XML 39 R29.htm IDEA: XBRL DOCUMENT v3.22.2.2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

SCHEDULE OF CONSOLIDATED ASSETS AND LIABILITIES AND INCOME INFORMATION

SCHEDULE OF CONSOLIDATED ASSETS AND LIABILITIES AND INCOME INFORMATION  

		September 30, 2022				June 30, 2022
Current assets		$	32,914,142			$	34,723,255
Plant and equipment, net			1,283				1,446
Other non-current assets			1,020,820				1,211,293
Total assets			33,936,245				35,935,994
Total liabilities			(4,398,252	)			(5,719,289	)
Net assets		$	29,537,993			$	30,216,705

		2022				2021
		For the three months ended September 30,
		2022				2021
Net sales		$	530,124			$	616,250
Gross loss		$	(96,245	)		$	(601,215	)
Income (loss) from operations		$	387,905			$	(7,751,663	)
Net income (loss)		$	399,732			$	(10,878,501	)

The carrying amount of the VIEs and their subsidiaries’ unaudited condensed consolidated assets and liabilities and income information held for discontinued operations were as follows:

		2022				2021
		For the three months ended September 30,
		2022				2021
Net loss		$	-			$	(3,135,237	)

The carrying amount of the VIEs and their subsidiaries’ unaudited condensed consolidated assets and liabilities and income information held for continued operations were as follows:

		September 30, 2022				June 30, 2022
Current assets		$	32,914,142			$	34,723,255
Plant and equipment, net			1,283				1,446
Other non-current assets			1,020,820				1,211,293
Total assets			33,936,245				35,935,994
Total liabilities			(4,398,252	)			(5,719,289	)
Net assets		$	29,537,993			$	30,216,705

		2022				2021
		For the three months ended September 30,
		2022				2021
Net sales		$	530,124			$	616,250
Gross loss		$	(96,245	)		$	(601,215	)
Income (loss) from operations		$	387,905			$	(7,751,663	)
Net income (loss)		$	399,732			$	(7,743,264	)

SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT

SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT 

		Estimated useful lives
Buildings		20-50 years
Machinery equipment		5-10 years
Motor vehicles		5-10 years
Office equipment		5-10 years
Farmland leasehold improvements		12-18 years
Leasehold improvement		Lesser of useful life and lease term

SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE

The following table presents a reconciliation of basic and diluted loss per share for the three months ended September 30, 2022 and 2021

SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE 

		2022				2021
		For the three months ended September 30,
		2022				2021
Net loss from continuing operations attributable to Shineco		$	(2,439,722	)		$	(11,103,095	)
Net loss from discontinued operations attributable to Shineco			-				(3,135,237	)
Net loss attributable to Shineco			(2,439,722	)			(14,238,332	)
Weighted average shares outstanding - basic and diluted			14,649,132				8,314,996
Net loss from continuing operations per share of common share
Basic and diluted		$	(0.17	)		$	(1.33	)
Net loss from discontinued operations per share of common share
Basic and diluted		$	-			$	(0.38	)
Net loss per share of common share
Basic and diluted		$	(0.17	)			(1.71	)

X

- Definition

Estimated useful lives of property and equipment [Table Text Block]

+ References

No definition available.

+ Details

Name:	SISI_EstimatedUsefulLivesOfPropertyAndEquipmentTableTextBlock
Namespace Prefix:	SISI_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

+ Details

Name:	us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-URI https://asc.fasb.org/extlink&oid=123419778&loc=SL6759159-111685

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5747-111685

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=123419778&loc=SL6228884-111685

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5728-111685

+ Details

Name:	us-gaap_ScheduleOfVariableInterestEntitiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration