Company: SISI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006895
Chunk: 42

Company: SHINECO, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 one year, with a maturity date of December
    30, 2024. On May 28, 2024, the Company lent a loan amounting to
    US$2,740,304 to
    a third party for one year, with a maturity date of May
    27, 2025. On June 5, 2024, the Company lent a loan amounting to
    US$4,069,352 to
    a third party for one year, with a maturity date of June
    4, 2025. For loans entered on May 28, 2024 and June 5, 2024, the
    Company entered into Debt Transfer Agreements with the borrowers (the “Original Borrowers”) and another third party (the
    “New Borrower”) on August 20, 2024, pursuant to which the Original Borrowers transferred all their debts to the New
    Borrower, and the New Borrower agreed to fulfil its repayments obligation to the Company in accordance with the term of the original
    loan agreements. On July 24, 2024 and September 18, 2024, the Company lent loans amounting to US$109,612 and
    US$375,000 to
    two third parties for one year, with a maturity date of July
    23, 2025 and September
    17, 2025, respectively. In addition, the Company also lent a loan
    amounting to US$41,105 to
    a third party during the six months ended December 31, 2024, and the amount is due on demand. The Company periodically reviewed the
    loans to third parties as to whether their carrying values remain realizable, and the Company recorded allowance according to the
    Company’s accounting policy based on its best estimates. As of June 30, 2024, the total outstanding balance amounted to
    US$9,445,164, including principal of US$9,387,269 and accrued interests of US$57,895. As of December 31, 2024, the total outstanding
    balance amounted to US$9,986,234, including principal of US$9,547,349 and
    accrued interests of US$438,885. As of December 31, 2024 and June 30, 2024, the allowance for credit losses was
    US$