Company: SISI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006895
Chunk: 43

Company: SHINECO, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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2,211,977 and
    US$2,548,557,
    respectively. The Company’s management will continue putting effort into the collection of overdue loans to third
    parties.

    2)
    Other receivable are mainly business advances to officers and staffs
    represent advances for business travel and sundry expenses, as well as advances for services to other third party.

    20

    3)
    The amount pertains to prepaid purchase consideration made for the
    acquisition of Jiangsu Fuwang Medical Equipment Co., Ltd (“Fuwang Medical”). The Company entered into an Equity Acquisition
    Framework Agreement with a shareholder of Fuwang Medical for the acquisition of his equity interests in Fuwang Medical, and the Company
    made partial payment of the consideration during the six months ended December 31, 2024. The acquisition is expected to be completed by March 31, 2025.

Movement of allowance for credit losses
is as follows:

 SCHEDULE
OF ALLOWANCE FOR DOUBTFUL ACCOUNTS

    December 31, 2024  
    June 30, 2024 

    Beginning balance 
    $4,656,522  
    $3,287,793 
  
    Acquisition of subsidiaries 
     -  
     36,393 
  
    Charge to (reversal of) expense 
     (330,080) 
     2,248,574 
  
    Less: disposal of VIEs 
     -  
     (610,751)
  
    Foreign currency translation adjustments 
     (6,558) 
     (305,487)
  
    Ending balance 
    $4,319,884  
    $4,656,522 

NOTE 8 - PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted
of the following:

SCHEDULE
OF PROPERTY AND EQUIPMENT

    December 31, 2024  
    June 30, 2024 

    Buildings 
    $5,104,052  
    $6,167,928 
  
    Machinery and equipment 
     3,055,195  
     3,051,688 
  
    Motor vehicles 
     257,827  
     275,366 
  
    Office equipment 
     97,460  
     97,882 
  
    Fixture and furniture 
     101,503