Company: SISI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006895
Chunk: 53

Company: SHINECO, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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.e., advisory, legal, valuation and other professional fees) are not included as a component of consideration transferred, but
are expensed in the periods in which the costs are incurred. Acquisition-related costs were nil for the six and three months ended December
31, 2024 and 2023.

The Company has included the operating
results of Biowin in continuing operations in its unaudited condensed consolidated financial statements since the Acquisition Date. US$217,120
in net sales and US$648,631 in net loss of Biowin were included in the unaudited condensed consolidated financial statements for the
six months ended December 31, 2024. US$95,255 in net sales and US$304,723 in net loss of Biowin were included in the unaudited condensed
consolidated financial statements for the three months ended December 31, 2024. US$299,122 in net sales and US$621,625 in net loss of
Biowin were included in the unaudited condensed consolidated financial statements for the six months ended December 31, 2023. US$163,995
in net sales and US$324,650 in net loss of Biowin were included in the unaudited condensed consolidated financial statements for the
three months ended December 31, 2023.

    26

Acquisition of Wintus

On May 29, 2023, Shineco Life entered
into a stock purchase agreement with Dream Partner, Wintus and the Wintus Sellers, pursuant to which Shineco Life shall acquire 71.42%
equity interest in Wintus. As the consideration for the acquisition, the Company (a) paid the Wintus Sellers an aggregate cash consideration
of US$2,000,000; (b) issued certain shareholders, as listed in the agreement, an aggregate of 41,667 shares of the Company’s restricted
Common Stock; and (c) transferred and sold to the Sellers 100% of the Company’s equity interest in Tenet-Jove. The management determined
that July 31, 2023 was the acquisition date of Wintus.

The transaction was accounted for in
accordance with the provisions of ASC 805-10, Business Combinations. The Company retained independent appraisers to advise management
in the determination of the fair value of the various assets acquired and liabilities assumed. The values assigned in these financial
statements represent management