Company: SISI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010889
Chunk: 75

Company: SHINECO, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 75
---
 is issued.

In the event that the PRC tax authorities dispute
the date on which revenue is recognized for tax purposes, the PRC tax office has the right to assess a penalty based on the amount of
the taxes which are determined to be late or deficient, and the penalty will be expensed in the period if and when a determination is
made by the tax authorities. There were no assessed penalties during the nine and three months ended March 31, 2025 and 2024, respectively.

(c) Taxes Payable

Taxes payable consisted of the following:

SCHEDULE OF TAXES PAYABLE 

    March 31, 2025  
    June 30, 2024 

    Income tax payable 
    $1,306,024  
    $1,268,904 
  
    Value added tax payable 
     318,884  
     303,739 
  
    Business tax and other taxes payable 
     819  
     1,178 
  
    Total tax payable 
     1,625,727  
     1,573,821 
  
    Less: tax payable, held for discontinued operations 
     (776,949) 
     (721,848)
  
    Tax payable, held for continuing operations 
    $848,778  
    $851,973 

    Income tax payable - current portion 
    $1,439,536  
    $1,387,630 
  
    Less: income tax payable - current portion, held for discontinued operations 
     (776,949) 
     (721,848)
  
    Income tax payable - current portion, held for continuing operations 
    $662,587  
    $665,782 

    Income tax payable - noncurrent portion 
    $186,191  
    $186,191 
  
    Less: income tax payable - noncurrent portion, held for discontinued operations 
     -  
     - 
  
    Income tax payable - noncurrent portion, held for continuing operations 
    $186,191  
    $186,191 

    40

NOTE 16 - STOCKHOLDERS’ EQUITY

Initial Public Offering

On September 28, 2016, the Company completed its initial
public offering of 1,713,190 shares of common stock (before the effect of the reverse stock splits mentioned below) at a price of US$4.