Intangible Assets, Net

9 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

Note 10. INTANGIBLE ASSETS, NET

Net intangible assets consisted of the following:

	March 31,			June 30,
	2021			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 nil and $15,833 for the three months ended March 31, 2021 and 2020, respectively. Amortization expenses amounted to $26,389 and $65,723 for the nine months ended March 31, 2021 and 2020, 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 nine months ended March 31, 2020. No impairment was recorded for same period of 2020.