Company: SISI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006895
Chunk: 70

Company: SHINECO, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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    For the six months ended
                                                                               December 31,   
    For the three months ended December 31, 

    2024  
    2023  
    2024  
    2023 
  
    Current income tax provision 
    $48,683  
    $-  
    $48,202  
    $- 
  
    Deferred income tax benefit 
     (584,109) 
     (957,928) 
     (290,677) 
     (706,562)
  
    Total income tax benefit 
     (535,426) 
     (957,928) 
     (242,475) 
     (706,562)
  
    Less: income tax provision, held for discontinued operations 
     -  
     -  
     -  
     - 
  
    Income tax benefit, held for continuing operations 
    $(535,426) 
    $(957,928) 
    $(242,475) 
    $(706,562)

ii) The components of the deferred
tax liability were as follows:

 SCHEDULE OF FINANCIAL BASIS AND TAX BASIS OF ASSETS AND LIABILITIES

    December 31,
    2024  
    June 30, 2024 
  
    Deferred tax assets: 

    Allowance for credit loss/doubtful accounts 
    $777,458  
    $352,077 
  
    Inventory reserve 
     -  
     1,522 
  
    Net operating loss carry-forwards 
     1,695,651  
     1,187,887 
  
    Total 
     2,473,109  
     1,541,486 
  
    Valuation allowance 
     (2,014,474) 
     (1,110,668)
  
    Total deferred tax assets 
     458,635  
     430,818 
  
    Deferred tax liability: 

    Intangible assets 
     (9,712,163) 
     (10,266,124)
  
    Total deferred tax liability 
     (9,712,163) 
     (10,266,124)
  
    Deferred tax liability, net 
    $(9,253,528) 
    $(9,835,306)

    35

Movement of the valuation allowance: