Company: SISI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010889
Chunk: 46

Company: SHINECO, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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$69,811 and US$86,889 for the three months ended March 31, 2025 and
2024, respectively.

The Company also provides its customers with specialized
testing devices as its customers could only use these devices to generate results from these rapid diagnostic products. The ownership
of these specialized testing devices is not transferred to its customers, but remains as the Company’s properties. The specialized
testing devices will be returned to the Company when they are no longer required by the customer. As of March 31, 2025 and June 30, 2024,
properties with net book values of US$22,993 and US$24,223 were held by the Company’s customers.

    22

On May 29, 2023, the Company’s Board approved
the pledge of real estate property as collateral to guarantee a personal loan of Zhang Yuying, the former chairman of the Board and legal
representative of Tenet-Jove. This collateral was provided in exchange for the transfer of the real estate title from Zhang Yuying to
Chongshi, a subsidiary of the Company. According to the memorandum between the Company and Zhang Yuying, it was anticipated that the loan
would be repaid and the pledge would be released before May 31, 2024. The Company retains the right to claim full compensation if the
property is not released by the due date. On May 24, 2022, Zhang Yuying entered into a loan agreement with Guo Weiqing for a principal
amount of RMB 15,000,000, with a due date of May 23, 2023. On May 23, 2023, Zhang Yuying entered into a supplementary agreement with Guo
Weiqing, wherein the parties agreed to extend the due date of the principal amount from May 23, 2023 to May 23, 2024, and to provide a
mortgage guarantee for the repayment of the principal amount. On May 23, 2024, Zhang Yuying entered into another supplementary agreement
with Guo Weiqing, wherein the parties agreed to extend the due date of the principal amount from May 23, 2024 to May 23, 2025, and the
real estate property continued to be pledged until May 23, 2025. As of June 30, 2024, the net book value of the property was US$1,012