Intangible Assets, Net

6 Months Ended

Dec. 31, 2019

Intangible Assets, Net [Abstract]

INTANGIBLE ASSETS, NET

Note 9. INTANGIBLE ASSETS, NET

Net intangible assets consisted of the following:

	December 31,			June 30,
	2019			2019
Full service logistics platforms	$	190,000		$	190,000
Less: Accumulated amortization		(131,944	)		(100,278	)
Intangible assets, net	$	58,056		$	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 $15,833 and $15,834 for the three months ended December 31, 2019 and 2018, respectively. Amortization expenses amounted to $49,890 and $31,667 for the six months ended December 31, 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 nil and $200,455 for the three and six months ended December 31, 2019.