XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.24.3

DISCONTINUED OPERATIONS | 3 Months Ended
--- | ---
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | NOTE 20 - DISCONTINUED OPERATIONS On May 29, 2023, Shineco Life entered into a stock purchase agreement with Dream Partner, Wintus and certain shareholders of Dream Partner (the “Sellers”), pursuant to which Shineco Life shall acquire 71.42% equity interest in Wintus (the “Acquisition”). On September 19, 2023, the Company closed the Acquisition. As the consideration for the Acquisition, the Company (a) paid the Sellers an aggregate cash consideration of US$2,000,000; (b) issued certain shareholders, as listed in the agreement, an aggregate of 41,667 shares of the Company’s restricted Common Stock; and (c) transferred and sold to the Sellers 100% of the Company’s equity interest in Beijing Tenet-Jove Technological Development Co., Ltd. In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and non-current liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations, less applicable income taxes benefit, shall be reported as a component of net loss separate from the net loss of continuing operations in accordance with ASC 205-20-45. The results of operations of Tenet-Jove Disposal Group have been reclassified to “net income from discontinued operations” in the unaudited condensed consolidated statements of income (loss) and comprehensive income (loss) for the three months ended September 30, 2024 and 2023. The summarized operating result of discontinued operations included in the Company’s unaudited condensed consolidated statements of income (loss) and comprehensive income (loss) consist of the following: SCHEDULE OF DISPOSAL GROUP INCLUDING DISCONTINUED OPERATIONS
|  | For the Three Months Ended September 30, |
|  | 2024 |  |  | 2023 |
REVENUE |  | $ | - |  |  | $ | 4,439 |
COST OF REVENUE |  |  |  |  |  |  |  |
Cost of products |  |  | - |  |  |  | 4,178 |
Business and sales related tax |  |  | - |  |  |  | 5 |
Total cost of revenue |  |  | - |  |  |  | 4,183 |
GROSS PROFIT |  |  | - |  |  |  | 256 |
OPERATING EXPENSES |  |  |  |  |  |  |  |
General and administrative expenses |  |  | - |  |  |  | 41,033 |
Selling expenses |  |  | - |  |  |  | 28,947 |
Total operating expenses |  |  | - |  |  |  | 69,980 |
LOSS FROM OPERATIONS |  |  | - |  |  |  | (69,724 | )
OTHER INCOME |  |  |  |  |  |  |  |
Interest income, net |  |  | - |  |  |  | 20,269 |
Total other income |  |  | - |  |  |  | 20,269 |
LOSS BEFORE BENEFIT FOR INCOME TAXES FROM DISCONTINUED OPERATIONS |  |  | - |  |  |  | (49,455 | )
BENEFIT FOR INCOME TAXES FROM DISCONTINUED OPERATIONS |  |  | - |  |  |  | - |
LOSS FROM DISCONTINUED OPERATIONS, NET OFF TAX |  |  | - |  |  |  | (49,455 | )
INCOME ON DISPOSAL OF DISCONTINUED OPERATIONS |  |  | - |  |  |  | 8,904,702 |
NET INCOME FROM DISCONTINUED OPERATIONS |  |  | - |  |  |  | 8,855,247 |
Net loss attributable to non-controlling interest |  |  | - |  |  |  | (795 | )
NET INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO SHINECO, INC. |  | $ | - |  |  | $ | 8,856,042 |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration