Company: SISI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010889
Chunk: 40

Company: SHINECO, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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, 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 issued ASU 2024-01, Compensation
- Stock Compensation (Topic 718), Scope Application of Profits Interest and Similar Awards. This standard provides clarity regarding whether
profits interest and similar awards are within the scope of Topic 718 of the Accounting Standards Codification. This standard is effective
for fiscal years beginning after December 15, 2024. Early adoption is permitted. 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 issued ASU No. 2024-02, “Codification
Improvements - Amendments to Remove References to the Concepts Statements.” ASU 2024-02 removes references to various FASB Concepts
Statements within the Codification. The guidance in ASU No. 2024-02 is effective for fiscal years beginning after December 15, 2024, including
interim periods within those fiscal years, and can be applied either prospectively to all new transactions recognized on or after the
date that the entity first applies the amendments or retrospectively to the beginning of the earliest comparative period presented in
which the amendments were first applied. Early adoption is permitted. 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.

The Company believes that other recent accounting
pronouncement updates will not have a material effect on the Company’s unaudited condensed consolidated financial statements.

NOTE 4 – ACCOUNTS RECEIVABLE, NET

The accounts receivable, net consisted of the following:

SCHEDULE
OF ACCOUNTS RECEIVABLE

    March 31, 2025  
    June 30, 2024 

    Accounts receivable 
    $3,211,401  
    $2,571,987 
  
    Less: allowance for credit losses 
     (1,533,494) 
     (1,356,873)
  
    Accounts receivable, net 
     1,677,907  
     1,