SHINECO, INC.: M&A transaction — Shineco files audited financials of acquired Dream Partner; FY2023 net loss of $512k vs prior-year profit

SHINECO, INC.

Dream Partner revenue flat at ~$48.6M in FY2023 ending June 30, but net loss attributable of $511.7k vs $2.0M net income in prior year.
Gross profit fell from $4.0M to $1.2M, with cost of revenue rising to 97.5% of sales from 91.7%.
Total assets $23.5M, total liabilities $23.2M, shareholders' deficit $878k as of June 30, 2023.
Cash flow from operations improved to $1.9M in FY2023 from negative $948k in prior year.
Dream Partner is a BVI holding company with PRC subsidiaries engaged in silk and agricultural product trading.

item 9.01 item 2.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SHINECO, INC. completed an acquisition involving Dream Partner (closed 2023-09-19).

Action: acquisition
Counterparty: Dream Partner
Closing: 2023-09-19

Exact text from the filing

the Company consummated the Acquisition of Dream Partner on September 19, 2023.

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Source: SEC EDGAR

accession 0001493152-23-043323

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