Company: SISI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006895
Chunk: 176

Company: SHINECO, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 2
Chunk 176
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 2022 to January 20, 2023. On January 18, 2023, the Investor re-started the redemption
of the notes. On June 15, 2023, the Company signed an extension amendment with the Investor to extend the maturity date to June 17, 2024.
On December 21, 2023, the Company entered into a preliminary agreement with the Investor, pursuant to which the Investor would not seek
repayment of any portion of the note during the period from December 22, 2023 to April 16, 2024. On June 11, 2024, the Company signed
an extension amendment with the Investor to extend the maturity date to June 17, 2025. As of December 31, 2024, no share of the Company’s
common stock under this agreement was issued by the Company to the Investor, and the notes balance was US$4,415,059, with a carrying
value of US$4,487,644, net of deferred financing costs of US$72,585 was recorded in the accompanying unaudited condensed consolidated
balance sheets as of December 31, 2024.

47

On
July 16, 2021, the Company entered into another securities purchase agreement with the Investor, pursuant to which the Company issued
the Investor two unsecured convertible promissory notes each with a one-year maturity term. The first convertible promissory note had
an original principal amount of US$3,170,000 and the Investor gave consideration of US$3.0 million, reflecting original issue discount
of US$150,000 and Investor’s legal fee of US$20,000. The second convertible promissory note has the original principal amount of
US$4,200,000 and Investor gave consideration of US$4.0 million, reflecting original issue discount of US$200,000. Interest accrues on
the outstanding balance of the Notes at 6% per annum. The Company has received the principal in full from the Investor and used the proceeds
for general working capital purposes. As of December 31, 2024, the Notes was fully converted
and shares of the Company’s common stock totaling 8,112 were issued by the Company to the Investor equaling principal and interests
amounted to US$7,472,638.

On
August 19, 2021, the Company entered into another securities purchase agreement with the Investor