Sentage Holdings Inc. Announces Financial Results For The First Six Months Of Fiscal Year 2024
| SENTAGE HOLDINGS INC. AND SUBSIDIARIES |
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| CONSOLIDATED BALANCE SHEETS |
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As of |
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As of |
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USD |
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USD |
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| ASSETS |
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| Current assets |
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| Cash and cash equivalents |
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$ |
2,262,881 |
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$ |
1,615,725 |
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| Restricted cash |
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|
26,127 |
|
|
|
21,101 |
|
| Accounts receivable, net |
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|
284,628 |
|
|
|
132,049 |
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| Prepaid expenses and other current assets |
|
|
9,118,909 |
|
|
|
6,720,283 |
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| |
|
|
|
|
|
|
|
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| Total current assets |
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11,692,545 |
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8,489,158 |
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|
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| Non-current assets |
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| Right-of-use assets, net |
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72,939 |
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29,133 |
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| Plant and equipment, net |
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64,472 |
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57,395 |
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| Intangible assets, net |
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66,859 |
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58,702 |
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| Long-term investments |
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1,000,000 |
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3,500,000 |
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| Deferred tax assets |
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12,324 |
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12,040 |
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| Total non-current assets |
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1,216,594 |
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|
3,657,270 |
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| Total assets |
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$ |
12,909,139 |
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$ |
12,146,428 |
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| LIABILITIES AND SHAREHOLDERS' EQUITY |
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| Current liabilities |
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| Accounts payable |
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$ |
5,985 |
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$ |
5,847 |
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| Lease liabilities |
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|
72,230 |
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|
23,802 |
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| Accrued expenses and other current liabilities |
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|
256,795 |
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|
237,490 |
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| |
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| Total current liabilities |
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335,010 |
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267,139 |
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| Non-current liability |
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| Due to a related party, non-current |
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344,235 |
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782,364 |
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| |
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| Total non-current liability |
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344,235 |
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782,364 |
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| Total liabilities |
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679,245 |
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1,049,503 |
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| Shareholders' equity |
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| Class A Ordinary shares, $0.005 par value, 180,000,000 shares authorized, |
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14,027 |
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14,027 |
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| Class B Ordinary shares, $0.005 par value, 20,000,000 shares authorized, no shares |
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- |
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- |
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| Additional paid in capital |
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55,327,858 |
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55,327,858 |
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| Statutory reserves |
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166,038 |
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|
166,038 |
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| Accumulated deficit |
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(43,363,848) |
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(44,489,252) |
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| Accumulated other comprehensive income |
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85,819 |
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78,254 |
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| Total shareholders' equity |
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12,229,894 |
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11,096,925 |
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| Total liabilities and shareholders' equity |
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$ |
12,909,139 |
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$ |
12,146,428 |
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| * |
Retrospectively restated for one-for-five reverse split with effective date of August 10, 2022. |
| SENTAGE HOLDINGS INC. AND SUBSIDIARIES |
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| CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
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For the six months |
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2023 |
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|
2024 |
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| OPERATING REVENUE |
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| Prepaid payment network service fee |
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|
82 |
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- |
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| Total operating revenue |
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82 |
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- |
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| OPERATING EXPENSE |
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| Selling, general and administrative expenses |
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1,080,345 |
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1,123,711 |
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| Total operating expenses |
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1,080,345 |
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1,123,711 |
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| LOSS FROM OPERATIONS |
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(1,080,263) |
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(1,123,711) |
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| OTHER EXPENSES |
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|
(1,623) |
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|
(1,693) |
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|
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| LOSS BEFORE INCOME TAX PROVISION |
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(1,081,886) |
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|
(1,125,404) |
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| PROVISION FOR INCOME TAXES |
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- |
|
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- |
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| NET LOSS |
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(1,081,886) |
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|
(1,125,404) |
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| OTHER COMPREHENSIVE LOSS |
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| Foreign currency translation adjustment |
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(57,057) |
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|
(7,565) |
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| COMPREHENSIVE LOSS |
|
$ |
(1,138,943) |
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|
$ |
(1,132,969) |
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| |
|
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| Loss per common share- basic and diluted |
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$ |
(0.46) |
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$ |
(0.47) |
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| |
|
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| Weighted average shares- basic and diluted |
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|
2,376,764 |
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|
2,376,764 |
|
| SENTAGE HOLDINGS INC. AND SUBSIDIARIES |
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| CONSOLIDATED STATEMENTS OF CASH FLOWS |
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For the six months |
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2023 |
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|
2024 |
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| Cash flows from operating activities |
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| Net loss |
|
$ |
(1,081,886) |
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|
$ |
(1,125,404) |
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| Adjustments to reconcile net income to cash and restricted cash |
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| Depreciation and amortization |
|
|
49,087 |
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|
52,151 |
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| Allowance for Credit Losses |
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(2,902) |
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|
45,231 |
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| Changes in operating assets and liabilities: |
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| Accounts receivable |
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|
37,863 |
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|
|
107,348 |
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| Prepaid expenses and other current assets |
|
|
124,441 |
|
|
|
(101,374) |
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| Lease liabilities |
|
|
(44,191) |
|
|
|
(44,473) |
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| Accrued expenses and other current liabilities |
|
|
(97,547) |
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|
|
(19,443) |
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| Net cash used in operating activities |
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|
(1,015,135) |
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|
|
(1,085,964) |
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| Cash flows from investing activity |
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| Additions to property, plant and equipment |
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|
(537) |
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- |
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| Net cash used in investing activity |
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|
(537) |
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- |
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| Cash flows from financing activity |
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| Proceeds from (Repayment to) related party loans |
|
|
(4,709) |
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|
438,129 |
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| Net cash (used in)/provided by financing activity |
|
|
(4,709) |
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|
438,129 |
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| Reconciliation of cash and restricted cash, beginning of period |
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| Cash |
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3,805,135 |
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2,262,881 |
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| Restricted cash |
|
|
23,089 |
|
|
|
26,127 |
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| Cash and restricted cash, beginning of period |
|
$ |
3,828,224 |
|
|
$ |
2,289,008 |
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| Reconciliation of cash and restricted cash, end of period |
|
|
|
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|
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| Cash |
|
|
2,724,245 |
|
|
|
1,615,725 |
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| Restricted cash |
|
|
19,850 |
|
|
|
21,101 |
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| Cash and restricted cash, end of period |
|
$ |
2,744,095 |
|
|
$ |
1,636,826 |
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| |
|
|
|
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| Effect of exchange rate changes on cash and restricted cash |
|
|
(63,749) |
|
|
|
(4,347) |
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| Net decrease in cash and restricted cash |
|
|
(1,084,130) |
|
|
|
(652,182) |
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| Cash and restricted cash, beginning of period |
|
|
3,828,224 |
|
|
|
2,289,008 |
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| Cash and restricted cash, end of period |
|
$ |
2,744,095 |
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|
$ |
1,636,826 |
|
SOURCE Sentage Holdings Inc.
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