Company: SISI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006895
Chunk: 38

Company: SHINECO, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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4  
    2023 
  
    Net loss from continuing operations attributable to Shineco 
    $(3,647,182) 
    $(7,817,289) 
    $(1,624,340) 
    $(4,327,442)
  
    Net income from discontinued operations attributable to Shineco 
     -  
     8,856,042  
     -  
     - 
  
    Net income (loss) attributable to Shineco 
     (3,647,182) 
     1,038,753  
     (1,624,340) 
     (4,327,442)

    Weighted average shares outstanding - basic and diluted* 
     1,329,672  
     172,714  
     1,796,506  
     213,749 

    Net loss from continuing operations per share of common share 

    Basic and diluted 
    $(2.74) 
    $(45.26) 
    $(0.90) 
    $(20.25)

    Net earnings from discontinued operations per share of common share 

    Basic and diluted 
    $-  
    $51.28  
    $-  
    $- 

    Net earnings (loss) per share of common share 

    Basic and diluted 
    $(2.74) 
    $6.02  
    $(0.90) 
    $(20.25)

    *
    Retrospectively restated for effect of the Reverse Stock Split on
    November 12, 2024.

New Accounting Pronouncements

In December 2023, the FASB issued ASU
No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. This ASU requires additional quantitative
and qualitative income tax disclosures to enable financial statements users better assess how an entity’s operations and related
tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The ASU is effective
for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective
or retroactive basis. The Company plans to adopt this guidance effective July 1, 2025 and the Company is currently evaluating the impact
of adopting this ASU on its financial statements.

In March 2024, the FASB