Intangible Assets, Net

6 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

Note 9. INTANGIBLE ASSETS, NET

Net intangible assets consisted of the following:

	December 31,			June 30,
	2020			2020
Full service logistics platforms	$	190,000		$	190,000
Less: Accumulated amortization		(190,000	)		(163,611	)
Intangible assets, net	$	-		$	26,389

The full service logistics platform was placed in services in December 2017. The platforms are being amortized over three years. Amortization expenses amounted to $10,556 and $15,833 for the three months ended December 31, 2020 and 2019, respectively. Amortization expenses amounted to $26,389 and $49,890 for the six months ended December 31, 2020 and 2019, 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 and six months ended December 31, 2019. No impairment was recorded for same period 2020.