SHINECO, INC. (NASDAQ:TYHT) Files An 8-K Changes in Registrant’s Certifying AccountantITEM 4.01
(a) Effective September 7, 2017, the registrant dismissed Friedman LLP (“Friedman”) as its independent auditors. This action was approved by the Audit Committee of the registrant’s Board of Directors (the “Board”), and ratified by the Board.
During the registrant’s fiscal year ended June 30, 2016 and through the date of this report, there have been (i) no disagreements between the registrant and Friedman on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Friedman, would have caused Friedman to make reference to the subject matter of the disagreement in its reports on the registrant’s financial statements for such periods, and (ii) no adverse opinions, qualifications, disagreements or reportable events within the meaning set forth in Item 304(a)(1)(ii), (iv) or (v) of Regulation S-K.
The registrant provided Friedman with a copy of the disclosures contained herein and requested that Friedman furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not Friedman agrees with its statements in this Item 4.01. A copy of the letter furnished by Friedman in response to such request is filed as Exhibit 16 to this Form 8-K.
(b) Effective September 7, 2017, the registrant engaged Wei Wei & Co., LLP, Certified Public Accountants (“Wei”), as our new independent registered public accounting firm. The decision to engage Wei was recommended by the Audit Committee of the registrant’s Board of Directors.
During the registrant’s two most recent fiscal years and through the date of the engagement of Wei, the registrant did not consult with Wei regarding either (1) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the registrant’s financial statements, or (2) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K).
Prior to the engagement of Wei, Wei did not provide the registrant with any written or oral advice that, Wei concluded, was an important factor considered by the registrant in reaching any decision as to any accounting, auditing or financial reporting issue.
| Item 9.01 | Financial Statements and Exhibits. |
The following exhibits are furnished as part of this Current Report on Form 8-K:
| Exhibit | Description |
| 16.1 | Letter from Friedman LLP |
SHINECO, INC. ExhibitEX-16.1 2 v474947_ex16-1.htm EXHIBIT 16.1 Exhibit 16.1 September 11,…To view the full exhibit click here
About SHINECO, INC. (NASDAQ:TYHT)
Shineco, Inc. is a holding company. The Company provides health and well-being focused plant-based products by using its subsidiaries’ and variable interest entities’ vertically- and horizontally-integrated production, distribution and sales channels. The Company operates through three segments: developing, manufacturing and distributing of specialized fabrics, textile products and other by-products derived from an indigenous Chinese plant called Apocynum Venetum, known as Bluish Dogbane (Luobuma); planting, processing and distributing of traditional Chinese medicinal herbal products, as well as other pharmaceutical products (Herbal products), and planting, processing and distributing of green and organic agricultural produce, as well as growing and cultivating of Chinese Yew trees (Agricultural products). It utilizes engineering technologies and biotechnologies to produce, among other products, Chinese herbal medicines, organic agricultural produce and specialized textiles.
