Intangible assets, net

12 Months Ended

Jun. 30, 2019

Intangible assets, net

Intangible assets, net

Note 7 – Intangible assets, net

Intangible assets consist of the following:

	June 30, 2019		June 30, 2018
Land use rights	$	603,774	$	626,048
Less: accumulated amortization		(141,036)		(133,718)
Net intangible assets	$	462,738	$	492,330

Amortization expense for the years ended June 30, 2019, 2018 and 2017 amounted to $12,147,  $12,747 and $12,177, respectively. As of June 30, 2019, land use right recorded at RMB 10,198,100 (approximately $1.5 million) was pledged as collateral to secure a loan that a related party borrowed from a bank (see Note 9).

The estimated amortization is as follows:

	Estimated
Twelve months ending June 30,	amortization expense
2020	$	12,147
2021		12,147
2022		12,147
2023		12,147
2024		12,147
Thereafter		402,003
Total	$	462,738