# EDGAR Filing Document

**Accession Number:** 0001300734
**File Stem:** 0001641172-25-017132
**Filing Date:** 2025-6
**Character Count:** 104219
**Document Hash:** 2a2d0aa7137103a88a82c2f57efd5c14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-017132.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001641172-25-017132

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250623

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHINECO, INC.
- **CENTRAL INDEX KEY:** 0001300734
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - CROPS [0100]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 522175898
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37776
- **FILM NUMBER:** 251092028

**BUSINESS ADDRESS:**
- **STREET 1:** ROOM 1707, BUILDING D
- **STREET 2:** MODERN CITY SOHO
- **CITY:** CHAOYANG DISTRICT, BEIJING,
- **STATE:** F4
- **ZIP:** 100022
- **BUSINESS PHONE:** (86) 10-68329620

**MAIL ADDRESS:**
- **STREET 1:** ROOM 1707, BUILDING D
- **STREET 2:** MODERN CITY SOHO
- **CITY:** CHAOYANG DISTRICT, BEIJING,
- **STATE:** F4
- **ZIP:** 100022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUPCOR, INC.
- **DATE OF NAME CHANGE:** 20050328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Supcor, Inc.
- **DATE OF NAME CHANGE:** 20041015

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SupCor, Inc.
- **DATE OF NAME CHANGE:** 20040817

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K/A**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES AND EXCHANGE ACT OF 1934**

**Date of report (date of earliest event reported): June 30, 2025 (June 23, 2025)**

**SHINECO, INC.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37776** | **52-2175898** |
| **(State or Other Jurisdiction**<br> **of Incorporation)**<br>| **(Commission**<br> **File Number)**<br>| **(IRS Employer**<br> **Identification No.)**<br>|

---

**Room 1707, Block D, Modern City SOHO, No. 88, Jianguo Road, Chaoyang District, Beijing** **, People's Republic of China 100022**

**(Address of principal executive offices)**

**Registrant's telephone number, including area code: (+86) 10-87227366**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each Class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | SISI | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Explanatory Note**

As previously disclosed in its Current Report on Form 8-K filed with the Securities and Exchange Commission on June 23, 2025 (the "Original Form 8-K"), on June 18, 2025 (the "Closing Date"), Shineco Life Science Group Hong Kong Co., Limited ("Shineco Life Science"), a subsidiary of Shineco, Inc. (the "Company"), closed an acquisition of 51% of the equity interests in InfiniClone Limited, a company limited by shares incorporated in Hong Kong ("InfiniClone"), pursuant to the share purchase agreement (the "SPA") dated April 22, 2025 with Dr. Lim Kah Meng, the sole shareholder of InfiniClone (the "Seller"). On or prior to the Closing Date, the closing conditions as set forth in the SPA were satisfied or otherwise waived by the parties thereto, and the Seller has transferred 51% of the equity interests in InfiniClone to Shineco Life Science; therefore, InfiniClone became a direct subsidiary of Shineco Life Science.

This Amendment to the Original Form 8-K is being filed to amend and supplement the Original Form 8-K, the sole purpose of which is to provide the financial statements required by Item 9.01(a), which were excluded from the Original Form 8-K and are filed as exhibits hereto and are incorporated herein by reference. All other items in the Original Form 8-K remain the same.

**Item 9.01 Financial Statements and Exhibits**

(a) Financial Statements of Businesses Acquired

The audited financial statements of InfiniClone, which comprise the balance sheets as of June 30, 2024 and 2023, the related statements of operations, shareholders' equity, and cash flows for the fiscal years ended June 30, 2024 and 2023, and the related notes to the audited financial statements, and the unaudited financial statements for the period ended March 31, 2025, are filed as Exhibit 99.1 and Exhibit 99.2 hereto and incorporated by reference herein.

(b) Pro Forma Financial Information

The unaudited pro forma condensed combined (i) balance sheet as of and for the nine-month period ended March 31, 2025, and (ii) income statement for the period ended March 31, 2025, and (iii) the related notes thereto, are filed as Exhibit 99.3 hereto and incorporated by reference herein.

(d) Exhibits

---

| | |
|:---|:---|
| Exhibit No. | Description |
| 23.1 | [Consent of Tang Xin CPAs, Independent Registered Public Accounting Firm](ex23-1.htm) |
| 99.1 | [Audited financial statements of InfiniClone as of and for the fiscal years ended June 30, 2024 and 2023](ex99-1.htm) |
| 99.2 | [Unaudited financial statements of InfiniClone for the period ended March 31, 2025](ex99-2.htm) |
| 99.3 | [Unaudited pro forma condensed combined financial statements and the related notes thereto](ex99-3.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included as Exhibit 101). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Shineco, Inc.** | **Shineco, Inc.** |
| Date: June 30, 2025 | By: | */s/ Jennifer Zhan* |
|  |  | Jennifer Zhan, Chief Executive Officer |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

堂信会计师事务所（普通合伙）

To Whom It May Concern:

We hereby consent to the inclusion in Form 8-KA of Shineco, Inc. of our Report of Independent Registered Public Accounting Firm, dated June 30, 2025, on the Financial Statements of InfiniClone Limited as of June 30, 2024 and 2023, and the related statements of operations, statement of shareholders' equity and statement of cash flows for the years then ended and Unaudited financial statements of InfiniClone Limited for the nine months period ended March 31, 2025 and its comparative financial figures.

Very truly yours,

/s/ Tang Xin CPAs

Beijing, PRC

June 30, 2025

## Exhibit 99.1

**Exhibit 99.1**

**Report of Independent Registered Public Accounting Firm**

**And**

**InfiniClone Limited**

**Financial Statements**

---

| | |
|:---|:---|
| **<u>CONTENTS</u>** | **PAGE(S)** |
| **[Report of Independent Registered Public Accounting Firm](#a_001)** | F-2 |
| **Financial Statements:** |  |
| [Balance Sheets as of June 30, 2024 and 2023](#a_002) | F-3 |
| [Statements of Loss and Comprehensive Loss for the years ended June 30, 2024 and 2023](#a_003) | F-5 |
| [Statements of Changes in Shareholders' Equity for the years ended June 30, 2024 and 2023](#a_004) | F-7 |
| [Statements of Cash Flows for the years ended June 30, 2024 and 2023](#a_005) | F-9 |
| [Notes to the Financial Statements](#a_006) | F-11 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and

Shareholders of InfiniClone Limited

We have audited the accompanying balance sheets of InfiniClone Limited (the "Company") as of June 30, 2024 and 2023, and the related statements of loss and comprehensive loss, changes in equity and cash flows for each of the two years in the period ended June 30, 2024. The Company's management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of June 30, 2024 and 2023, and the results of their operations and their cash flows for each of the two years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

s/ Tang Xin CPAs

Beijing, PRC

June 30, 2025

**INFINICLONE LIMITED**

**BALANCE SHEETS**

**AS OF JUNE 30, 2024 AND 2023**

**(Expressed in US Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **As of June 30,** | **As of June 30,** |
|  | <br>**Note** | **2024** | **2023** |
|  |  | ***US$*** | ***US$*** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash | 2(d) | 710 | 1569 |
| Due from related parties | 8(c) | 370 |  |
| Inventories, net | 3 | 490518 | - |
| **Total current assets** |  | **491598** | **1569** |
| **Non-current assets** |  |  |  |
| Property and equipment, net | 4 | 22659382 | - |
| **Total non-current assets** |  | **22659382** | **-** |
| **Total assets** |  | **23150980** | **1569** |

---

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

 

**INFINICLONE LIMITED**

**BALANCE SHEETS**

**AS OF JUNE 30, 2024 AND 2023**

**(Continued)**

**(Expressed in US Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **As of June 30,** | **As of June 30,** |
|  | <br>**Note** | **2024** | **2023** |
|  |  | ***US$*** | ***US$*** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Due to related parties | 8(c) | 2223 | 2220 |
| Taxes payable | 6 | - | - |
| **Total current liabilities** |  | **2223** | **2220** |
| **Total liabilities** |  | **2223** | **2220** |
| **Commitments and contingencies (note 7)** |  |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Share capital | 5 | 380 |  |
| Additional paid-in capital | 4 | 24098201 |  |
| Accumulated other comprehensive income |  | (581757) | (5) |
| Accumulated deficit |  | (368067) | (646) |
| **Total shareholders' equity** |  | **23148757** | **(651)** |
| **Total liabilities and shareholders' equity** |  | **23150980** | **1569** |

---

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

**INFINICLONE LIMITED**

**STATEMENTS OF LOSS AND COMPREHENSIVE LOSS**

**FOR THE YEARS ENDED JUNE 30, 2024 AND 2023**

**(Expressed in US Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Year ended June 30,** | **Year ended June 30,** |
|  | <br>**Note** | **2024** | **2023** |
|  |  | ***US$*** | ***US$*** |
| **Revenue** |  | **-** | **-** |
| **Cost of revenue** |  | **-** | **-** |
| **Gross profit** |  | **-** | **-** |
| **Operating expenses:** |  |  |  |
| General and administrative expenses |  | 367421 | 389 |
| **Total operating expenses** |  | **367421** | **389** |
| **Operating loss** |  | **(367421)** | **(389)** |
| Interest expenses, net |  |  | 198 |
| **Loss before income taxes** |  | **(367421)** | **(587)** |
| Income tax expense | 6 | - | - |
| **Net loss** |  | **(367421)** | **(587)** |

---

**INFINICLONE LIMITED**

**STATEMENTS OF LOSS AND COMPREHENSIVE LOSS**

**FOR THE YEARS ENDED JUNE 30, 2024 AND 2023**

**(Continued)**

**(Expressed in US Dollars)**

---

| | | |
|:---|:---|:---|
| **Net loss** | **(367421)** | **(587)** |
| **Other comprehensive loss:** |  |  |
| Foreign currency translation adjustment, net of nil income taxes | (581752) | (5) |
| **Total other comprehensive loss** | **(949173)** | **(5)** |
| **Total comprehensive loss** | **(949173)** | **(592)** |

---

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

**INFINICLONE LIMITED**

**STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY** 

**FOR THE YEARS ENDED JUNE 30, 2024 AND 2023**

**(Expressed in US Dollars)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share**<br> **capital** | **Additional** <br> **paid-in**<br> **capital** | **Accumulated other comprehensive loss** | **Accumulated deficit** | **Total<br> shareholders' equity** |
|  |  | ***US$*** | ***US$*** | ***US$*** | ***US$*** | ***US$*** |
| **Balance as of June 30, 2022** |  |  |  | **-** | **(59)** | **(59)** |
| Net loss |  |  |  |  | (587) | (587) |
| Foreign currency translation adjustment, net of nil income taxes |  |  |  | (5) | - | (5) |
| **Total comprehensive loss** |  |  |  | **(5)** | **(646)** | **(651)** |
| Capital contribution from shareholders |  |  |  | - | - | - |
| **Balance as of June 30, 2023** |  |  |  | **(5)** | **(646)** | **(651)** |

---

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

**INFINICLONE LIMITED**

**STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY** 

**FOR THE YEARS ENDED JUNE 30, 2024 AND 2023**

**(Continued)**

**(Expressed in US Dollars)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Note** | **Share**<br> **capital** | **Additional** <br> **paid-in**<br> **capital** | **Accumulated other comprehensive loss** | **Accumulated deficit** | **Total<br> shareholders' equity** |
|  |  | ***US$*** | ***US$*** | ***US$*** | ***US$*** | ***US$*** |
| **Balance as of June 30, 2023** |  | **-** | **-** | **(5)** | **(646)** | **(651)** |
| Net loss |  |  |  |  | (367421) | (367421) |
| Foreign currency translation adjustment, net of nil income taxes |  | - | - | (581752) | - | (581752) |
| **Total comprehensive loss** |  | **-** | **-** | **(581757)** | **(368067)** | **(949824)** |
| Capital contribution from shareholders | 4 | 380 | 24098201 | - | - | 24098581 |
| **Balance as of June 30, 2024** |  | **380** | **24098201** | **(581757)** | **(368067)** | **23148757** |

---

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

**INFINICLONE LIMITED**

**STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED JUNE 30, 2024 AND 2023**

**(Expressed in US Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Year ended June 30,** | **Year ended June 30,** |
|  | <br>**Note** | **2024** | **2023** |
|  |  | ***US$*** | ***US$*** |
| **Operating activities:** |  |  |  |
| **Net loss** |  | **(367421)** | **(587)** |
| *Adjustments to reconcile net income to net cash used in operating activities* |  |  |  |
| Depreciation and amortisation |  | 366555 |  |
| *Changes in operating assets and liabilities:* |  |  |  |
| Due from related parties |  | 4 | 2156 |
| Due to related parties |  |  |  |
| Taxes payable |  | - | - |
| **Net cash provided by (used in) operating activities** |  | **(862)** | **1569** |
| **Investing activities:** |  |  |  |
| Payments for purchases of property and equipment |  | - | - |
| **Net cash provided by (used in) investing activities** |  | **-** | **-** |

---

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

**INFINICLONE LIMITED**

**STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED JUNE 30, 2024 AND 2023**

**(Continued)**

**(Expressed in US Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Year ended June 30,** | **Year ended June 30,** |
|  | <br>**Note** | **2024** | **2023** |
|  |  | ***US$*** | ***US$*** |
| **Financing activities:** |  |  |  |
| Proceeds from bank loans |  | - | - |
| **Net cash provided by financing activities** |  | **-** | **-** |
| Effect of exchange rate changes on cash |  | 3 |  |
| **Net increase in cash** |  | **(862)** | **1569** |
| Cash at beginning of the year |  | 1569 | - |
| **Cash at end of the year** | 2(d) | **710** | **1569** |
| **Supplemental information** |  |  |  |
| Interest paid |  |  | 198 |
| Income taxes paid |  | **-** |  |
| **Non-cash investing and financing activities:** |  |  |  |
| Purchase of property and equipment through issuance of ordinary shares |  | 23023928 |  |

---

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

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

**1. DESCRIPTION OF BUSINESS AND ORGANIZATION** 

InfiniClone Limited ("the Company"), an exempted company with limited liability, is a holding company incorporated in Hong Kong, which is 100% controlled by Lim Kah Meng. On March 13, 2025, Lim Kah Meng transferred 100% held equity interest of Infiniclone Pte. Ltd. to the Company, which was common control transaction before and after the transferal. The principal activities of the Company are those of research and experimental development and commercialisation on induced pluripotent stem cell (iPSC) technology, which mainly includes iPSC banking, cosmeceutical applications, disease modeling, regenerative medicine, drug discovery and next-generation stem cell therapy.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***(a)*** ***Basis of Presentation***

The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

The financial statements are presented in United States dollar ("US$").

These financial statements have been prepared in accordance with U.S. GAAP assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

***(b) Use of Estimates***

 ****

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the financial statements and accompanying notes. Significant items subject to estimates and assumptions include, but not limited to, lower of cost and net realizable value of inventories, useful lives and recoverability of property and equipment, recoverability of intangible assets with indefinite useful lives, realization of deferred tax assets. Actual results could differ from those estimates, and as such, differences may be material to the financial statements.

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

***(c) Commitments and Contingencies***

 **

In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.

***(d) Cash***

 ****

Cash consists of cash on hand and cash at bank. The Company does not have any cash equivalents as of June 30, 2024 and 2023.

Cash on hand and cash at bank deposited in financial institutions at various locations are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
| **Cash balances include deposits in:** |  |  |
| Financial institutions in Singapore |  |  |
| - Denominated in Singapore dollar ("SGD") | 710 | 1569 |
| **Total cash balances held at financial institutions** | **710** | **1569** |
| **Cash on hand** | **-** | **-** |
| **Total cash balances** | **710** | **1569** |

---

***(e) Inventories***

Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the weighted average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Company records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Company also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.

No inventory write-downs were recognized for the years ended June 30, 2024 and 2023.

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

***(f) Property and equipment, net***

 **

Property and equipment are stated at cost less accumulated depreciation and impairment, if any.

Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets. The depreciation periods are as follows:

Lands and Buildings 30 years

Construction in progress represents property and equipment under construction. Construction in progress is transferred to property and equipment and depreciation commences when an asset is ready for its intended use.

When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value and the proceeds received thereon. Ordinary maintenance and repairs are charged to expense as incurred.

***(g) Intangible Assets***

 ****

Intangible assets represent the exclusive or non-exclusive licensed rights of patent technology, which are measured at cost, less accumulated amortization and impairment. Amortization of finite-lived intangible assets is computed using the straight-line method over the estimated useful lives. The amortization periods by intangible asset classes are as follows:

Patent technology 10 years

***(h) Impairment of Long-lived Assets***

 ****

Long-lived assets, including property and equipment, intangible assets, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be fully recoverable or that the useful life is shorter than the Company had originally estimated. When these events occur, the Company evaluates the impairment for the long-lived assets or asset group by comparing the carrying value of the assets or asset group to an estimate of future undiscounted cash flows expected to be generated from the use of the assets or asset group and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets or asset group, the Company recognizes an impairment loss based on the excess of the carrying value of the assets or asset group over the fair value of the assets or asset group. No such impairment losses were recorded for the years ended June 30, 2024 and 2023.

***(i) Fair Value Measurements***

 ****

Fair value represents the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability.

Accounting guidance defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Accounting guidance establishes a three-level fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are:

---

| |
|:---|
| Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. |
| Level 2—Include other inputs that are directly or indirectly observable in the marketplace. |
| Level 3—Unobservable inputs which are supported by little or no market activity. |

---

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

 **

***(j) Revenue recognition***

 **

Revenue is recognized when or as the control of the goods or services is transferred to customers. Control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Company's performance:

● provides all of the benefits received and consumed simultaneously by the customer;

● creates and enhances an asset that the customer controls as the Company performs; or

● does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date.

If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services.

Contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates overall contract price to each distinct performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices for each individual distinct performance obligation identified based on the observable prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin, depending on the availability of observable information, the data utilized, and considering the Company's pricing policies and practices in making pricing decisions. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgements on these assumptions and estimates may affect revenue recognition.

When either party to a contract has performed, the Company presents the contract on the balance sheets as a contract asset, a receivable or a contract liability.

A contract asset is recorded when the Company transfers a good or service to the customer before being unconditionally entitled to the consideration under the payment terms set out in the contract. A receivable is recorded when the Company has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due.

If a customer pays consideration or the Company has a right to an amount of consideration that is unconditional, before the Company transfers a good or service to the customer, the Company presents a contract liability when the payment is received or receivable. A contract liability is the Company's obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer.

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

***(k) Research and development***

All costs associated with research and development ("R&D") are expensed as incurred. R&D expenses consist primarily of salaries, bonuses and benefits for those employees engaged in research, design and development activities, license fees, outsourced development expenses, materials, rental expenses, depreciation of equipment and software of R&D activities and other expenses.

***(l) Income Taxes***

 ****

The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Tax. Current income taxes are provided on the basis of income before income taxes for financial reporting purposes and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statements of comprehensive income in the period that includes the enactment date. A valuation allowance is provided to reduce the amount of deferred income tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred income tax assets will not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of futures profitability, the duration of statutory carry forward periods, the Company's experience with operating loss and tax credit carry forwards, if any, not expiring.

The Company applies a "more-likely-than-not" recognition threshold in the evaluation of uncertain tax positions. The Company recognizes the benefit of a tax position in its financial statements if the tax position is "more-likely-than-not" to prevail based on the facts and technical merits of the position. Tax positions that meet the "more-likely-than-not" recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Company to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Company's financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Company records interest and penalties related to unrecognized tax benefits (if any) in income tax expenses.

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

***(m) Foreign Currency***

 **

The Company's reporting currency is US$. The functional currency of the Company is SG$.

Transactions denominated in currencies other than the functional currency are re-measured into the functional currency at the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in a foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet dates. The resulted exchange differences are recorded as foreign currency exchange gains (losses), net in the statements of comprehensive income or loss.

The Company with functional currencies other than the US$ are translated from the functional currency into US$. Assets and liabilities are translated into US$ using the applicable exchange rates at the balance sheet dates. Equity accounts other than deficit generated in the current period are translated into US$ using the appropriate historical rates. Revenues, expenses, gains and losses are translated into US$ using the average exchange rates for the relevant periods. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive loss in the statements of comprehensive loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss in the statements of changes in shareholders' equity.

***(n) Concentration of credit Risk***

 ****

Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash and other receivables included in due from related parties.

Substantial all of the Company's cash at bank is held by third-party financial institutions located in Singapore. The bank deposits with financial institutions in Singapore are insured by the government authority for up to SGD 75,000. The Company has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on cash held in bank accounts. To limit exposure to credit risk, the Company primarily places bank deposits with large financial institutions in Singapore with acceptable credit rating.

Other receivables are primarily derived from related parties, which are unsecured. The risk is mitigated by credit evaluations performed on them. Historically, credit losses on other receivables have been insignificant.

***(o) Segment Reporting***

 ****

The Company's chief operating decision maker has been identified as the chief executive officer, who reviews results when making decisions about allocating resources and assessing performance of the Company. For the purpose of internal reporting and management's operation review, the Company's chief executive officer and management personnel do not segregate the Company's business by product or service. Management has determined that the Company has one operating segment.

***(p) Recent Accounting Pronouncements***

In June 2022, FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. ASU 2022-03 clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security's unit of account. The amendments are effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company adopted this guidance effective June 30, 2024 and the adoption of this ASU is not expected to have a material impact on its financial statements.

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

In March 2023, FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements. The amendments in ASU 2023-01 improve current GAAP by clarifying the accounting for leasehold improvements associated with common control leases, thereby reducing diversity in practice. Additionally, the amendments provide investors and other allocators of capital with financial information that better reflects the economics of those transactions. The amendments are effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company adopted this guidance effective June 30, 2024 and the adoption of this ASU is not expected to have a material impact on its financial statements.

In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures." This ASU expands required public entities' segment disclosures, including disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment's profit or loss and assets. ASU 2023 07 is applied retrospectively to all periods presented in financial statements, unless it is impracticable. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted this guidance effective June 30, 2024 and the adoption of this ASU is not expected to have a material impact on its financial statements.

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU requires additional quantitative and qualitative income tax disclosures to enable financial statements users better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company plans to adopt this guidance effective June 30, 2025 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.

In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718), Scope Application of Profits Interest and Similar Awards. This standard provides clarity regarding whether profits interest and similar awards are within the scope of Topic 718 of the Accounting Standards Codification. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company plans to adopt this guidance effective June 30, 2025 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.

In March 2024, the FASB issued ASU No. 2024-02, "Codification Improvements - Amendments to Remove References to the Concepts Statements." ASU 2024-02 removes references to various FASB Concepts Statements within the Codification. The guidance in ASU No. 2024-02 is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years, and can be applied either prospectively to all new transactions recognized on or after the date that the entity first applies the amendments or retrospectively to the beginning of the earliest comparative period presented in which the amendments were first applied. Early adoption is permitted. The Company plans to adopt this guidance effective June 30, 2025 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

**3. INVENTORIES, NET**

The inventories, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
| Raw materials (i) | 490518 |  |
| Less: provision for inventories | - |  |
| **Inventories, net** | **490518** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On December 1, 2023, the Company entered into a materials transfer agreement with a related party. Pursuant to the agreement, SGD 662,150 (equivalent to US$502,695) of R&D materials transferred into the Company. The consideration was paid-up through the shares of the Company. The transfer was effective on December 1, 2023 and was recorded as inventories and additional paid-in capital in the financial statement of the Company.

**4. PROPERTYAND EQUIPMENT, NET**

Property and equipment, net, consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
| Lands and Buildings(i) | 23023928 |  |
| **Property and equipment** | **23023928** |  |
| Less: Accumulated depreciation | (364546) |  |
| **Property and equipment, net** | **22659382** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On November 15, 2023, the Company entered into a land ownership transfer agreement with its related parties and third parties. Pursuant to the agreement, 8 properties transferred into the Company for the operation use, the consideration was 30% shares of the Company, the fair value is SGD31 million (equivalent to US$23,595,506). The transfer was effective on December 1, 2023 and was recorded as property and equipment and additional paid-in capital in the financial statement of the Company. The ownership of all the properties is freehold.

**5. SHARE CAPITAL**

Upon incorporation on August 23, 2021, the total amount of share capital subscribed by the Company was SGD500 (equivalent to US$380) and the total number of ordinary shares issued was 500.

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

**6. INCOME TAX**

***a) Income tax***

 **

The Company is incorporated in Singapore and is subject to income taxes on the taxable income as reported in the financial statements adjusted in accordance with relevant tax laws and regulations of Singapore. The applicable tax rate is 17% in Singapore, with 75% of the first S$10,000 taxable income and 50% of the next S$190,000 taxable income exempted from income tax.

The components of income tax expense for the years ended June 30, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended June 30,** | **Year ended June 30,** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
| Current income tax expense | **-** | **-** |
| Deferred income tax expense | 62563 | 100 |
| Less: deferred asset impairment loss provision | (62563) | (100) |
| Total deferred tax expense | **-** | **-** |
| **Total income tax expense** | **-** | **-** |

---

The actual income tax expense reported in the statements of loss and comprehensive loss for the years ended June 30, 2024 and 2023 differs from the amount computed by applying the Singapore statutory income tax rate to loss before income taxes due to the following:

---

| | | |
|:---|:---|:---|
|  | **Year ended June 30,** | **Year ended June 30,** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
| Computed expected income tax benefit at the statutory tax rate of 17% | (62462) | (100) |
| Tax effect of non-deductible expenses |  |  |
| Change in valuation allowance | 62462 | 100 |
| **Actual income tax expense** | **-** | **-** |

---

 ****

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

***b) Deferred income taxes***

 **

The tax effects of temporary differences that give rise to the deferred tax assets (liabilities) balances as of June 30, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
| **Deferred tax assets:** |  |  |
| Net operating losses carryforwards | 62563 | 100 |
| Accrued expenses | - | - |
| **Total gross deferred tax assets** | **62563** | **100** |
| Valuation allowance on deferred tax assets | (62563) | (100) |
| **Deferred tax assets, net of valuation allowance** | **-** | **-** |
| **Net deferred tax assets (liabilities)** | **-** | **-** |

---

A valuation allowance is provided against deferred income tax assets when the Company determines that it is more-likely-than-not that the deferred income tax assets will not be utilized in the foreseeable future. In making such determination, the Company evaluates a variety of factors including the Company's operating history, accumulated deficit, existence of taxable temporary differences and reversal periods.

As of June 30, 2024, the valuation allowances of US$62,563 were related to the deferred income tax assets of the Company which were in loss position. The Company in a cumulative loss position, which is a significant negative indicator to overcome that sufficient income will be generated over the periods in which the deferred income tax assets are deductible or utilized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilized. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

 ****

Changes in valuation allowance are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended June 30,** | **Year ended June 30,** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
| Balance at the beginning of the year | 100 |  |
| Increase during the year | 62462 | 100 |
| Effect of foreign currency translation | 1 | - |
| **Balance at the end of the year** | **62563** | **100** |

---

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

**7. COMMITMENTS AND CONTINGENCIES**

As of June 30, 2024 and 2023, there was no commitments and contingencies incurred.

**8. RELATED PARTY TRANSACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Related parties**

 ****

---

| | |
|:---|:---|
| **Names of the major related parties** | **Nature of relationship** |
| Lim Kah Meng | The controlling shareholder of the Company |
| Seah Siew Leng | A related person of the controlling shareholder of the Company |
| Zenzic Labs Pte. Ltd. | Entity controlled by the controlling shareholder of the Company |
| Go Dx | Entity controlled by the controlling shareholder of the Company |
| Gene Oasis Pte Ltd. | Entity controlled by the controlling shareholder of the Company |

---

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Significant related party transactions**

During the years ended June 30, 2024 and 2023, the Company entered into the following significant related party transactions:

---

| | | |
|:---|:---|:---|
|  | **Year ended June 30,** | **Year ended June 30,** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
| Purchase of lands and buildings (i) | 6453082 | **-** |
| Purchase of materials (ii) | 502695 | **-** |
| Loan from related party (iii) |  | 2220 |
| Advances to a related party (iv) | 380 |  |

---

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Significant related party balances**

The outstanding balances mainly arising from the above transactions as of June 30, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
| **Due to related parties:** |  |  |
| Zenzic Labs Pte. Ltd. (iii) | 1 | 1 |
| Go Dx (iii) | 2222 | 2219 |
| **Subtotal** | **2223** | **2220** |
| **Due from related parties:** |  |  |
| Lim Kah Meng (iv) | **370** | - |

---

Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On
 November 15, 2023, the Company entered into a land ownership transfer agreement with its related parties as mentioned in note 4.
 During the years ended June 30, 2024 and 2023, these purchases amounted to US$6,453,082 and US$ nil, respectively. The consideration
 was paid-up through the shares of the Company.

(ii) On
 December 1, 2023, the Company entered into a materials transfer agreement with a related party as mentioned in note 3. During the
 years ended June 30, 2024 and 2023, these purchases amounted to US$502,695 and US$ nil, respectively. The consideration was paid-up
 through the shares of the Company.

(iii) During
 the years ended June 30, 2024 and 2023, the Company loaned from related parties for operation use amounted to US$ nil and US$2,220,
 respectively. As of June 30, 2024 and 2023, the amounts due to related parties for such loan of US$2,223 and US$2,220 were included
 in due to related parties, respectively.

(iv) During
 the years ended June 30, 2024 and 2023, the Company made advances to a related party for payment of share capital amounted to US$
 380 and US$ nil, respectively. As of June 30, 2024 and 2023, the amounts due from related parties for such advances of US$370 and
 US$ nil were included in due from related parties, respectively.

**9. SUBSEQUENT EVENTS**

Management has considered subsequent events through the reporting day, which was the date the financial statements were issued. No subsequent events required adjustments to or disclosure in these financial statements.

## Exhibit 99.2

**Exhibit 99.2**

**InfiniClone Limited**

**Unaudited Condensed Financial Statements**

---

| | |
|:---|:---|
| **<u>CONTENTS</u>** | **<u>PAGE(S)</u>** |
| **Unaudited Condensed Financial Statements:** |  |
| [Unaudited Condensed Balance Sheets as of March 31, 2025 and June 30, 2024](#a_001) | F-2 |
| [Unaudited Condensed Statements of loss and Comprehensive loss for the Nine months ended March 31, 2025 and 2024](#a_002) | F-4 |
| [Unaudited Condensed Statements of Changes in Shareholders' Equity for the Nine months ended March 31, 2025 and 2024](#a_003) | F-6 |
| [Unaudited Condensed Statements of Cash Flows for the Nine months ended March 31, 2025 and 2024](#a_004) | F-8 |
| [Notes to the Unaudited Condensed Financial Statements](#a_005) | F-10 |

---

**INFINICLONE LIMITED**

**UNAUDITED CONDENSED BALANCE SHEETS**

**(Expressed in US Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **As of March 31,**<br> **2025** | **As of June 30,** <br> **2024** |
|  |  | ***US$*** | ***US$*** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash | 2(c) | 649 | 710 |
| Due from related parties | 8(c) | 374 | 370 |
| Inventories, net | 3 | 493836 | 490518 |
| **Total current assets** |  | **494859** | **491598** |
| **Non-current assets** |  |  |  |
| Property and equipment, net | 4 | 22118724 | 22659382 |
| **Total non-current assets** |  | **22118724** | **22659382** |
| **Total assets** |  | **22613583** | **23150980** |

---

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

 

**INFINICLONE LIMITED**

**UNAUDITED CONDENSED BALANCE SHEETS**

**(Continued)**

**(Expressed in US Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **As of March 31,**<br> **2025** | **As of June 30,** <br> **2024** |
|  |  | ***US$*** | ***US$*** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Due to related parties | 8(c) | 20174 | 2223 |
| Taxes payable | 6 | - | - |
| **Total current liabilities** |  | **20174** | **2223** |
| **Total liabilities** |  | **20174** | **2223** |
| **Commitments and contingencies (note 7)** |  |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Share capital | 5 | 380 | 380 |
| Additional paid-in capital | 4 | 24098201 | 24098201 |
| Accumulated other comprehensive income |  | (377176) | (581757) |
| Accumulated deficit |  | (1127996) | (368067) |
| **Total shareholders' equity** |  | **22593409** | **23148757** |
| **Total liabilities and shareholders' equity** |  | **22613583** | **23150980** |

---

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

**INFINICLONE LIMITED**

**STATEMENTS OF LOSS AND COMPREHENSIVE LOSS**

**(Expressed in US Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Nine months ended March 31,** | **Nine months ended March 31,** |
|  | **Note** | **2025** | **2024** |
|  |  | ***US$*** | ***US$*** |
| **Revenue** |  | **-** | **-** |
| **Cost of revenue** |  | **-** | **-** |
| **Gross profit** |  | **-** | **-** |
| **Operating expenses:** |  |  |  |
| General and administrative expenses |  | 759929 | 183732 |
| **Total operating expenses** |  | **759929** | **183732** |
| **Operating loss** |  | **(759929)** | **(183732)** |
| Interest expenses, net |  |  |  |
| **Loss before income taxes** |  | **(759929)** | **(183732)** |
| Income tax expense | 6 | - | - |
| **Net loss** |  | **(759929)** | **(183732)** |

---

**INFINICLONE LIMITED**

**STATEMENTS OF LOSS AND COMPREHENSIVE LOSS**

**(Continued)**

**(Expressed in US Dollars)**

---

| | | |
|:---|:---|:---|
| **Net loss** | **(759929)** | **(183732)** |
| **Other comprehensive loss:** |  |  |
| Foreign currency translation adjustment, net of nil income taxes | 204581 | (492180) |
| **Total other comprehensive loss** | **(555348)** | **(675912)** |
| **Total comprehensive loss** | **(555348)** | **(675912)** |

---

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

**INFINICLONE LIMITED**

**STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY** 

**(Expressed in US Dollars)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Note** | **Share**<br> **capital** | **Additional** <br> **paid-in**<br> **capital** | **Accumulated other comprehensive loss** | **Accumulated deficit** | **Total<br> shareholders' equity** |
|  |  | ***US$*** | ***US$*** | ***US$*** | ***US$*** | ***US$*** |
| **Balance as of June 30, 2023** |  | **-** | **-** | **(5)** | **(646)** | **(651)** |
| Net loss |  |  |  |  | (183732) | (183732) |
| Foreign currency translation adjustment, net of nil income taxes |  | - | - | (492180) | - | (492180) |
| **Total comprehensive loss** |  | **-** | **-** | **(492185)** | **(184378)** | **(676563)** |
| Capital contribution from shareholders | 4 | 380 | 24098201 | - | - | 24098581 |
| **Balance As of March 31, 2024** |  | **380** | **24098201** | **(492185)** | **(184378)** | **23422018** |

---

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

**INFINICLONE LIMITED**

**STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY** 

**(Continued)**

**(Expressed in US Dollars)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Share**<br> **capital** | **Additional** <br> **paid-in**<br> **capital** | **Accumulated other comprehensive loss** | **Accumulated deficit** | **Total<br> shareholders' equity** |
|  |  | ***US$*** | ***US$*** | ***US$*** | ***US$*** | ***US$*** |
| **Balance as of June 30, 2024** |  | **380** | **24098201** | **(581757)** | **(368067)** | **23148757** |
| Net loss |  |  |  |  | (759929) | (759929) |
| Foreign currency translation adjustment, net of nil income taxes |  | - | - | 204581 | - | 204581 |
| **Total comprehensive loss** |  | **-** | **-** | **(377176)** | **(1127996)** | **22593409** |
| Capital contribution from shareholders |  | - | - | - | - | - |
| **Balance As of March 31, 2025** |  | **380** | **24098201** | **(377176)** | **(1127996)** | **22593409** |

---

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

**INFINICLONE LIMITED**

**STATEMENTS OF CASH FLOWS**

**(Expressed in US Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Nine months ended March 31,** | **Nine months ended March 31,** |
|  | **Note** | **2025** | **2024** |
|  |  | ***US$*** | ***US$*** |
| **Operating activities:** |  |  |  |
| **Net loss** |  | **(759929)** | **(183732)** |
| *Adjustments to reconcile net income to net cash used in operating activities* |  |  |  |
| Depreciation and amortisation |  | 740891 | 183633 |
| Inventories |  | 897 |  |
| *Changes in operating assets and liabilities:* |  |  |  |
| Due from related parties |  | 18073 |  |
| Due to related parties |  |  |  |
| Taxes payable |  | - | - |
| **Net cash provided by (used in) operating activities** |  | **(964)** | **(99)** |
| **Investing activities:** |  |  |  |
| Payments for purchases of property and equipment |  | - | - |
| **Net cash provided by (used in) investing activities** |  | **-** | **-** |

---

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

**INFINICLONE LIMITED**

**STATEMENTS OF CASH FLOWS**

**(Continued)**

**(Expressed in US Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Nine months ended March 31,** | **Nine months ended March 31,** |
|  | **Note** | **2025** | **2024** |
|  |  | ***US$*** | ***US$*** |
| **Financing activities:** |  |  |  |
| Proceeds from bank loans |  | - | - |
| **Net cash provided by financing activities** |  | **-** | **-** |
| Effect of exchange rate changes on cash |  | 7 | 9 |
| **Net decrease in cash** |  | **(68)** | **(99)** |
| Cash at beginning of the year |  | 710 | 1569 |
| **Cash at end of the year** | 2(c) | **649** | **1479** |
| **Supplemental information** |  |  |  |
| Interest paid |  |  |  |
| Income taxes paid |  | **-** |  |
| **Non-cash investing and financing activities:** |  |  |  |
| Purchase of property and equipment through issuance of ordinary shares |  | **-** | 23023928 |

---

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

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

**1.** **DESCRIPTION OF BUSINESS AND ORGANIZATION** 

InfiniClone Limited ("the Company"), an exempted company with limited liability, is a holding company incorporated in Hong Kong, which is 100% controlled by Lim Kah Meng. On March 13, 2025, Lim Kah Meng transferred 100% held equity interest of Infiniclone Pte. Ltd. to the Company, which was common control transaction before and after the transferal. The principal activities of the Company are those of research and experimental development and commercialisation on induced pluripotent stem cell (iPSC) technology, which mainly includes iPSC banking, cosmeceutical applications, disease modeling, regenerative medicine, drug discovery and next-generation stem cell therapy.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***(a)*** ***Basis of Presentation***

The accompanying unaudited condensed financial statements of the Company has been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the United States Securities and Exchange Commission. The balance sheet as of March 31, 2025 and June 30, 2024 was derived from the audited financial statements of the Company. The accompanying unaudited condensed financial statements should be read in conjunction with the balance sheet of the Company as of June 30, 2024 and 2023, and the related statements of loss and comprehensive loss, changes in shareholders' deficit and cash flows for the years then ended.

In the opinion of the management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of March 31, 2025 and June 30, 2024, the results of operations and cash flows for the nine months ended March 31, 2025 and 2024, have been made.

These unaudited condensed financial statements have been prepared in accordance with U.S. GAAP assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

The unaudited condensed financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

***(b) Use of Estimates***

 ****

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the financial statements and accompanying notes. Significant items subject to estimates and assumptions include, but not limited to, lower of cost and net realizable value of inventories, useful lives and recoverability of property and equipment, recoverability of intangible assets with indefinite useful lives, realization of deferred tax assets. Actual results could differ from those estimates, and as such, differences may be material to the financial statements.

***(c) Cash***

 ****

Cash consists of cash on hand and cash at bank. The Company does not have any cash equivalents as of March 31, 2025 and June 30, 2024.

Cash on hand and cash at bank deposited in financial institutions at various locations are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,**<br> **2025** | **As of June 30,** <br> **2024** |
|  | ***US$*** | ***US$*** |
| **Cash balances include deposits in:** |  |  |
| Financial institutions in Singapore |  |  |
| - Denominated in Singapore dollar ("SGD") | 649 | 710 |
| **Total cash balances held at financial institutions** | **649** | **710** |
| **Cash on hand** | **-** | **-** |
| **Total cash balances** | **649** | **710** |

---

***(d) Revenue recognition***

 ****

Revenue is recognized when or as the control of the goods or services is transferred to customers. Control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Company's performance:

● provides all of the benefits received and consumed simultaneously by the customer;

● creates and enhances an asset that the customer controls as the Company performs; or

● does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date.

If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services.

Contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates overall contract price to each distinct performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices for each individual distinct performance obligation identified based on the observable prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin, depending on the availability of observable information, the data utilized, and considering the Company's pricing policies and practices in making pricing decisions. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgements on these assumptions and estimates may affect revenue recognition.

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

When either party to a contract has performed, the Company presents the contract on the unaudited condensed balance sheets as a contract asset, a receivable or a contract liability.

A contract asset is recorded when the Company transfers a good or service to the customer before being unconditionally entitled to the consideration under the payment terms set out in the contract. A receivable is recorded when the Company has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due.

If a customer pays consideration or the Company has a right to an amount of consideration that is unconditional, before the Company transfers a good or service to the customer, the Company presents a contract liability when the payment is received or receivable. A contract liability is the Company's obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer.

***(e) Concentration of credit Risk***

 ****

Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash and other receivables included in due from related parties.

Substantial all of the Company's cash at bank is held by third-party financial institutions located in Singapore. The bank deposits with financial institutions in Singapore are insured by the government authority for up to SGD 75,000. The Company has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on cash held in bank accounts. To limit exposure to credit risk, the Company primarily places bank deposits with large financial institutions in Singapore with acceptable credit rating.

Other receivables are primarily derived from related parties, which are unsecured. The risk is mitigated by credit evaluations performed on them. Historically, credit losses on other receivables have been insignificant.

**3. INVENTORIES, NET**

The inventories, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,**<br> **2025** | **As of June 30,** <br> **2024** |
|  | ***US$*** | ***US$*** |
| Raw materials (i) | 493836 | 490518 |
| Less: provision for inventories | - | - |
| **Inventories, net** | **493836** | **490518** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On December 1, 2023, the Company entered into a materials transfer agreement with a related party. Pursuant to the agreement, SGD 662,150 (equivalent to US$502,695) of R&D materials transferred into the Company. The consideration was paid-up through the shares of the Company. The transfer was effective on December 1, 2023 and was recorded as inventories and additional paid-in capital in the financial statement of the Company.

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

**4. PROPERTYAND EQUIPMENT, NET**

Property and equipment, net, consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,**<br> **2025** | **As of June 30,** <br> **2024** |
|  | ***US$*** | ***US$*** |
| Lands and Buildings (i) | 23221757 | 23023928 |
| **Property and equipment** | **23221757** | **23023928** |
| Less: Accumulated depreciation | (1103033) | (364546) |
| **Property and equipment, net** | **22118724** | **22659382** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On November 15, 2023, the Company entered into a land ownership transfer agreement with its related parties and third parties. Pursuant to the agreement, 8 properties transferred into the Company for the operation use, the consideration was paid-up through the shares of the Company, the fair value is SGD31 million (equivalent to US$23,595,506). The transfer was effective on December 1, 2023 and was recorded as property and equipment and additional paid-in capital in the financial statement of the Company. The ownership of all the properties is freehold.

**5. SHARE CAPITAL**

Upon incorporation on August 23, 2021, the total amount of share capital subscribed by the Company was SGD500 (equivalent to US$380) and the total number of ordinary shares issued was 500.

**6. INCOME TAX**

The statutory income tax rate for the Company is 17% for the Nine months ended March 31, 2025 and 2024. The effective income tax rate for the Nine months ended March 31, 2025 and 2024 was nil and nil, respectively. The effective income tax rate for the Nine months ended March 31, 2025 and 2024 differs from the statutory income tax rate of 17%, primarily due to the recognition of valuation allowance for deferred income tax assets of loss-making of the Company.

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

**7. COMMITMENTS AND CONTINGENCIES**

As of March 31, 2025 and June 30, 2024, there was no commitments and contingencies incurred.

**8. RELATED PARTY TRANSACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Related parties**

 ****

---

| | |
|:---|:---|
| **Names of the major related parties** | **Nature of relationship** |
| Lim Kah Meng | The controlling shareholder of the Company |
| Seah Siew Leng | A related person of the controlling shareholder of the Company |
| Zenzic Labs Pte. Ltd. | Entity controlled by the controlling shareholder of the Company |
| Go Dx | Entity controlled by the controlling shareholder of the Company |
| Gene Oasis Pte Ltd. | Entity controlled by the controlling shareholder of the Company |

---

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Significant related party transactions**

During the Nine months ended March 31, 2025 and 2024, the Company entered into the following significant related party transactions:

---

| | | |
|:---|:---|:---|
|  | **Nine months ended March 31,** | **Nine months ended March 31,** |
|  | **2025** | **2024** |
|  | ***US$*** | ***US$*** |
| Purchase of lands and buildings (i) |  | 6453082 |
| Purchase of materials (ii) |  | 502695 |
| Purchase of license right (iii) | 17767 |  |
| Loan from related party (iv) |  | 2279 |
| Advances to a related party (v) |  | 380 |

---

**INFINICLONE LIMITED**

**NOTES TO THE FINANCIAL STATEMENTS**

**(Expressed in US Dollars)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Significant related party balances**

The outstanding balances mainly arising from the above transactions as of March 31, 2025 and June 30, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,**<br> **2025** | **As of June 30,** <br> **2024** |
|  | ***US$*** | ***US$*** |
| **Due to related parties:** |  |  |
| Go Dx (iii) | 2241 | 2222 |
| Zenzic Labs Pte. Ltd. (iii) (iv) | 17933 | 1 |
| **Subtotal** | **20174** | **2223** |
| **Due from related parties:** |  |  |
| Lim Kah Meng (v) | **374** | **370** |

---

Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On
 November 15, 2023, the Company entered into a land ownership transfer agreement with its related parties as mentioned in note 4.
 During the Nine months ended March 31, 2025 and 2024, these purchases amounted to US$ nil and US$6,453,082, respectively. The consideration
 was paid-up through the shares of the Company.

(ii) On
 December 1, 2023, the Company entered into a materials transfer agreement with a related party as mentioned in note 3. During the
 Nine months ended March 31, 2025 and 2024, these purchases amounted to US$ nil and US$502,695, respectively. The consideration was
 paid-up through the shares of the Company.

(iii) On
 March 31, 2025, the Company entered into an intellectual property and technology authorization agreement with its related party.
 Pursuant to the agreement, the Company was licensed a series of exclusive and non-exclusive patent technology for commercialization
 use through payment of license fee. During the Nine months ended March 31, 2025 and 2024, these license fee amounted to US$17,767
 and US$ nil, respectively. As of March 31, 2025 and June 30, 2024, the amounts due to related parties for such license right of US$
 17,767 and US$ nil were included in due to related parties, respectively.

(iv) During
 the Nine months ended March 31, 2025 and 2024, the Company loaned from related parties for operation use amounted to US$ nil and
 US$2,279, respectively. As of March 31, 2025 and June 30, 2024, the amounts due to related parties for such loan of US$20,174 and
 US$2,223 were included in due to related parties, respectively.

(v) During
 the Nine months ended March 31, 2025 and 2024, the Company made advances to a related party for payment of share capital amounted
 to US$ nil and US$380, respectively. As of March 31, 2025 and June 30, 2024, the amounts due from related parties for such advances
 of US$374 and US$370 were included in due from related parties, respectively.

**9. SUBSEQUENT EVENTS**

Management has considered subsequent events through the reporting day, which was the date the financial statements were issued. No subsequent events required adjustments to or disclosure in these financial statements.

## Exhibit 99.3

**Exhibit 99.3**

**SHINECO, INC.**

**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

**Introduction**

On April 22, 2025, Shineco, Inc. (the "Company"), through its wholly-owned subsidiary, Shineco Life Science Group Hong Kong Co., Limited ("Shineco Life Science"), entered into a share purchase agreement (the "SPA") with Dr. Lim Kah Meng ("Seller"), the sole shareholder of InfiniClone Limited, a company incorporated under the laws of Hong Kong ("InfiniClone"). Pursuant to the SPA, Shineco Life Science would acquire 51% of the equity interests of InfiniClone from the Seller (the "Acquisition"). As the consideration for the acquisition, the Company (a) shall pay the Seller US$19,895,600 in cash; and (b) shall issue 3,450,000 shares of the Company's common stock, par value $0.001 per share (the "Shares") to the Seller.

The following unaudited pro forma condensed combined financial information is presented to illustrate the estimated pro forma effect of the Acquisition.

The unaudited pro forma condensed combined financial information presented has been prepared in accordance with Article 11 of Regulation S-X, Pro Forma Financial Information, as amended by the SEC's final rule, Release No. 33-10786 "Amendments to Financial Disclosures about Acquired and Disposed Businesses." Release No. 33-10786 replaces the pro forma adjustment criteria with simplified requirements to depict the accounting for the transaction ("Transaction Accounting Adjustments") and the option to present the reasonably estimable synergies and other transaction effects that have occurred or are reasonably expected to occur ("Management's Adjustments"). The Company has elected not to present Management's Adjustments and has only presented Transaction Accounting Adjustments in the following unaudited pro forma condensed combined financial information.

The unaudited proforma condensed combined balance sheet as of March 31, 2025, together with the unaudited condensed combined statements of operations for the year ended June 30, 2024 and for the nine months ended March 31, 2025 presented herein gives effect to the Acquisition as if the transaction had occurred at the beginning of such periods and includes certain adjustments that are directly attributable to the transaction which are expected to have a continuing impact on the Company, and are factually supportable, as summarized in the accompanying notes and assumptions.

The pro forma adjustments and allocation of the Purchase Price are preliminary, are based on management's current estimates of the fair value of the assets to be acquired and liabilities to be assumed, and are based on currently available information, including preliminary work performed by independent valuation specialists.

As of the date hereof, we have not completed the detailed valuation analysis and calculations necessary to arrive at final estimates of the fair market value of the assets of InfiniClone to be acquired and the liabilities to be assumed and the related allocations of the Purchase Price. Accordingly, certain of InfiniClone's assets and liabilities are presented at their respective carrying amounts and should be treated as preliminary values.

Actual results will differ from the unaudited pro forma condensed combined financial information provided herein once we have completed the valuation analysis necessary to finalize the required Purchase Price allocations and identified any additional conforming accounting policy changes for InfiniClone. There can be no assurance that such finalization will not result in material changes to the unaudited pro forma condensed combined financial information presented.

Assumptions and estimates underlying the unaudited pro forma adjustments set forth in the unaudited pro forma condensed combined financial statements are described in the accompanying notes below.

The unaudited pro forma condensed combined financial information and accompanying notes are based on, and should be read in conjunction with, (i) the historical audited consolidated financial statements of the Company and accompanying notes for the year ended June 30, 2024, included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2024; and the historical unaudited consolidated financial statements of the Company and accompanying notes for the period ended March 31, 2025, included in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and (ii) the historical audited financial statements of InfiniClone and accompanying notes included for the year ended June 30, 2024, and the historical unaudited financial statements of InfiniClone and accompanying notes for the nine months period ended March 31, 2025, each of which are filed as Exhibits 99.1 and 99.2, respectively, with this Current Report on Form 8-K/A.

The following unaudited pro forma condensed combined financial statements are provided for illustrative purposes only and are based on currently available information and assumptions that we believe are reasonable under the circumstances. They do not purport to represent what our actual consolidated results of operations or the consolidated financial position would have been had the Acquisition been completed on the dates indicated, or on any other date, nor are they necessarily indicative of our future consolidated results of operations or consolidated financial position as a result of the Acquisition. Our actual financial position and results of operations will differ, perhaps significantly, from the pro forma amounts reflected herein due to a variety of factors, including access to additional information, changes in value not currently identified and changes in operating results of the Company and InfiniClone following the date of the unaudited pro forma condensed combined financial statements.

**SHINECO, INC.**

**UNAUDITED PROFORMA CONDENSED COMBINED BALANCE SHEET**

**AS OF MARCH 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHINECO, INC.** | **INFINICLONE** | **Pro Forma<br> Adjustments** | **Pro Forma<br> Combined** |
| **ASSETS** |  |  |  |  |
| **CURRENT ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $192735 | $649 | $(6) (e) | $193378 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 317 |  |  | 317 |
| &nbsp;&nbsp;&nbsp;Due from related parties, net | 24456 | 374 |  | 24830 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 204470 | 493836 |  | 698306 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers, net | 1011 |  |  | 1011 |
| &nbsp;&nbsp;&nbsp;Other current assets, net | 12132571 |  |  | 12132571 |
| &nbsp;&nbsp;&nbsp;Current assets held for discontinued operations | 22363220 |  |  | 22363220 |
| **TOTAL CURRENT ASSETS** | 34918780 | 494859 | (6) | 35413633 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 73008 | 22118724 | 1255187 (f) (g) | 23446919 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 9849888 |  | 22357250 (a) (h) | 32207138 |
| &nbsp;&nbsp;&nbsp;Goodwill | 2018747 |  | 1736248 (b) | 3754995 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use | 68729 |  |  | 68729 |
| &nbsp;&nbsp;&nbsp;Non-current assets held for discontinued operations | 38573393 |  |  | 38573393 |
| **TOTAL ASSETS** | $**85502545** | $**22613583** | $**25348679** | $**133464807** |
| **LIABILITIES AND EQUITY** |  |  |  |  |
| **CURRENT LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term bank loans | $1747681 | $— | $— | $1747681 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 78715 |  |  | 78715 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 26958 |  |  | 26958 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 254125 | 20174 |  | 274299 |
| &nbsp;&nbsp;&nbsp;Other payables and accrued expenses | 4685444 |  | 19895600 (i) | 24581044 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities - current | 306236 |  |  | 306236 |
| &nbsp;&nbsp;&nbsp;Convertible note payable - current | 9741322 |  |  | 9741322 |
| &nbsp;&nbsp;&nbsp;Taxes payable | 662587 |  |  | 662587 |
| &nbsp;&nbsp;&nbsp;Deferred income | 31099110 |  |  | 31099110 |
| **TOTAL CURRENT LIABILITIES** | 48602178 | 20174 | 19895600 | 68517952 |
| Income tax payable - noncurrent portion | 186191 |  |  | 186191 |
| Operating lease liabilities - non-current | 6137 |  |  | 6137 |
| Long-term bank loans - non-current | 1000597 |  |  | 1000597 |
| Deferred tax liabilities | 9646807 |  | 4014114 (j)(m) | 13660921 |
| **TOTAL LIABILITIES** | 59441910 | 20174 | 23909714 | 83371798 |
| **Commitments and contingencies** |  |  |  |  |
| **SHAREHOLDERS' EQUITY (DEFICIT)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock; par value $0.001, 150,000,000 shares authorized 2,179,844 and 332,215 shares issued and outstanding at March 31, 2025 and June 30, 2024 | 17346 | 380 | 3070 (c) | 20796 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 123281225 | 24098201 | (19961651) (c)(d) | 127417775 |
| &nbsp;&nbsp;&nbsp;Subscription receivable | (36192350) |  |  | (36192350) |
| &nbsp;&nbsp;&nbsp;Statutory reserve | 4350297 |  |  | 4350297 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (73102508) | (1127996) | 346421 (e)(d)(g)(h)(m) | (73884083) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive gain (loss) | (189035) | (377176) | 377176 (k) | (189035) |
| **TOTAL SHAREHOLDERS' EQUITY (DEFICIT)** | 18164975 | 22593409 | (19234984) | 21523400 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | 7895660 |  | 20673949 (k) | 28569609 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)** | $**85502545** | $**22613583** | $**25348679** | $**133464807** |

---

**SHINECO, INC.**

**UNAUDITED PROFORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE NINE MONTHS ENDED MARCH 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHINECO, INC.** | **INFINICLONE** | **Pro Forma<br> Adjustments** | **Pro Forma<br> Combined** |
| REVENUE | $259040 |  |  | $259040 |
| COST OF REVENUE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of product and services | 135852 |  |  | 135852 |
| &nbsp;&nbsp;&nbsp;Business and sales related tax | 855 |  |  | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue | 136707 |  |  | 136707 |
| GROSS INCOME | 122333 |  |  | 122333 |
| OPERATING EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 5069621 | 759929 | 1846377 (e)(g) (h) | 7675927 |
| &nbsp;&nbsp;&nbsp;Research and development expenses | 54602 |  |  | 54602 |
| &nbsp;&nbsp;&nbsp;Selling expenses | 88030 |  |  | 88030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $5212253 | 759929 | 1846377 | $7818559 |
| LOSS FROM OPERATIONS | (5089920) | (759929) | (1846377) | (7696226) |
| OTHER INCOME (EXPENSE) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain from disposal of a subsidiary | $114945 |  |  | $114945 |
| &nbsp;&nbsp;&nbsp;Other income, net | 3505 |  |  | 3505 |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | (482664) |  |  | (482664) |
| &nbsp;&nbsp;&nbsp;Interest expenses, net | (318001) |  |  | (318001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses | (682215) |  |  | (682215) |
| LOSS BEFORE PROVISION FOR INCOME TAXES FROM CONTINUING OPERATIONS | (5772135) | (759929) | (1846377) | (8378441) |
| BENEFITS FOR INCOME TAXES | (187854) |  | (313883) (m) | (501737) |
| NET LOSS FROM CONTINUING OPERATIONS | (5584281) | (759929) | (1532494) | (7876704) |
| DISCONTINUED OPERATIONS: |  |  |  |  |
| Loss from discontinued operations, net of taxes | (15874674) |  |  | (15874674) |
| Gain on disposal of discontinued operations |  |  |  |  |
| Net loss from discontinued operations | (15874674) |  |  | (15874674) |
| NET LOSS | (21458955) | (759929) | (1532494) | (23751378) |
| &nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interest | (2693076) |  | (750919) (n) | (3443995) |
| NET LOSS ATTRIBUTABLE TO SHINECO, INC. | (18765879) | (759929) | (781575) | (20307383) |
| COMPREHENSIVE LOSS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | (21458955) | (759929) | (1532494) | (23751378) |
| &nbsp;&nbsp;&nbsp;Other comprehensive loss: foreign currency translation loss | 41102 | 204581 |  | 245683 |
| &nbsp;&nbsp;&nbsp;Total comprehensive loss | (21417853) | (555348) | (1532494) | (23505695) |
| &nbsp;&nbsp;&nbsp;Less: comprehensive loss attributable to non-controlling interest | (2681102) |  | (750919) (n) | (3432021) |
| COMPREHENSIVE LOSS ATTRIBUTABLE TO SHINECO, INC. | $(18736751) | (555348) | (781575) | $(20073674) |
| Weighted average number of shares basic and diluted | 6048079 |  | 3450000 (l) | 9498079 |
| &nbsp;&nbsp;&nbsp;Basic and diluted loss per common share | (3.10) |  |  | (2.14) |
| Loss per common share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing operations - Basic and Diluted | (0.84) |  |  | (0.47) |
| &nbsp;&nbsp;&nbsp;Discontinued operations - Basic and Diluted | (2.26) |  |  | (1.67) |
| Net loss per common share - basic and diluted | (3.10) |  |  | (2.14) |

---

**SHINECO, INC.**

**UNAUDITED PROFORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED JUNE 30, 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHINECO, INC.** | **INFINICLONE** | **Pro Forma<br> Adjustments** | **Pro Forma<br> Combined** |
| REVENUE | $9801856 | $— |  | $9801856 |
| COST OF REVENUE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of product and services | 8905634 |  |  | 8905634 |
| &nbsp;&nbsp;&nbsp;Business and sales related tax | 14054 |  |  | 14054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue | 8919688 |  |  | 8919688 |
| GROSS INCOME | 882168 |  |  | 882168 |
| OPERATING EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 17522624 | 367421 | 2439414 (e)(g) (h) | 20329459 |
| &nbsp;&nbsp;&nbsp;Research and development expenses | 311989 |  |  | 311989 |
| &nbsp;&nbsp;&nbsp;Selling expenses | 113426 |  |  | 113426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $17948039 | 367421 | 2439414 | $20754874 |
| (LOSS FROM OPERATIONS | (17065871) | (367421) | (2439414) | (19872706) |
| OTHER INCOME (EXPENSE) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Impairment loss on an unconsolidated entity | $(26003) | $— | $— | $(26003) |
| &nbsp;&nbsp;&nbsp;Impairment loss on goodwill | (14824819) |  |  | (14824819) |
| &nbsp;&nbsp;&nbsp;Investment income from derivative financial assets | 4996 |  |  | 4996 |
| &nbsp;&nbsp;&nbsp;Loss from disposal of a subsidiary |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income, net | 222910 |  |  | 222910 |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | (655751) |  |  | (655751) |
| &nbsp;&nbsp;&nbsp;Interest expenses, net | (1622346) |  |  | (1622346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses | (16901013) |  |  | (16901013) |
| LOSS BEFORE PROVISION FOR INCOME TAXES FROM CONTINUING OPERATIONS | (33966884) | (367421) | (2439414) | (36773719) |
| BENEFITS FOR INCOME TAXES | (758902) |  | (414700) (m) | (1173602) |
| LOSS FROM CONTINUING OPERATIONS | (33207982) | (367421) | (2024714) | (35600117) |
| DISCONTINUED OPERATIONS: |  |  |  |  |
| Loss from discontinued operations, net of taxes | (49455) |  |  | (49455) |
| Gain on disposal of discontinued operations | 8904702 |  |  | 8904702 |
| Net loss from discontinued operations | 8855247 |  |  | 8855247 |
| NET LOSS | (24352735) | (367421) | (2024714) | (26744870) |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to non-controlling interest | (1903718) |  | (992110) (n) | (2895828) |
| NET LOSS ATTRIBUTABLE TO SHINECO, INC. | (22449017) | (367421) | (1032604) | (23849042) |
| COMPREHENSIVE LOSS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | (24352735) | (367421) | (2024714) | (26744870) |
| &nbsp;&nbsp;&nbsp;Other comprehensive loss: foreign currency translation loss | (3299) | (581752) |  | (585051) |
| &nbsp;&nbsp;&nbsp;Total comprehensive loss | (24356034) | (949173) | (2024714) | (27329921) |
| &nbsp;&nbsp;&nbsp;Less: comprehensive income (loss) attributable to non-controlling interest | (1911859) |  | (992110) (n) | (2903969) |
| COMPREHENSIVE LOSS ATTRIBUTABLE TO SHINECO, INC. | $(22444175) | (949173) | (1032604) | $(24425952) |
| Weighted average number of shares basic and diluted | 5318979 |  | 3450000 (l) | 8768979 |
| &nbsp;&nbsp;&nbsp;Basic and diluted loss per common share | (4.23) |  |  | (2.72) |
| Loss per common share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing operations - Basic and Diluted | (5.89) |  |  | (3.73) |
| &nbsp;&nbsp;&nbsp;Discontinued operations - Basic and Diluted | 1.66 |  |  | 1.01 |
| Net loss per common share - basic and diluted | (4.23) |  |  | (2.72) |

---

**Note 1. Basis of Pro Forma Presentation**

The unaudited pro forma condensed combined financial statements are derived from the historical consolidated financial statements of the Company and the historical financial statements of InfiniClone. The unaudited pro forma condensed combined financial statements are prepared as a business combination using the purchase accounting method.

The unaudited proforma condensed combined balance sheet as of March 31, 2025, together with the unaudited condensed combined statements of operations for the year ended June 30, 2024 and for the nine months ended March 31, 2025 presented herein gives effect to the Acquisition as if the transaction had occurred at the beginning of such periods and includes certain adjustments that are directly attributable to the transaction which are expected to have a continuing impact on the Company, and are factually supportable, as summarized in the accompanying notes and assumptions.

The Acquisition will be accounted for under the purchase accounting method of accounting in accordance with FASB ASC 805, Business Combinations, using the fair value concepts defined in ASC 820, Fair Value Measurements and Disclosures. We are treated as the "acquirer" and InfiniClone is treated as the "acquired" company for financial reporting purposes. Accordingly, the purchase consideration allocated to the InfiniClone business's net assets and liabilities for preparation of the unaudited pro forma condensed combined balance sheet is based upon their estimated preliminary fair values assuming the Acquisition was completed as of March 31, 2025. The amount of the purchase consideration that was in excess of the estimated preliminary fair values of the InfiniClone's business's net assets and liabilities at March 31, 2025 is recorded as goodwill in the unaudited pro forma condensed combined balance sheet.

We have not yet completed the detailed valuation studies necessary to arrive at the final estimates of the fair value of InfiniClone's assets to be acquired, the liabilities to be assumed and the related allocations of the Purchase Price.

The unaudited pro forma condensed combined financial information includes pro forma adjustments that are (i) directly attributable to the Acquisition, (ii) factually supportable, and (iii) with respect to the unaudited condensed combined pro forma statements of operations, expected to have a continuing impact on the results of operations of the combined company.

Actual results may differ from these unaudited pro forma condensed combined financial statements once we have determined the final Purchase Price for InfiniClone and have completed the valuation studies necessary to finalize the required Purchase Price allocations and identified any additional conforming accounting policy changes. There can be no assurance that such finalization will not result in material changes to the unaudited pro forma condensed combined financial information presented. The preliminary unaudited pro forma Purchase Price allocation has been made solely for preparing these unaudited pro forma condensed combined financial statements.

These unaudited pro forma condensed combined financial statements do not purport to represent what the actual consolidated results of operations of the Company would have been had the Acquisition been completed on the dates assumed, nor are they necessarily indicative of future consolidated results of operations or consolidated financial position.

**Note 2. Accounting Policies**

The unaudited pro forma condensed combined financial statements may not reflect all reclassifications necessary to conform InfiniClone's presentation to that of the Company's. As a result, we may identify differences between the accounting policies of the two companies that, when conformed, could have a material impact on the combined financial statements.

**Note 3. Preliminary Purchase Consideration and Purchase Price Allocation**

Under the purchase method of accounting, the identifiable assets acquired and liabilities assumed are recorded at the fair values. The Purchase Price allocation provided in these pro forma condensed combined financial statements is preliminary and based on estimates of the fair value as at March 31, 2025.

We have engaged a third-party valuation company to assist us with valuation of InfiniClone's assets and liabilities. The detailed valuation necessary to estimate the fair value of the assets acquired and liabilities assumed has not yet been completed; accordingly, the adjustments to record the assets acquired and liabilities assumed at fair value reflect the best estimate of the Company and are subject to change once additional analyses are completed. There can be no assurance that such third-party valuation work will not result in material changes from the preliminary accounting treatment included in the accompanying unaudited pro forma condensed combined financial statements.

The Purchase Price, as provided in the SPA, provides for the Sellers to receive US$19,895,600 in cash consideration and 3,450,000 common shares of the Company.

---

| | |
|:---|:---|
| Cash | $19895600 |
| Estimated fair value of common shares issued | 4140000 |
| Estimated fair value of consideration transferred | $24035600 |

---

The table below represents the preliminary allocation of the estimated total Purchase Price to InfiniClone's business's assets and liabilities in the Acquisition based on our preliminary estimate of their respective fair values.

---

| | |
|:---|:---|
| **Description** | **Estimated<br> Fair Value** |
| Assets acquired: |  |
| Cash and cash equivalents | $649 |
| Due from related parties, net | 374 |
| Inventories, net | 493836 |
| Property and equipment, net | 23407532 |
| Intangible assets | 24170000 |
| Goodwill | 1736248 |
| Total assets acquired | 49808639 |
| Due to related parties | 20174 |
| Deferred tax liabilities | 4327997 |
| Total liabilities acquired | 4348171 |
| Less: non-controlling interest | 21424868 |
| Estimated fair value of net assets acquired | $24035600 |

---

Our unaudited pro forma Purchase Price allocation includes certain identifiable intangible assets with an estimated fair value of approximately US$24,170,000. These intangible assets include exclusive and non-exclusive patent technology, each of which is expected to have a finite life and are expected to be amortized using the straight-line method over the respective lives of each asset.

Goodwill represents the amount of the Purchase Price in excess of the estimated preliminary amounts assigned to the fair value of the InfiniClone's assets acquired and the liabilities assumed. Since these amounts are estimates, the final amount of goodwill recorded may differ materially from the amount presented. Goodwill will not be amortized, but will be tested for impairment at least annually for events or circumstances that may indicate a possible impairment exists. In the event management determines that the value of goodwill has been impaired, we will incur an impairment charge during the period in which the determination is made.

The preliminary fair value of the identifiable intangible assets acquired was estimated using a combination of different methods under the Cost-Based Approach. The Cost-Based Approach is a general way of determining a value indication of a business, business ownership interest, security, or intangible asset by using one or more methods that convert anticipated economic benefits into a present single amount. This valuation technique requires us to make certain assumptions about future operating and financial performance and cash flow, and other such variables which are discounted to present value using a discount rate that reflects the risk factors associated with future cash flow, the characteristics of the assets acquired, the relationship between the assets acquired and the business as a whole, and the experience of the acquired business. Such valuation methodologies and estimates are subject to change, possibly materially, as additional information becomes available and as additional analyses are performed.

This preliminary unaudited pro forma Purchase Price allocation has been made solely for the purpose of preparing these unaudited pro forma condensed combined financial statements. The final total consideration and amounts allocated to InfiniClone's acquired assets and assumed liabilities could differ materially from the preliminary amounts presented in these unaudited pro forma condensed combined financial statements. A decrease in the fair value of the assets or an increase in the fair value of the liabilities from the preliminary valuations presented would result in a dollar-for-dollar corresponding increase in the amount of goodwill that will result from the Acquisition. In addition, if the value of the property and equipment and identifiable intangible assets is higher than the amounts included in these unaudited pro forma condensed combined financial statements, it may result in higher depreciation and amortization expense than is presented in the unaudited pro forma condensed combined statements of operations. Any such increases could be material and could result in our actual future financial condition and results of operations differing materially from those presented in the unaudited pro forma condensed combined financial statements.

**Note 4. Adjustments to Unaudited Pro Forma Condensed Combined Financial Statements**

The unaudited pro forma condensed combined financial information has been prepared to illustrate the effect of the Acquisition and has been prepared for informational purposes only and are not intended to indicate the results of future operations or the financial position of either company.

The historical financial statements have been adjusted in the unaudited pro forma condensed combined financial information to give pro forma effect to events that are directly attributable to the Acquisition, factually supportable, and with respect to the statements of operations, expected to have a continuing impact on the results of the Company.

The following items are presented as reclassifications in the unaudited pro forma condensed combined financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Adjustment
 includes preliminary estimated fair value of intangible assets acquired from InfiniClone.

(b) Adjustment
 reflects preliminary estimated goodwill.

(c) Adjustment
 reflects the preliminary estimated fair value of the common shares issued to InfiniClone's equity holders. This equity consideration
 is included in the preliminary estimated fair value of the consideration transferred in the Acquisition.

(d) Adjustment
 includes the elimination of the historical additional paid-in capital and accumulated deficit of InfiniClone.

(e) Represents
 pro forma adjustment to eliminate transaction expenses related to the Acquisition incurred by the Company and InfiniClone, which
 will not be recurring after the completion of the Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Adjustment
 includes preliminary estimated fair value of property and equipment acquired from InfiniClone.

(g) Adjustment
 includes the cumulative impact of preliminary depreciation or amortization expense for property and equipment acquired.

(h) Adjustment
 includes the cumulative impact of the amortization of identifiable intangible assets.

(i) Accrued
 consideration payable to the original shareholder of InfiniClone for the business acquisition.

(j) To
 record the increase of deferred tax liabilities as a result of the increase in value of property and equipment, and intangible assets,
 which may be taxable in the future.

(k) Adjustment
 reflects portion of net assets of InfiniClone attributable to non-controlling interest.

(l) Increase
 in the weighted average shares in connection with the issuance of 3,450,000 common shares as the consideration of the acquisition.

(m) To
 record the reversal of deferred tax liabilities as a result of the depreciation or amortization of property and equipment and identifiable
 intangible assets.

(n) Adjustment
 reflects portion of comprehensive income (loss) of InfiniClone attributable to non-controlling interest.