loss per share was $0.47 in the six months ended June 30, 2024, compared with basic and diluted loss per share of $0.46 for the same period of last year.
Cash and Cash Equivalents
As of June 30, 2024, the Company had cash and restricted cash of $1.61million, compared with $2.26 million as of December 31, 2023.
Cash Flow
Net cash used in operating activities was $1.09 million, compared with Net cash used in operating activities of $1.01 million for the same period of last year.
Net cash used in investing activities was $nil, compared with Net cash used in investing activities of $537, for the same period of last year.
Net cash provided by/ (used in) financing activity was $0.43 million, compared with Net cash used in financing activity of $(4,709) for the same period of last year.
About Sentage Holdings Inc.
Sentage Holdings Inc., headquartered in Shanghai, China, is a holding company incorporated in the Cayman Islands with no material operations of its own (the “Company”). Through its China-based operating entities, the Company offers consumer loan repayment and collection management, loan recommendation, and prepaid payment network services in China. Leveraging the Company’s deep understanding of its client base, strategic partner relationships, and proprietary valuation models and technologies, the Company is committed to working with its clients to understand their financial needs and challenges and offering customized services to help them meet their respective objectives. For more information, please visit the company’s website at ir.sentageholdings.com.
Forward-Looking Statement
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review risk factors that may affect its future results in the Company’s registration statement.
For more information, please contact:
Sentage Holdings Inc.
Investor Relations Department
Email: ir@sentageholdings.com
Ascent Investor Relations LLC
Tina Xiao President
Tel: +1-646-932-7242
Email: investors@ascent-ir.com
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SENTAGE HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| As of December 31, 2023 | As of June 30, 2024 | |||||||
| USD | USD | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 2,262,881 | $ | 1,615,725 | ||||
| Restricted cash | 26,127 | 21,101 | ||||||
| Accounts receivable, net | 284,628 | 132,049 | ||||||
| Prepaid expenses and other current assets | 9,118,909 | 6,720,283 | ||||||
| Total current assets | 11,692,545 | 8,489,158 | ||||||
| Non-current assets | ||||||||
| Right-of-use assets, net | 72,939 | 29,133 | ||||||
| Plant and equipment, net | 64,472 | 57,395 | ||||||
| Intangible assets, net | 66,859 | 58,702 | ||||||
| Long-term investments | 1,000,000 | 3,500,000 | ||||||
| Deferred tax assets | 12,324 | 12,040 | ||||||
| Total non-current assets | 1,216,594 | 3,657,270 | ||||||
| Total assets | $ | 12,909,139 | $ | 12,146,428 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 5,985 | $ | 5,847 | ||||
| Lease liabilities | 72,230 | 23,802 | ||||||
| Accrued expenses and other current liabilities | 256,795 | 237,490 | ||||||
| Total current liabilities | 335,010 | 267,139 | ||||||
| Non-current liability | ||||||||
| Due to a related party, non-current | 344,235 | 782,364 | ||||||
| Total non-current liability | 344,235 | 782,364 | ||||||
| Total liabilities | 679,245 | 1,049,503 | ||||||
| Shareholders’ equity | ||||||||
| Class A Ordinary shares, $0.005 par value, 180,000,000 shares authorized, 2,805,325 and 2,805,325 shared issued and outstanding as of December 31, 2023 and June 30, 2024* | 14,027 | 14,027 | ||||||
| Class B Ordinary shares, $0.005 par value, 20,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and June 30, 2024* | - | - | ||||||
| Additional paid in capital | 55,327,858 | 55,327,858 | ||||||
| Statutory reserves | 166,038 | 166,038 | ||||||
| Accumulated deficit | (43,363,848 | ) | (44,489,252 | ) | ||||
| Accumulated other comprehensive income | 85,819 | 78,254 | ||||||
| Total shareholders’ equity | 12,229,894 | 11,096,925 | ||||||
| Total liabilities and shareholders’ equity | $ | 12,909,139 | $ | 12,146,428 | ||||
| * | Retrospectively restated for one-for-five reverse split with effective date of August 10, 2022. |
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SENTAGE HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
| For the six months ended June 30, | ||||||||
| 2023 | 2024 | |||||||
| OPERATING REVENUE | ||||||||
| Prepaid payment network service fee | 82 | - | ||||||
| Total operating revenue | 82 | - | ||||||
| OPERATING EXPENSE | ||||||||
| Selling, general and administrative expenses | 1,080,345 | 1,123,711 | ||||||
| Total operating expenses | 1,080,345 | 1,123,711 | ||||||
| LOSS FROM OPERATIONS | (1,080,263 | ) | (1,123,711 | ) | ||||
| OTHER EXPENSES | (1,623 | ) | (1,693 | ) | ||||
| LOSS BEFORE INCOME TAX PROVISION | (1,081,886 | ) | (1,125,404 | ) | ||||
| PROVISION FOR INCOME TAXES | - | - | ||||||
| NET LOSS | (1,081,886 | ) | (1,125,404 | ) | ||||
| OTHER COMPREHENSIVE LOSS | ||||||||
| Foreign currency translation adjustment | (57,057 | ) | (7,565 | ) | ||||
| COMPREHENSIVE LOSS | $ | (1,138,943 | ) | $ | (1,132,969 | ) | ||
| Loss per common share- basic and diluted | $ | (0.46 | ) | $ | (0.47 | ) | ||
| Weighted average shares- basic and diluted | 2,376,764 | 2,376,764 | ||||||
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SENTAGE HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the six months ended June 30, | ||||||||
| 2023 | 2024 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (1,081,886 | ) | $ | (1,125,404 | ) | ||
| Adjustments to reconcile net income to cash and restricted cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 49,087 | 52,151 | ||||||
| Allowance for Credit Losses | (2,902 | ) | 45,231 | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 37,863 | 107,348 | ||||||
| Prepaid expenses and other current assets | 124,441 | (101,374 | ) | |||||
| Lease liabilities | (44,191 | ) | (44,473 | ) | ||||
| Accrued expenses and other current liabilities | (97,547 | ) | (19,443 | ) | ||||
| Net cash used in operating activities | (1,015,135 | ) | (1,085,964 | ) | ||||
| Cash flows from investing activity | ||||||||
| Additions to property, plant and equipment | (537 | ) | - | |||||
| Net cash used in investing activity | (537 | ) | - | |||||
| Cash flows from financing activity | ||||||||
| Proceeds from (Repayment to) related party loans | (4,709 | ) | 438,129 | |||||
| Net cash (used in)/provided by financing activity | (4,709 | ) | 438,129 | |||||
| Reconciliation of cash and restricted cash, beginning of period | ||||||||
| Cash | 3,805,135 | 2,262,881 | ||||||
| Restricted cash | 23,089 | 26,127 | ||||||
| Cash and restricted cash, beginning of period | $ | 3,828,224 | $ | 2,289,008 | ||||
| Reconciliation of cash and restricted cash, end of period | ||||||||
| Cash | 2,724,245 | 1,615,725 | ||||||
| Restricted cash | 19,850 | 21,101 | ||||||
| Cash and restricted cash, end of period | $ | 2,744,095 | $ | 1,636,826 | ||||
| Effect of exchange rate changes on cash and restricted cash | (63,749 | ) | (4,347 | ) | ||||
| Net decrease in cash and restricted cash | (1,084,130 | ) | (652,182 | ) | ||||
| Cash and restricted cash, beginning of period | 3,828,224 | 2,289,008 | ||||||
| Cash and restricted cash, end of period | $ | 2,744,095 | $ | 1,636,826 | ||||
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