Company: SISI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006895
Chunk: 204

Company: SHINECO, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 2
Chunk 204
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$500,000 and Investor’s legal fee of US$20,000. We received principal
in full from the Investor and we anticipate using the proceeds for general working capital purposes. On September 7, 2022, the Company
signed an extension amendment with the Investor to extend the maturity date to August 23, 2023. On October 21, 2022, the Company signed
a standstill agreement with the Investor, pursuant to which the Investor will not seek to redeem any portion of the note during the period
from October 21, 2022 to January 20, 2023. On June 15, 2023, the Company signed an extension amendment with the Investor to extend the
maturity date to August 23, 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 August 23, 2025.

For
the above-mentioned convertible promissory notes issued, as of December 31, 2024, shares of the Company’s common stock totaling
1,006,133 were issued by the Company to the Investor equaling principal and interests amounted to US$15,158,357, and cash totaling US$1,050,000
was repaid to the Investor. The Notes balance was US$9,548,551, with a carrying value of US$9,862,461, net of deferred financing costs
of US$313,910 was recorded in the accompanying unaudited condensed consolidated balance sheets as of December 31, 2024.

On
June 20, 2024, the Company entered into a securities purchase agreement with certain non-U.S. investors (the “June 2024
Purchasers”), pursuant to which the Company agreed to sell, and the June 2024 Purchasers agreed to purchase, severally and not
jointly, an aggregate of 58,333 shares of common stock of the Company (the “June 2024 Shares”) at an offering price of
US$120.00 per share for gross proceeds of up to US$7.0 million. In reliance on the June 2024 Purchasers’