Company: SISI
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006895
Chunk: 15

Company: SHINECO, INC.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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AL NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES: 

    Issuance of common shares for convertible notes redemption 
    $3,869,998  
    $1,595,720 
  
    Issuance of common shares for proceeds received in prior year 
    $6,728,291  
    $- 
  
    Issuance of common shares for business acquisition 
    $-  
    $2,300,000 
  
    Transferal of equity interest of Tenet Jove for business acquisition of Wintus 
    $-  
    $37,705,951 
  
    Right-of-use assets obtained in exchange for operating lease obligations 
    $41,985  
    $32,737 

The accompanying notes are an integral
part of these unaudited condensed consolidated financial statements.

5

NOTE 1 - ORGANIZATION AND NATURE OF
OPERATIONS

Shineco, Inc. (“Shineco”
or the “Company”) was incorporated in the State of Delaware on August 20, 1997. The Company is a holding company whose primary
purpose is to develop business opportunities in the People’s Republic of China (the “PRC” or “China”).

On December 30, 2004, the Company acquired
all of the issued and outstanding shares of Beijing Tenet-Jove Technological Development Co., Ltd. (“Tenet-Jove”), a PRC
company, in exchange for restricted shares of the Company’s common stock, and the sole operating business of the Company became
that of its subsidiary, Tenet-Jove. Tenet-Jove was incorporated on December 15, 2003 under the laws of China. Consequently, Tenet-Jove
became a 100% owned subsidiary of Shineco and was officially granted the status of a wholly foreign-owned entity by Chinese authorities
on July 14, 2006. This transaction was accounted for as a recapitalization. Tenet-Jove owns 90% interest of Tianjin Tenet Huatai Technological
Development Co., Ltd. (“Tenet Huatai”).

On December 31, 2008, June 11, 2011,
and May 24, 2012, Tenet-Jove entered into a series of contractual agreements including an Executive Business Cooperation Agreement, a
Timely Reporting Agreement, an Equity Interest Pledge Agreement, and an Executive Option Agreement (collect