Company: SISI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006895
Chunk: 77

Company: SHINECO, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 77
---
 common stock
of the Company (the “December 2024 Shares”) at a purchase price of US$2.18 per share for gross proceeds of US$32.7 million.
In reliance on the Purchasers’ representations to the Company, the Shares issued in this offering were not subject to the registration
requirements of the Securities Act, pursuant to Regulation S promulgated thereunder. The December 2024 Shares were issued to the December
2024 Purchasers on January 10, 2025.

    38

NOTE 17 - CONCENTRATIONS AND RISKS

The Company maintains principally all
bank accounts in the PRC. The cash balance held in the PRC bank accounts was US$695,540 and US$336,776 as of December 31, 2024 and June
30, 2024, respectively.

During the six and three months ended
December 31, 2024 and 2023, almost 100% of the Company’s assets were located in the PRC and 100% of the Company’s revenue
was derived from its subsidiaries and VIEs located in the PRC.

For the six months ended December 31,
2024, three customers accounted for approximately 37%
of the Company’s total sales from the continuing operations. For the three months ended December 31, 2024, four customers accounted
for approximately 59%
of the Company’s total sales from the continuing operations.

For the six months ended December 31,
2023, three customers accounted for approximately 54% of the Company’s total sales from the continuing operations, respectively.
For the three months ended December 31, 2023, four customers accounted for approximately 78% of the Company’s total sales from
the continuing operations, respectively.

As of December 31, 2024,
two customers accounted for approximately 83%
of the Company’s accounts receivable. As of June 30, 2024, four customers accounted for approximately
80% of the Company’s accounts receivable from the continuing operations.

For the six months ended December 31,
2024, two vendors accounted for approximately 36% of the Company’s total purchases from the continuing operations. For the three
months ended December 31, 2024, two vendors accounted for approximately 67% of the Company’s total purchases from the continuing
operations

For the six months ended December 31,
2023, one vendor accounted for approximately 21% of the Company