Intangible Assets, Net

3 Months Ended

Sep. 30, 2019

Intangible Assets, Net [Abstract]

INTANGIBLE ASSETS, NET

Note 9. INTANGIBLE ASSETS, NET

Net intangible assets consisted of the following:

	September 30,			June 30,
	2019			2019
Full service logistics platforms	$	190,000		$	190,000
Less: Accumulated amortization		(116,111	)		(100,278	)
Intangible assets, net	$	73,889		$	89,722

As part of the above-mentioned intelligent logistics platform (see Note 6), four information applications were completed by Tianjin Anboweiye in December 2017 and placed into service, including route planning and route execution for customers in China. The platforms are being amortized over three years. Amortization expenses amounted to $34,057 and $15,833 for the three months ended September 30, 2019 and 2018, respectively.

In addition, first phase of the ERP system was placed in use in July 2019 and is being amortized over three years. However, due to the continued decrease in revenues from the inland transportation management segment, the Company recorded an impairment of $200,455 for the three months ended September 30, 2019.