SHANGHAI,Dec. 18,2024 -- 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,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,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,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,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,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,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,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,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

SENTAGE HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

As of

December31,

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 shares authorized,

2,805,325 and 2,325 shared issued and outstanding as of December 31,2023

and June 30,2024*

14,027

14,027

Class B Ordinary shares,20,no shares

issued and outstanding as of December 31,2023 and June 30,2024*

-

-

Additional paid in capital

55,327,858

55,858

Statutory reserves

166,038

166,038

Accumulated deficit

(43,363,848)

(44,252)

Accumulated other comprehensive income

85,819

78,254

Total shareholders' equity

12,229,894

11,096,925

Total liabilities and shareholders' equity

$

12,428

*

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

SENTAGE HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

For the six months

ended June 30,

2023

2024

OPERATING REVENUE

Prepaid payment network service fee

82

-

Total operating revenue

82

-

OPERATING EXPENSE

Selling,general and administrative expenses

1,345

1,711

Total operating expenses

1,345

1,711

LOSS FROM OPERATIONS

(1,263)

(1,711)

OTHER EXPENSES

(1,623)

(1,693)

LOSS BEFORE INCOME TAX PROVISION

(1,081,886)

(1,125,404)

PROVISION FOR INCOME TAXES

-

-

NET LOSS

(1,404)

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

2,764

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

$

(1,886)

$

(1,404)

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

3,135

2,881

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

1,725

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

3,224

2,008

Cash and restricted cash,826