Company: SISI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010889
Chunk: 181

Company: SHINECO, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 181
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 from the Investor
and used the proceeds for general working capital purposes. On September 7, 2022, the Company signed an extension amendment with the Investor
to extend the maturity date to June 17, 2023. On October 21, 2022, the Company signed a standstill agreement with the Investor, pursuant
to which the Investor would not seek to redeem any portion of the note during the period from October 21, 2022 to January 20, 2023. On
January 18, 2023, the Investor re-started the redemption of the notes. On June 15, 2023, the Company signed an extension amendment with
the Investor to extend the maturity date to June 17, 2024. On December 21, 2023, the Company entered into a preliminary agreement with
the Investor, pursuant to which the Investor would not seek repayment of any portion of the note during the period from December 22, 2023
to April 16, 2024. On June 11, 2024, the Company signed an extension amendment with the Investor to extend the maturity date to June 17,
2025. As of March 31, 2025, no share of the Company’s common stock under this agreement was issued by the Company to the Investor,
and the notes balance was US$4,523,722, with a carrying value of US$4,552,756, net of deferred financing costs of US$29,034 was recorded
in the accompanying unaudited condensed consolidated balance sheets as of March 31, 2025.

53

On July 16, 2021, the Company entered into another
securities purchase agreement with the Investor, pursuant to which the Company issued the Investor two unsecured convertible promissory
notes each with a one-year maturity term. The first convertible promissory note had an original principal amount of US$3,170,000 and the
Investor gave consideration of US$3.0 million, reflecting original issue discount of US$150,000 and Investor’s legal fee of US$20,000.
The second convertible promissory note has the original principal amount of US$4,200,000 and Investor gave consideration of US$4.0 million,
reflecting original issue discount of US$200,000. Interest accrues on the outstanding balance of the Notes at 6% per annum. The Company
has received the principal in full